Index Update: The Nifty 50 edged up to close at 26,033.75, holding close to recent all-time highs and preserving a broadly constructive structure. The index continues to trade well above its short-term 51-day SMA near 25,700, signalling firm underlying support, while the RSI around 55 reflects steady, non-overbought momentum. Key support is placed near 25,600, with resistance seen around 26,500. A sustained move above 26,300 could improve near-term bullish sentiment.

Macro Update: India’s 10-year yield hovered near 6.5% amid policy uncertainty, record trade deficits and weak export sentiment driven by steep US tariffs. Despite strong Q3 GDP, a wider current account gap and rupee weakness limited expectations of RBI easing on December 5, keeping market direction largely range-bound.

Top Market Movers: On Thursday, Tata Consultancy Services Ltd (NSE: TCS) led the gainers with a 1.55% increase, closing at INR 3,229.20 followed by SBI Life Insurance Company Ltd (NSE: SBILIFE) up 1.53% at INR 2,002.90 and Tech Mahindra Ltd (NSE: TECHM) which rose 1.34% to INR 1,562.30. On the downside InterGlobe Aviation Ltd (NSE: INDIGO) saw the largest drop, falling 2.84% to INR 5,436.50 followed Eternal (NSE: ETERNAL) down 0.67% to INR 295.75 and Hindalco Industries Ltd (NSE: HINDALCO), which dropped 0.67% to INR 810.80.

Commodity Update: The U.S. dollar weakened after soft data reinforced expectations of a Fed rate cut next week, lifting the yen and pushing the euro to a nearly seven-week high. Gold down 0.23% to USD 4,222.70, silver gained 0.17% to USD 58.735, and copper inched up 0.06% to USD 11,487.00. Brent crude up 0.43% to USD 62.94 as geopolitical risks from Ukrainian strikes on Russian oil sites supported prices, though fragile fundamentals capped upside.

Our Stance: Market conditions appear cautiously constructive as the Nifty 50 sustains elevated levels with supportive technical indicators, though upside remains sensitive to global and domestic macro signals. Stable bond yields, tempered inflation expectations, and resilient corporate performance provide a favourable backdrop, but external trade pressures and policy uncertainty continue to warrant a measured near-term outlook.

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