Index Update: The Nifty 50 edged up 4.75 points to close at 26,177.15, finishing above the 26,000 mark and near its record high. The index continues to trade above its 50-day SMA at 25,874.06, which offers firm near-term support, while the RSI at 58.70 reflects improving momentum. Immediate support is seen around 25,500, with resistance placed near 26,500. A sustained move above 26,350 would further strengthen near-term sentiment.

Macro Update: India’s infrastructure output rose 1.8% year-on-year in November 2025, rebounding from the previous month’s contraction. Strong gains in cement and steel indicate improving construction activity, while coal output recovered. However, continued weakness in crude oil and natural gas highlights persistent energy-side pressures.

Top Market Movers: On Tuesday, Coal India Ltd (NSE: COALINDIA) led the gainers with a 3.66% increase, closing at INR 400.40 followed by Shriram Finance Ltd (NSE: SHRIRAMFIN) up 2.45% at INR 957.80 and UltraTech Cement Ltd (NSE: ULTRACEMCO) which rose 1.27% to INR 11,678.00. On the downside followed Infosys Limited (NSE: INFY) saw the largest drop, falling 1.26% to INR 1,668.30 followed Bharti Airtel Ltd (NSE: BHARTIARTL) down 1.15% to INR 2,122.90 and Adani Ports and Special Economic Zone Ltd (NSE: ADANIPORTS), which dropped 1.00% to INR 1,493.60.

Commodity Update: The Japanese yen strengthened on Tuesday amid broad U.S. dollar weakness after authorities issued their strongest warning yet, signalling Tokyo’s readiness to intervene as the currency hovered near recent lows against major peers. Commodities advanced, with gold rising 1.17% to USD 4,521.65, silver up 1.85% to USD 69.77, and copper edging 0.04% higher to USD 11,925.00. Brent crude slipped 0.10% to USD 61.98 after sharp prior-session gains.

Our Stance: Market sentiment remains constructive, supported by resilient macro indicators and steady infrastructure recovery. The Nifty’s hold above key moving averages suggests underlying strength, though resistance near record highs may cap immediate upside. Sectoral rotation and selective stock-specific moves are likely to drive near-term market direction.

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