Index Update: The Nifty 50 declined 365.99 points to close at 25,454.35, after opening higher but finishing near the session low. The index has now slipped below its 50-day Simple Moving Average at 25,745.31, which may act as an immediate resistance level in the near term. Momentum has eased, with the RSI at 45.60, reflecting softer conditions. Immediate support is placed around 25,000, while resistance is seen near 25,745–26,350, with a sustained move above this zone required to stabilise the short-term structure.

Macro Update: The Indian rupee weakened to a two-week low near 91 per dollar, pressured by a strong US dollar, thin Asian liquidity, and high import demand. However, RBI support, portfolio inflows, and trade optimism helped limit volatility and keep the currency within its medium-term range.

Top Market Movers: On Thursday, Oil and Natural Gas Corporation Limited (NSE: ONGC) led the gainers with a 3.80% increase, closing at INR 274.65 followed by Hindalco Industries Limited (NSE: HINDALCO) up 0.71% at INR 905.65 and HDFC Life Insurance Company Limited (NSE: HDFCLIFE) which rose 0.49% to INR 733.15. On the downside followed InterGlobe Aviation Limited (NSE: INDIGO) saw the largest drop, falling 3.32% to INR 4,815.10 followed Trent Limited (NSE: TRENT) down 2.85% to INR 4,067.90 and Mahindra & Mahindra Limited (NSE: M&M), which dropped 2.80% to INR 3,431.80.

Commodity Update: The U.S. dollar edged higher on Thursday after minutes from the Federal Reserve indicated policymakers remain cautious, keeping the possibility of further rate action on the table. Sterling weakened as data pointed to moderating UK inflation. In commodities, gold declined 0.42% to USD 4,988.30, silver fell 0.69% to USD 77.06, and copper slipped 0.45% to USD 12,871.60. Brent crude eased 0.20% to USD 70.23, consolidating after the previous session’s sharp 4% surge.

Our Stance: Market sentiment remains cautious as the Nifty 50 trades below key technical levels amid weakening momentum. Rupee softness, mixed global cues, and volatile commodity prices continue to influence risk appetite. Investors may prefer selective positioning, focusing on fundamentally strong sectors while monitoring global trends and domestic policy signals.

17:07:40

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