Index Update: The Nifty 50 rose 182 points to close at 26,328.55, reflecting renewed buying interest and strengthening momentum. The index continues to trade above its 21-period SMA, reinforcing a positive technical outlook. This level is acting as strong dynamic support, suggesting that near-term dips may be cushioned, with the broader bullish trend remaining intact.

Macro Update: India’s 10-year G-Sec yield remained range-bound near 6.6% at the start of 2026 as investors stayed cautious ahead of heavy government and state bond supply, while RBI support limited volatility. Meanwhile, the rupee weakened past 90 per dollar, pressured by strong dollar demand, foreign equity outflows, and slower economic momentum, keeping near-term currency sentiment cautious.

Top Market Movers: On Friday, Coal India Ltd (NSE: COALINDIA) led the gainers with a 6.85% increase, closing at INR 427.90 followed by NTPC Ltd (NSE: NTPC) up 4.70% at INR 352.10 and Hindalco Industries Ltd (NSE: HINDALCO) which rose 3.44% to INR 925.70. On the downside followed ITC Ltd (NSE: ITC) saw the largest drop, falling 3.79% to INR 350.05 followed Nestlé India Ltd (NSE: NESTLEIND) down 1.18% to INR 1,279.70 and Kotak Mahindra Bank Ltd (NSE: KOTAKBANK), which dropped 1.02% to INR 2,195.10.

Commodity Update: The U.S. dollar began 2026 on a weak footing after underperforming most major currencies last year, while the yen steadied near 10-month lows as markets awaited key economic data to assess interest-rate trajectories. Gold rose 0.71% to USD 4,371.90, silver gained 2.22% to USD 72.165, and copper increased 0.51% to USD 12,528.75. Brent crude edged up 0.26% to USD 61.07, as investors balanced fresh geopolitical risks against expectations that OPEC+ will maintain its current supply policy.

Our Stance: Market sentiment remains constructive, supported by firm index momentum and resilience above key technical levels. While bond yields and the rupee reflect macro caution amid supply and dollar pressures, equity leadership from PSU and metal stocks provides support. Commodity strength and stable oil prices further underpin risk appetite in the near term.

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