Index Update: The Nifty 50 declined 81.85 points to close at 25,145.50 but continued to hold firmly above the 51-day SMA at 24,876.11, which remains a strong support zone. The RSI at 55.08 reflects sustained positive momentum despite the mild correction. A breakout above 25,500 could renew upside momentum, while immediate support is placed at 24,900, followed by 24,400 on the downside. Overall, the broader trend remains constructive as long as key support levels hold.

Macro Update: India’s wholesale inflation eased to 0.13% YoY in September 2025, below expectations of 0.5%, driven by sharp declines in food and manufacturing prices. Food inflation turned negative (-1.99%) amid steep drops in onion, potato, and vegetable prices, while fuel prices fell 2.58%. On a monthly basis, WPI contracted 0.19%.

Top Market Movers: On Tuesday, Max Healthcare Institute Ltd (NSE: MAXHEALTH) led the gainers with a 1.59% increase, closing at INR 1,161.50 followed by Wipro Ltd (NSE: WIPRO) up 1.34% at INR 248.42 and Tech Mahindra Ltd (NSE: TECHM) which rose 1.18% to INR 1,468.00. On the downside, Dr Reddy's Laboratories Ltd (NSE: DRREDDY) saw the largest drop, falling 1.99% to INR 1,237.30 followed Bharat Electronics Ltd (NSE: BEL) down 1.71% to INR 402.40 and Bajaj Finance Ltd (NSE: BAJFINANCE), which dropped 1.70% to INR 1,019.15.

Commodity Update: The dollar remained steady on Tuesday as U.S. President Donald Trump’s softer stance on China tariffs and the prospect of a meeting with his Chinese counterpart lifted hopes of easing trade tensions. Gold rose 0.73% to $4,163.30, silver advanced 2.08% to $51.48, while copper slipped 0.58% to $10,757.40. Brent crude gained 0.28% to $63.50, supported by improved sentiment over potential U.S.-China trade de-escalation.

Our Stance: The market outlook remains cautiously optimistic as Nifty 50 sustains above key support levels despite minor corrections. Easing wholesale inflation supports a stable macro backdrop, while global sentiment improved on potential U.S.–China trade thaw. Commodity trends remain mixed, with gold and silver gaining and copper slightly retreating amid firmer crude prices.

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