Index Update: The Nifty 50 declined 155.75 points to close at 25,722.10, slipping below the near-term resistance zone. The index continues to trade well above the 51-day EMA at 25,154.33, highlighting strong underlying support. The RSI at 57.84 indicates mild bullish momentum, keeping the broader bias slightly positive. Immediate support is seen around 25,670, while resistance is placed near 26,300. Sustained movement above 25,670 could help preserve the overall upward trend.

Macro Update: India’s 10-year bond yield climbed to a four-week high near 6.5%, mirroring a rise in US yields after Fed Chair Powell’s hawkish comments reduced hopes of a December rate cut. Gains were capped as easing inflation and dovish RBI minutes signaled potential policy easing, while investors awaited the upcoming ₹320 billion bond auction.

Top Market Movers: On Friday, Bharat Electronics Ltd (NSE: BEL) led the gainers with a 3.95% increase, closing at INR 426.10 followed by Eicher Motors Ltd (NSE: EICHERMOT) up 1.71% at INR 7,007.00 and Shriram Finance Ltd (NSE: SHRIRAMFIN) which rose 1.44% to INR 748.90. On the downside Eternal Ltd (NSE: ETERNAL) saw the largest drop, falling 3.52% to INR 317.75 followed Max Healthcare Institute Ltd (NSE: MAXHEALTH) down 2.61% to INR 1,147.80 and Cipla Ltd (NSE: CIPLA), which dropped 2.52% to INR 1,501.30.

Commodity Update: The U.S. dollar steadied near a three-month high in early Asian trade Friday as markets digested mixed cues from central bank moves, tech earnings, and a tentative U.S.-China tariff truce. Gold rose 0.23% to USD 4,026.50, while silver slipped 0.09% to USD 48.57, and copper gained 0.35% to USD 10,952.00. Brent crude fell 0.51% to USD 64.67, marking its third consecutive monthly decline.

Our Stance: Equity benchmarks ended lower amid global rate uncertainty and rising bond yields. Despite near-term volatility, the broader market trend remains constructive, supported by resilient domestic macro indicators and easing inflation. Key levels around 25,670 on Nifty will be crucial for trend confirmation, while sector rotation may drive short-term opportunities.

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