Index Update: The NIFTY 50 declined 317.90 points to close at 25,178.65, after a weaker opening and finishing near the lower end of the session’s range. The index continues to trade below its 50-day Simple Moving Average at 25,694.45, which remains an immediate resistance level in the near term. Momentum appears subdued, with the RSI at 40.65, reflecting softer conditions without strong directional conviction. On the downside, 25,000 remains an important support reference, while a sustained move above the 25,745–26,350 zone would be required to stabilise the short-term structure.

Macro Update: The Indian rupee traded steady near 90.9 per dollar as markets remained cautious ahead of India’s revised GDP framework release. The updated base year to 2022–23 is expected to reflect stronger growth momentum, supported by digital and services sectors, while guiding future monetary policy direction and economic assessments.

Top Market Movers: On Friday, HCL Technologies Limited (NSE: HCLTECH) led the gainers with a 1.14% increase, closing at INR 1,389.10 followed by Trent Limited (NSE: TRENT) up 1.13% at INR 3,899.50 and Infosys Limited (NSE: INFY) which rose 0.85% to INR 1,300.10. On the downside followed Sun Pharmaceutical Industries Limited (NSE: SUNPHARMA) saw the largest drop, falling 2.73% to INR 1,737.00 followed Bharti Airtel Limited (NSE: BHARTIARTL) down 2.16% to INR 1,879.30 and HDFC Life Insurance Company Limited (NSE: HDFCLIFE), which dropped 2.55% to INR 715.30.

Commodity Update: China’s central bank acted to moderate the yuan’s recent strength by removing foreign exchange risk reserves on select forward contracts, a step that may support dollar demand. Gold edged up 0.10% to USD 5,199.60, while silver climbed 3.24% to USD 89.78 and copper gained 0.36% to USD 13,347.30. Brent crude slipped 0.40% to USD 70.48 amid extended U.S.–Iran nuclear talks and rising Venezuelan oil sales.

Our Stance: NIFTY 50 declined sharply, closing below key moving averages amid subdued momentum, while 25,000 remains crucial support. The rupee held steady ahead of GDP revisions. IT stocks provided limited support, whereas pharma, telecom, and insurance dragged markets. Commodities were mixed with gains in precious metals and softer crude prices.

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