Index Update: The Nifty 50 declined 288.35 points to settle at 25,424.65 after a gap-down opening and closed near the session’s lower levels. The index continues to trade slightly below its 50-day Simple Moving Average at 25,725.42, which now serves as an immediate resistance barrier. Momentum remains neutral, with the RSI at 45.39, indicating balanced conditions without strong directional conviction. On the downside, the 25,000 level remains a key support zone, while a sustained move above the 25,745–26,350 band would be necessary to improve the near-term technical setup.

Macro Update: The Indian rupee stabilised near 90.9 per dollar, supported by IPO-led foreign inflows and RBI intervention. Upcoming PSU listings, talks between Mark Carney and Narendra Modi, and strong reserves at the Reserve Bank of India continue to cushion currency volatility.

Top Market Movers: On Tuesday, NTPC Limited (NSE: NTPC) led the gainers with a 1.94% increase, closing at INR 382.75 followed by Coal India Limited (NSE: COALINDIA) up 1.16% at INR 430.95 and JSW Steel Limited (NSE: JSWSTEEL) which rose 1.13% to INR 1,254.50. On the downside followed Tech Mahindra Limited (NSE: TECHM) saw the largest drop, falling 6.63% to INR 1,345.40 followed HCL Technologies Limited (NSE: HCLTECH) down 6.10% to INR 1,339.20 and Eternal Limited (NSE: ETERNAL), which dropped 5.22% to INR 254.00.

Commodity Update: The U.S. dollar remained subdued on Tuesday as Asian markets assessed renewed volatility surrounding President Donald Trump’s tariff stance and its implications for global trade. Gold eased 0.32% to USD 5,208.50 after touching a three-week high, pressured by dollar strength despite geopolitical tensions. Silver gained 0.70% to USD 87.18, copper rose 2.37% to USD 13,151.10, while Brent crude slipped 0.10% to USD 71.40 amid U.S.-Iran talks uncertainty.

Our Stance: Market sentiment remains cautious amid weak technical indicators and subdued momentum on the Nifty. Rupee stability, supported by IPO inflows and the Reserve Bank of India, offers limited relief. Global uncertainty, driven by Donald Trump’s trade stance, may continue to pressure risk appetite in the near term.

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