Index Update: The Nifty 50 rose 0.13% to close at 25,083.75, holding steady above the key 24,800 mark and its 50-day SMA of 25,013.36. The RSI at 57.88 reflects improving momentum, inching toward bullish territory. Immediate support is placed at 24,400, and a breakdown below this level could accelerate weakness. On the higher side, resistance is seen near 25,200, and a firm breakout above it may open the path for a short-term rally toward 25,400.

Macro Update: India’s services sector expanded at an unprecedented pace in August 2025, with the HSBC Services PMI soaring to 65.6, well above expectations. Strong domestic and export demand drove new business growth, increased hiring, and higher input costs, while firms raised prices. Optimism for future activity also reached elevated levels.

Top Market Movers: On Thursday, Cipla Ltd (NSE: CIPLA) led the gainers with a 3.02% increase, closing at INR 1,592.80 followed by Dr Reddy's Laboratories Ltd (NSE: DRREDDY) up 2.51% at INR 1,276.60, and Bajaj Finserv Ltd (NSE: BAJAJFINSV) which rose 1.10% to INR 1,980.00. On the downside, Coal India Ltd (NSE: COALINDIA) saw the largest drop, falling 1.70% to INR 378.15 followed Bajaj Auto Ltd (NSE: BAJAJ-AUTO) down 1.62% to INR 8,684.50 and Tata Consumer Products Ltd (NSE: TATACONSUM), which dropped 1.56% to INR 1,088.10.

Commodity Update: The U.S. dollar eased Thursday as concerns grew over the Federal Reserve’s independence following fresh criticism from President Trump, ahead of Chair Jerome Powell’s upcoming remarks. Gold slipped 0.13% to $3,384.20, while silver rose 0.31% to $37.89 and copper edged down 0.02% to $9,733.15. Brent crude gained 0.50% to $67.20, supported by a sharp decline in U.S. inventories, with markets also tracking the prospects for a Russia-Ukraine peace deal for supply cues.

Our Stance: Indian equities appear resilient, supported by record-high services PMI signaling strong domestic demand. While near-term momentum favors stability above 24,800 on the Nifty, global uncertainties around U.S. Fed policy and geopolitical developments could limit upside. A breakout above 25,200 may pave the way for further short-term gains.

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