Index Update: The Nifty 50 declined 146.65 points to settle at 25,807.20, after opening lower and remaining under pressure through the session. Despite the pullback, the index continues to trade marginally above its 50-day SMA at 25,782.38, helping preserve the near-term structure. Momentum appears steady, with the RSI at 53.87, indicating moderation from recent levels. Immediate support is positioned around 25,000, while resistance is seen near 26,500. A sustained move above 26,350 would be required to improve the near-term setup.

Macro Update: India’s macro environment remained stable, supported by moderating inflation, resilient domestic consumption, and steady government capital expenditure. RBI’s cautious policy stance balanced growth and price stability, while easing commodity prices and improving rural demand supported corporate earnings. However, global volatility and geopolitical risks continued to pose external challenges.

Top Market Movers: On Wednesday, Bajaj Finance Limited (NSE: BAJFINANCE) led the gainers with a 3.11% increase, closing at INR 999.10 followed by Shriram Finance Limited (NSE: SHRIRAMFIN) up 2.46% at INR 1,082.80 and Eicher Motors Limited (NSE: EICHERMOT) which rose 2.21% to INR 7,943.00. On the downside followed Tech Mahindra Limited (NSE: TECHM) saw the largest drop, falling 5.98% to INR 1,536.60 followed Infosys Limited (NSE: INFY) down 5.84% to INR 1,386.00 and Tata Consultancy Services Limited (NSE: TCS), which dropped 5.49% to INR 2,750.10.

Commodity Update: The U.S. dollar edged higher against most major currencies, supported by stronger-than-expected jobs data that tempered near-term rate cut expectations ahead of Friday’s inflation report. Gold slipped 0.22% to USD 5,086.60, while silver declined 0.60% to USD 83.44. Copper was steady, up 0.01% at USD 13,247.00. Brent crude gained 0.40% to USD 69.64 amid ongoing U.S.–Iran tensions, though rising U.S. inventories capped further upside.

Our Stance: Market stance remains cautiously constructive amid near-term volatility. While technical support and stable macro conditions provide a base, persistent global risks and sectoral weakness, particularly in IT, may cap upside. Selective stock-specific opportunities and disciplined risk management remain key in the current environment.

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