Index Update: The Nifty 50 Index closed at 23,989.15, up 0.57% in the latest session, extending its recent recovery and moving closer to the upper end of its prevailing range. The index has shown improved stability following the correction seen earlier in the year, with recent price action indicating a gradual strengthening in sentiment. Immediate resistance is seen near 24,100.00, while a sustained move above this area could open room toward 24,500.00. On the downside, initial support is placed around 23,500.00, followed by stronger support near 23,000.00. The broader setup remains balanced, with the index maintaining a constructive tone as it trades near recent highs.

Macro Update: India’s 10-year government bond yield remained near 6.8% as optimism over easing geopolitical tensions and lower crude oil prices supported sentiment. Strong foreign inflows, aided by RBI measures, boosted demand for government debt. However, uncertainty around the US-Iran peace agreement and fresh state bond issuance kept investors cautious.

Top Market Movers: On Tuesday, HCL Technologies Ltd. (NSE: HCLTECH) led the gainers with a 3.55% increase, closing at INR 1,159.00 followed by Tata Consumer Products Ltd. (NSE: TATACONSUM) up 2.77% at INR 1,130.90 and NTPC Ltd. (NSE: NTPC) which rose 2.14% to INR 355.55. On the downside followed Hindalco Industries Ltd. (NSE: HINDALCO) saw the largest drop, falling 3.11% to INR 982.40 followed JSW Steel Ltd. (NSE: JSWSTEEL)  down 1.71% to INR 1,274.30 and HDFC Life Insurance Company Ltd. (NSE: HDFCLIFE) which dropped 1.17% to INR 574.40.

Commodity Update: The U.S. dollar remained close to its 10-day low on Tuesday as improving risk sentiment followed a preliminary agreement to end the conflict between the United States and Iran. Market participants are also monitoring upcoming central bank meetings in Japan and Australia for inflation and policy cues. Gold declined 0.28% to USD 4,338.70 per ounce, silver fell 0.87% to USD 69.57, and copper eased 0.26% to USD 13,728.00. Brent crude oil rose by USD 0.30 to USD 83.42 per barrel amid continued supply concerns surrounding the Strait of Hormuz.

Our Stance: Market sentiment remains cautiously positive as the Nifty 50 approaches a key resistance zone near 24,100. Lower crude oil prices, easing geopolitical tensions, and sustained foreign bond inflows support risk appetite. However, uncertainty surrounding global developments and fresh debt supply may limit upside, keeping markets range-bound with a constructive bias.

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