Index Update: The Nifty 50 slipped 143.55 points to 26,175.75, drifting slightly from its recent record highs but maintaining an overall stable structure. The index continues to trade comfortably above the 51-day SMA at 25,582.66, indicating firm underlying support—the RSI at 55.43 shows steady momentum. Key support is placed near 25,500, while resistance remains around 26,500. A move above 26,350 could help improve near-term sentiment.

Macro Update: The rupee weakened to 89.9 per USD, nearing the crucial 90 mark amid stalled US–India trade negotiations and tariff pressures. Despite strong GDP data, the currency remains Asia’s weakest, weighed by trade imbalances and foreign outflows. RBI interventions offer limited relief ahead of the December 5 policy decision.

Top Market Movers: On Tuesday, Asian Paints Ltd (NSE: ASIANPAINT) led the gainers with a 3.03% increase, closing at INR 2,954.40 followed by Dr Reddy's Laboratories Ltd (NSE: DRREDDY) up 1.20% at INR 1,275.20 and Maruti Suzuki India Ltd (NSE: MARUTI) which rose 0.88% to INR 16,239.00. On the downside Interglobe Aviation Ltd (NSE: INDIGO) saw the largest drop, falling 1.67% to INR 5,697.50 followed Axis Bank Ltd (NSE: AXISBANK) down 1.39% to INR 1,258.00 and Reliance Industries Ltd (NSE: RELIANCE), which dropped 1.26% to INR 1,564.30.

Commodity Update: The U.S. dollar stayed weak on Tuesday after disappointing U.S. manufacturing data increased expectations of a Fed rate cut later this month. Gold edged down 0.44% to USD 4,255.35, silver dropped 2.05% to USD 57.92, and copper slipped 0.88% to USD 11,163. Brent crude rose 0.10% to USD 63.23, supported by OPEC+’s decision to pause production hikes and ongoing geopolitical supply concerns.

Our Stance: Market conditions remain broadly constructive despite the Nifty’s mild pullback, with strong technical support intact. Rupee weakness and global rate-cut expectations add a cautious undertone, while sectoral rotation continues to drive stock-specific moves. Commodities signal mixed trends, suggesting a balanced risk environment as policy decisions and macro cues shape near-term direction.

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