Index Update: The Nifty 50 declined 0.33% to close at 24,750.70 on Friday but stayed above key moving averages, signaling underlying strength. The RSI dipped to 55.52, showing a slight loss in bullish momentum. However, a recent breakout above horizontal support keeps sentiment positive. Despite minor pullbacks, the technical outlook remains favorable, suggesting potential for further short-term gains as overall market confidence continues to support the ongoing uptrend.

Macro Update: Despite global economic uncertainties, India is emerging as a strong performer among major economies, largely due to resilient domestic demand, according to Chief Economic Advisor V. Anantha Nageswaran. Speaking at the Data User's Conference, jointly hosted by the Ministry of Statistics and Programme Implementation (MoSPI) and the Indian School of Business, Nageswaran highlighted that India’s real and nominal GDP growth rates for 2024–25 are projected at 6.5% and 9.9%, respectively. He noted that in a global environment grappling with demand imbalances, India’s high consumption share of GDP offers a crucial advantage and reflects the underlying strength of its economic fundamentals.

Top Market Movers: On Friday, Eternal Ltd (NSE: ETERNAL) led the gainers with a 4.98% increase, closing at INR 239.75 followed by State Bank of India (NSE: SBIN) up 2.09% at INR 797.35, and HDFC Bank Limited (NSE: HDFCBANK) which rose 0.73% to INR 1,941.50. On the downside, Bajaj Auto Limited (NSE: BAJAJ-AUTO) saw the largest drop, falling 3.10% to INR 8,599.90 followed by Hindalco Industries Ltd (NSE: HINDALCO) down 2.51% to INR 633.70.

Commodity Update: The U.S. dollar weakened on Friday, marking its fifth consecutive monthly decline amid trade and fiscal uncertainty. Investors turned cautious ahead of a key inflation report. Gold slipped 0.56% to $3,323.65, silver declined 0.79% to $33.16, and copper edged down 0.16% to $9,557.35. Meanwhile, Brent crude rose 0.41% to $63.89 as markets reacted to shifting U.S. tariffs and a possible OPEC+ output increase.

Our Stance: The services sector is expected to maintain momentum with a 7.3% growth forecast, supported by vibrant performance in financial, real estate, professional services, public administration, and defence. The industrial sector, he added, continues to show steady performance, contributing further to the positive outlook for the Indian economy amid global headwinds.

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