Index Update: The Nifty 50 declined 67.05 points to close at 25,046.15, while staying above the 50-day SMA at 24,841.82, which continues to offer support. The RSI at 53.75 indicates improving momentum from earlier oversold levels. A move above 25,500 could indicate further upside potential, whereas 24,430 remains an important support level to monitor for possible pullbacks.

Macro Update: The World Bank raised India’s FY2025/26 growth forecast to 6.5% from 6.3%, citing robust consumption and strong rural conditions. Despite trimming FY2026/27 projections to 6.3% amid U.S. tariff concerns, India remains the fastest-growing major economy, supported by GST cuts and a solid 7.8% GDP expansion in the June quarter.

Top Market Movers: On Wednesday, Titan Company Ltd (NSE: TITAN) led the gainers with a 4.31% increase, closing at INR 3,565.60 followed by Infosys Ltd (NSE: INFY) up 2.50% at INR 1,495.00 and Tata Consultancy Services Ltd (NSE: TCS) which rose 1.80% to INR 3,027.20. On the downside, Tata Motors Ltd (NSE: TATAMOTORS) saw the largest drop, falling 2.36% to INR 681.55 followed Mahindra And Mahindra Ltd (NSE: M&M) down 1.90% to INR 3,426.50 and Jio Financial Services Ltd (NSE: JIOFIN), which dropped 1.69% to INR 304.65.

Commodity Update: The U.S. dollar strengthened to a two-month high in early Asian trade Wednesday amid renewed concerns over a potential U.S. government shutdown, driving safe-haven demand. Gold rose 0.72% to $4,033.50, silver gained 1.47% to $48.21, while copper slipped 0.16% to $10,712.40. Brent crude advanced 0.70% to $65.91 as traders weighed mixed U.S. inventory data and an upcoming modest OPEC+ output hike in November.

Our Stance: Markets remained range bound as investors assessed mixed global cues and domestic growth optimism. While robust macro fundamentals and upward revisions to India’s growth outlook support sentiment, caution persists ahead of key U.S. policy developments and earnings releases. Maintaining selective exposure to quality large caps with resilient earnings momentum appears prudent.

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