Index Update: The Nifty 50 advanced 173.60 points to close at 25,867.30 after a gap-up opening, rebounding from the day’s low to finish near the session high. The index now trades above its 50-day Simple Moving Average at 25,796.67, improving the near-term structure. Momentum remains measured, with the RSI at 56.22 indicating stabilisation from lower levels. Immediate support is seen near 25,000, while resistance is placed around 26,500; a sustained move above 26,350 would be needed to strengthen near-term confidence.

Macro Update: India’s 10-year G-Sec yield rose to around 6.76% amid persistent supply pressure and weak demand, driven by heavy state bond issuance and an overcrowded fiscal year-end pipeline. The RBI’s decision to hold rates without fresh liquidity measures further weighed on sentiment, keeping yields elevated near the 6.80% resistance level.

Top Market Movers: On Monday, State Bank of India (NSE: SBIN) led the gainers with a 7.46% increase, closing at INR 1,146.00 followed by Shriram Finance Limited (NSE: SHRIRAMFIN) up 6.00% at INR 1,062.70 and Grasim Industries Limited (NSE: GRASIM) which rose 3.15% to INR 2,926.30. On the downside followed Max Healthcare Institute Limited (NSE: MAXHEALTH) saw the largest drop, falling 2.87% to INR 1,010.00 followed Power Grid Corporation of India Limited (NSE: POWERGRID) down 1.02% to INR 289.75 and ITC Limited (NSE: ITC), which dropped 0.92% to INR 322.80.

Commodity Update: The Japanese yen strengthened in Asian trading on Monday after a decisive election victory lifted expectations of fiscal stimulus, snapping a six-day losing streak. Gold rose 1.19% to USD 5,038.90, silver jumped 5.09% to USD 80.92, and copper edged 0.01% higher to USD 13,052.00. Brent crude slipped 0.70% to USD 67.57 amid easing Middle East tensions, a resilient dollar, and caution ahead of key U.S. and China data.

Our Stance: Market sentiment remains cautiously constructive as the Nifty trades above key moving averages, supported by selective buying. However, elevated bond yields, tight liquidity conditions, and global uncertainties may restrict near-term upside. A sustained breakout above resistance is needed to reinforce confidence and support further gains.

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