Index Update: The Nifty 50 slipped 0.82% to close at 24,609.70 on Thursday but remained above key moving averages, signaling sustained market strength. The RSI eased to 55.62, still indicating improving momentum within a bullish structure. A recent breakout above horizontal support has reinforced the positive trend. Despite minor pullbacks, the overall technical setup and market sentiment suggest continued upside potential in the short term.

Macro Update: India's economic activity strengthened in May 2025, with the Composite PMI rising to a 13-month high of 61.2. Manufacturing PMI hit an 11-month peak at 58.3, supported by strong output and new orders, while Services PMI surged to 61.2, the fastest in 14 months. Rising input costs were largely passed on, while business sentiment improved on robust demand.

Top Market Movers: On Thursday, IndusInd Bank Ltd (NSE: INDUSINDBK) led the gainers with a 1.95% increase, closing at INR 785.00 followed by Bajaj Auto Limited (NSE: BAJAJ-AUTO) up 0.53% at INR 8,733.50, and Bharti Airtel Ltd (NSE: BHARTIARTL) which rose 0.49% to INR 1,831.40. On the downside, Oil and Natural Gas Corporation Ltd (NSE: ONGC) saw the largest drop, falling 2.82% to INR 241.67 followed Mahindra and Mahindra Ltd (NSE: M&M) down 2.73% to INR 3,006.30 and Tech Mahindra Ltd (NSE: TECHM), which dropped 2.04% to INR 1,565.60.

Commodity Update: The dollar fell to a two-week low against the yen on Thursday amid U.S. fiscal concerns and weak Treasury bond auction results. President Trump’s efforts to advance his tax and spending bills increased market unease. Gold rose 0.95% to $3,344.80, silver gained 0.43% to $33.77, and copper edged up 0.31% to $9,555.50. Brent crude slipped 0.50% to $64.61 due to rising U.S. stockpiles and Iran deal uncertainty.

Our Stance: The Nifty’s resilience above key moving averages and strong macroeconomic indicators, including robust PMI data, suggest continued bullish momentum. Despite short-term volatility, improving investor sentiment, healthy sector rotation, and supportive technical signals point to further upside. Strength in select large-cap stocks and easing global concerns enhance the near-term market outlook.

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