Index Update: The Nifty 50 declined 23.80 points to close at 24,611.10, slipping below the 50-day SMA at 24,847.98, which now serves as strong resistance. The RSI at 38.13 reflects sustained downward momentum, moving closer to oversold territory. A move above 25,500 could open room for further upside, while 24,430 remains the key support level to watch for potential pullbacks.

Macro Update: Moody’s affirmed India’s sovereign rating at Baa3 with a stable outlook, citing resilient growth and improving fiscal metrics, though high debt affordability remains a concern. Meanwhile, industrial production rose 4% in August 2025, easing from July’s pace but supported by mining and utilities, offsetting weaker manufacturing momentum.

Top Market Movers: On Tuesday, JSW Steel Ltd (NSE: JSWSTEEL) led the gainers with a 1.83% increase, closing at INR 1,142.70 followed by UltraTech Cement Ltd (NSE: ULTRACEMCO) up 1.50% at INR 12,222.00 and Adani Ports and Special Economic Zone Ld (NSE: ADANIPORTS) which rose 1.47% to INR 1,403.50. On the downside, Interglobe Aviation Ltd (NSE: INDIGO) saw the largest drop, falling 1.97% to INR 5,594.50 followed ITC Ltd (NSE: ITC) down 1.40% to INR 401.55 and Bharti Airtel Ltd (NSE: BHARTIARTL), which dropped 1.25% to INR 1,878.40.

Commodity Update: The U.S. dollar weakened on Tuesday as investors grew cautious ahead of a possible government shutdown that could delay key economic data, including the jobs report. Gold rose 0.51% to $3,874.90, silver edged up 0.17% to $47.09, while copper slipped 0.72% to $10,367.70. Brent crude fell 0.50% to $67.65 on OPEC+ production hike concerns, while easing Gaza tensions reduced geopolitical risk premiums.

Our Stance: Markets remain cautious as Nifty 50 sustains downward momentum below its 50-day SMA, with RSI nearing oversold territory. Moody’s affirmation of India’s rating and steady industrial output provide some macro stability. Commodity moves reflect geopolitical easing and OPEC+ concerns, while stock-specific action highlights sectoral divergences amid global uncertainties.

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