Index Update: The Nifty 50 slipped 46.20 points to 25,986.00, easing slightly from recent record highs while maintaining a stable overall structure. The index continues to trade comfortably above the 51-day SMA at 25,595.84, reflecting firm underlying support, and the RSI at 53.56 indicates steady momentum. Key support is positioned near 25,500, while resistance remains around 26,500. A move above 26,350 could help strengthen near-term sentiment.

Macro Update: India’s November PMI data signalled resilient momentum despite mild cooling. Services activity strengthened on robust new orders, lifting the Services PMI to 59.8, while softer factory output pulled the Composite PMI slightly lower to 59.7. Input cost pressures eased across sectors, keeping output price inflation contained even as demand conditions remained supportive.

Top Market Movers: On Wednesday, Wipro Ltd (NSE: WIPRO) led the gainers with a 1.81% increase, closing at INR 254.69 followed by Tata Consultancy Services Ltd (NSE: TCS) up 1.41% at INR 3,180.00 and ICICI Bank Ltd (NSE: ICICIBANK) which rose 1.35% to INR 1,391.50. On the downside Max Healthcare Institute Ltd (NSE: MAXHEALTH) saw the largest drop, falling 2.82% to INR 1,086.00 followed Adani Enterprises Ltd (NSE: ADANIENT) down 2.22% to INR 2,189.80 and Bharat Electronics Ltd (NSE: BEL), which dropped 2.20% to INR 403.95.

Commodity Update: The dollar held steady on Wednesday as attention shifted to broader market moves, with traders positioning for potential U.S. rate cuts in 2026 that could pressure the greenback. Gold rose 0.44% to USD 4,253.70, silver gained 1.06% to USD 59.32, and copper inched up 0.33% to USD 11,225.00. Brent crude slipped 0.21% to USD 62.32 as investors assessed whether Russia-Ukraine peace efforts might boost supply amid surplus worries.

Our Stance: A cautiously constructive stance is appropriate as equities hold above key supports despite minor consolidation. Softer input costs, resilient domestic demand, and stable global cues offer near-term comfort, though upside may remain measured until clarity on global rates and geopolitical risks improves. Select sector rotation and stock-specific opportunities continue to look favourable.

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