Index Update: The Nifty 50 jumped 206.00 points to close at 26,172.40, ending above the 26,000 mark and closing near its record high. The index remains above its 50-day SMA at 25,856.23, providing firm near-term support, while the RSI at 58.56 indicates improving momentum. Immediate support is placed near 25,500, with resistance around 26,500. A sustained move above 26,350 would be required to further strengthen near-term sentiment.

Macro Update- India’s 10-year G-Sec yield climbed to a nine-month high near 6.66% amid elevated state borrowing and persistent foreign outflows. The rupee eased to about 89.9 per USD after recent RBI support, pressured by dollar demand and high hedging costs. Markets now await further liquidity injections and progress on key trade negotiations.

Top Market Movers: On Monday, Shriram Finance Ltd (NSE: SHRIRAMFIN) led the gainers with a 3.68% increase, closing at INR 934.85 followed by Trent Ltd (NSE: TRENT) up 3.56% at INR 4,206.80 and Infosys Ltd (NSE: INFY) which rose 3.11% to INR 1,689.60. On the downside followed HDFC Life Insurance Company Ltd (NSE: HDFCLIFE) saw the largest drop, falling 0.61% to INR 761.80 followed State Bank of India (NSE: SBIN) down 0.61% to INR 974.30 and Kotak Mahindra Bank Ltd (NSE: KOTAKBANK), which dropped 0.45% to INR 2,149.70.

Commodity Update: The yen hovered near a record low against the euro on Monday after Bank of Japan Governor Kazuo Ueda maintained a cautious tone despite Friday’s rate hike. Rising geopolitical tensions boosted safe-haven demand, with gold climbing 0.71% to $4,418.65 and silver jumping 2.36% to $69.08. Copper rose 0.72% to USD 11,959.00, while Brent crude edged up 0.073% to USD 60.91 after a U.S. tanker interception.

Our Stance: Equity momentum remains constructive, supported by technical strength in the Nifty and selective sectoral leadership. However, elevated bond yields, currency pressures, and foreign outflows warrant measured positioning. Near-term sentiment hinges on liquidity conditions and global cues, with upside continuation dependent on sustained strength above key resistance levels.

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