Index Update: The Nifty 50 gained 97.65 points to close at 24,967.75, reflecting renewed buying interest and short-term positive momentum. Technically, the index is trading above its 21-day SMA, which serves as dynamic support and underpins the prevailing bullish sentiment. This suggests pullbacks may remain cushioned. On the downside, immediate support is placed near 24,450.70, aligning with a key falling trendline zone.

Macro Update: The Indian rupee fell for a third session to 87.43 per dollar, pressured by upcoming US tariffs of up to 50% on Indian goods over Russian oil imports. Trade tensions persist despite India’s push to shield farmers. Sentiment stayed cautious, though Fed’s dovish stance capped dollar strength.

Top Market Movers: On Monday, Infosys Ltd (NSE: INFY) led the gainers with a 3.00% increase, closing at INR 1,532.10 followed by Tata Consultancy Services Ltd (NSE: TCS) up 2.84% at INR 3,140.60, and HCL Technologies Ltd (NSE: HCLTECH) which rose 2.58% to INR 1,504.20. On the downside, Adani Enterprises Ltd (NSE: ADANIENT) saw the largest drop, falling 0.95% to INR 2,302.90 followed Apollo Hospitals Enterprise Ltd (NSE: APOLLOHOSP) down 0.99% to INR 7,851.00 and Nestle India Ltd (NSE: NESTLEIND), which dropped 0.85% to INR 1,153.00.

Commodity Update: The U.S. dollar attempted to recover on Monday after sliding to a four-week low against the euro, as dovish signals from the Federal Reserve spurred broad selling last week. Gold eased 0.27% to $3,409.15 and silver slipped 0.58% to $38.83, while copper edged up 0.36% to $9,780.30. Brent crude rose 0.16% to $67.33, supported by lingering geopolitical concerns and Fed-driven rate-cut expectations.

Our Stance: Nifty’s resilience above key support and the 21-day SMA signals underlying strength despite rupee weakness and tariff concerns. Global cues, including Fed’s dovish tilt, continue to temper dollar gains, supporting risk appetite. Near-term pullbacks may stay limited, though volatility could persist amid trade tensions and geopolitical uncertainties.

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