Index Update:  The Nifty 50 Index closed near 23,689.60, up 1.18% in the session, but continued to trade below its 21-day SMA near 24,081.87, indicating a cautiously weak near-term structure. Price action reflects a rebound from recent lower levels, with the index attempting to regain stability after recent volatility. The 14-day RSI near 45.86 remains below the neutral zone, suggesting momentum conditions are improving but still remain somewhat subdued. Immediate support is placed around 23,500–23,300, while resistance is seen near 24,000–24,200.

Macro Update: India’s wholesale inflation surged to 8.30% in April 2026, the highest since October 2022, driven by sharp increases in fuel, manufacturing, and food prices amid the Middle East crisis. Rising petrol, diesel, textiles, chemicals, and food costs intensified inflationary pressures, signaling higher input costs and potential margin pressure across industries.

Top Market Movers: On Thursday, Adani Enterprises Limited (NSE:ADANIENT) led the gainers with a 8.60% increase, closing at INR 2,712.90 followed by Cipla Limited (NSE:CIPLA) up 8.22% at INR 1,436.70 and Bharti Airtel Limited (NSE:BHARTIARTL) which rose 5.27% to INR 1,883.50. On the downside followed Infosys Limited (NSE:INFY) saw the largest drop, falling 2.50% to INR 1,095.00 followed Tech Mahindra Limited (NSE:TECHM) down 2.30% to INR 1,343.40 and Coal India Limited (NSE:COALINDIA), which dropped 1.77% to INR 454.05.

Commodity Update: The U.S. dollar strengthened on Thursday as elevated Treasury yields reinforced expectations that the Federal Reserve could keep interest rates higher for longer, while continued tensions between the United States and Iran supported safe-haven demand. Gold declined 0.39% to USD 4,688.50, silver dropped 2.10% to USD 87.53, and copper slipped 1.16% to USD 13,978.00. Brent crude edged up 0.10% to USD 105.68 ahead of the meeting between U.S. President Donald Trump and Chinese President Xi Jinping.

Our Stance: Market sentiment remains cautiously constructive as benchmark indices attempt to stabilize despite persistent inflationary pressures and elevated global uncertainty. Rising wholesale inflation and higher crude oil prices may keep volatility elevated in the near term, while stock-specific opportunities could continue amid improving domestic demand, resilient earnings visibility, and selective sectoral momentum.

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