Index Update: The Nifty 50 advanced 93.35 points to close at 25,423.60, holding firm above the 50-day SMA at 24,888.05, which provides strong support. Upward momentum remains intact, with the RSI at 68.37 approaching overbought territory. A move past 25,500 could open room for further gains, while 24,890 remains the key support level to watch for potential pullbacks.

Macro Update: India’s macro-outlook remains resilient, supported by strong domestic demand and robust investment momentum. Inflation is easing within RBI’s comfort zone, enabling policy flexibility. The rupee stays relatively stable despite global dollar strength, while bond yields track US moves. Near-term risks include crude oil volatility and external capital flow pressures.

Top Market Movers: On Thursday, Eternal Ltd (NSE: ETERNAL) led the gainers with a 2.92% increase, closing at INR 338.85 followed by HDFC Life Insurance Company Ltd (NSE: HDFCLIFE) up 2.15% at INR 784.60, and Sun Pharmaceutical Industries Ltd (NSE: SUNPHARMA) which rose 1.75% to INR 1,648.60. On the downside, Coal India Ltd (NSE: COALINDIA) saw the largest drop, falling 1.65% to INR 393.15 followed Tata Motors Ltd (NSE: TATAMOTORS) down 1.11% to INR 711.20 and Bajaj Finance Ltd (NSE: BAJFINANCE), which dropped 1.09% to INR 996.50.

Commodity Update: The U.S. dollar steadied Thursday after hitting a 3-1/2-year low before rebounding, as traders assessed the Fed’s cautious stance on further rate cuts. Gold slipped 0.48% to $3,700, silver fell 0.32% to $42.01, and copper edged down 0.01% to $9,995.35. Brent crude dropped 0.50% to $67.62 after a recent rally, with prices supported earlier by Fed cuts, mixed U.S. inventory data, and supply concerns from Russia-Ukraine tensions.

Our Stance: Nifty’s momentum remains constructive, with 24,888 acting as a strong base and 25,500 as the next hurdle. India’s macro backdrop stays supportive on demand and investment, though risks from crude and flows persist. Commodities softened after the dollar rebound. Focus stays on selective opportunities amid sectoral divergences.

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