Index Update: The Nifty 50 rose 76.15 points to close at 25,418.90 after a gap-up opening, recovering from the day’s low and finishing near the session high. Despite the rebound, the index remains below its 50-day Simple Moving Average at 25,887.60, which continues to act as an immediate resistance zone. Momentum has improved, with the RSI at 43.07, indicating stabilisation from lower levels. On the downside, support is placed near 25,000, while resistance is seen around 26,500. A sustained move above 26,350 would be required to strengthen near-term confidence.

Macro Update: India will sharply reduce import duties on high-end European cars to 30% from up to 110% under a new EU trade deal, with tariffs eventually falling to 10% over time. The move opens India’s protected auto market, boosting trade amid global policy uncertainty.

Top Market Movers: On Thursday, Tata Steel Ltd. (NSE: TATASTEEL) led the gainers with a 4.49% increase, closing at INR 202.55 followed by Larsen & Toubro Ltd. (NSE: LT) up 3.80% at INR 3,938.00 and Axis Bank Ltd. (NSE: AXISBANK) which rose 3.42% to INR 1,364.90. On the downside followed Asian Paints Ltd. (NSE: ASIANPAINT) saw the largest drop, falling 3.85% to INR 2,415.00 followed InterGlobe Aviation Ltd. (NSE: INDIGO) down 2.71% to INR 4,620.50 and SBI Life Insurance Company Ltd. (NSE: SBILIFE), which dropped 2.69% to INR 1,998.00.

Commodity Update: The U.S. dollar stayed weak on Thursday as uncertainty over U.S. economic policy and geopolitical developments continued to weigh on sentiment, despite supportive comments from the White House and European officials. The Federal Reserve’s calmer view on labour market and inflation risks strengthened expectations of interest rates remaining on hold for longer. Gold jumped 3.98% to USD 5,552.36, silver rose 3.56% to USD 117.57, and copper climbed 4.29% to USD 13,688.00, while Brent crude advanced 0.73% to USD 68.90 on Middle East supply concerns.

Our Stance: Market sentiment has turned cautiously positive, supported by selective buying in metal and banking stocks. However, the Nifty 50 remains below its key moving average resistance, limiting upside conviction. Sustained strength above higher resistance levels is required to confirm trend reversal, while downside risks persist near support zones.

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