Index Update: The Nifty 50 fell 211.15 points to 24,500.90, extending weakness as selling pressure persisted. Technically, the index trades below its 50-SMA, which now acts as dynamic resistance, reinforcing bearish sentiment. Any rebound may face upside hurdles unless a decisive move above this level occurs. On the downside, support rests near 24,350.70, with holding this zone crucial to avoiding further declines.

Macro Update: The rupee steadied near 87.61 per USD, supported by RBI intervention and a softer dollar as Fed rate cut bets grew. Pressure persists from steep U.S. tariffs, though India’s economy held firm on domestic demand. Separately, India extended its cotton import duty exemption until year-end, easing input costs for the textile sector amid global trade headwinds.

Top Market Movers: On Thursday, Titan Company Ltd (NSE: TITAN) led the gainers with a 1.22% increase, closing at INR 3,637.70 followed by Larsen and Toubro Ltd (NSE: LT) up 0.53% at INR 3,560.10, and Coal India Ltd (NSE: COALINDIA) which rose 0.50% to INR 374.30. On the downside, Shriram Finance Ltd (NSE: SHRIRAMFIN) saw the largest drop, falling 3.88% to INR 571.65 followed HCL Technologies Ltd (NSE: HCLTECH) down 2.88% to INR 1,449.80 and Tata Consultancy Services Ltd (NSE: TCS), which dropped 2.01% to INR 3,093.70.

Commodity Update: The dollar slipped Thursday as traders priced in a possible Fed rate cut next month after New York Fed chief John Williams hinted at easing, while President Trump’s push to oust Fed Governor Lisa Cook added pressure. Gold rose 0.34% to $3,444.82, silver 0.49% to $38.883, and copper 0.38% to $9,800.05. Brent crude fell 0.33% to $66.99, weighed by softer U.S. fuel demand outlook and tariff-driven supply concerns.

Our Stance: Market sentiment remains cautious as Nifty trades below its 50-SMA, signaling resistance on pullbacks. The rupee holds steady on RBI support, though U.S. tariffs pose downside risks. Select large-caps showed resilience, but overall momentum is weak. Commodities reflect softer dollar trends, while crude remains pressured by demand concerns and trade headwinds.

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