Index Update: The Nifty 50 declined 87.95 points to close at 25,509.70, slipping below key support levels. Even so, the index continues to trade well above the 51-day EMA at 25,191.86, highlighting firm underlying support. The RSI at 49.76 indicates mild bearish momentum, although the broader outlook remains slightly positive. Immediate support is positioned near 25,200, while resistance stands around 26,300. A sustained move above 25,670 would help reinforce the ongoing upward bias.

Macro Update: India’s 10-year bond yield fell to a two-week low on sustained RBI and institutional buying, easing around 6.5%. The central bank’s interventions aim to stabilize yields ahead of the new 10-year bond auction. Markets anticipate a December rate cut, with 20bps easing priced amid moderating inflation expectations.

Top Market Movers: On Thursday, Asian Paints Ltd (NSE: ASIANPAINT) led the gainers with a 4.67% increase, closing at INR 2,602.90 followed by Reliance Industries Ltd (NSE: RELIANCE) up 1.56% at INR 1,496.10 and Mahindra and Mahindra Ltd (NSE: M&M) which rose 1.04% to INR 3,618.50. On the downside Grasim Industries Ltd (NSE: GRASIM) saw the largest drop, falling 6.31% to INR 2,700.10 followed Hindalco Industries Ltd (NSE: HINDALCO) down 5.17% to INR 788.40 and Adani Enterprises Ltd (NSE: ADANIENT), which dropped 4.36% to INR 2,314.30.

Commodity Update: The dollar held near a three-month high on Thursday as markets reduced bets on a December rate cut by the Federal Reserve. Gold dipped 0.03% to USD 3,991.80 per ounce, silver declined 0.35% to USD 47.85, while copper rose 0.32% to USD 10,759.00. Brent crude inched up 0.03% to USD 63.54, recovering slightly after recent losses amid weak demand and persistent global oversupply concerns.

Our Stance: Market sentiment remains cautiously constructive despite the Nifty 50 slipping below near-term support. Stable bond yields, strong institutional activity, and resilient sectoral performance suggest underlying strength. However, short-term consolidation may persist amid global uncertainty and muted commodity cues. A sustained move above 25,670 could reaffirm the medium-term bullish outlook.

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