Index Update: The Nifty 50 edged up 0.09% to close at 24,596.15, staying below the 50-day SMA of 25,034.45 but showing signs of reversal from lower levels. The RSI at 39.05 indicates improving momentum despite ongoing downside pressure. Key support lies at 24,400; a break below may trigger further declines. Resistance is seen near 24,800, and a move above this level could lead to a short-term recovery toward 25,200.

Macro Update: The U.S. has doubled tariffs on Indian imports to 50%, citing continued Russian oil purchases. Effective in 21 days, the move reflects Trump’s hardline stance on punishing nations dealing with Russia amid the Ukraine war. India criticized the decision as “extremely unfortunate,” defending its energy-driven national interest.

Top Market Movers: On Thursday, Hero MotoCorp Ltd (NSE: HEROMOTOCO) led the gainers with a 4.15% increase, closing at INR 4,660.70 followed by Tech Mahindra Ltd (NSE: TECHM) up 1.58% at INR 1,482.00, and JSW Steel Ltd (NSE: JSWSTEEL) which rose 1.16% to INR 1,064.80. On the downside, Adani Enterprises Ltd (NSE: ADANIENT) saw the largest drop, falling 2.20% to INR 2,249.80 followed Adani Ports and Special Economic Zone Ld (NSE: ADANIPORTS) down 1.59% to INR 1,345.40 and Trent Ltd (NSE: TRENT), which dropped 0.99% to INR 5,303.50.

Commodity Update: The dollar slipped against major currencies on Thursday amid rising expectations of Federal Reserve rate cuts and concerns over political influence on U.S. institutions. Gold gained 0.28% to $3,443.10-, while silver rose 0.48% to $38.08. Copper dipped 0.04% to $9,686.40. Brent crude rebounded 0.30% to $67.09, ending a five-day slide, supported by steady U.S. demand and eased supply fears amid potential U.S.-Russia Ukraine talks.

Our Stance: India's continued Russian oil imports have drawn steep tariff retaliation from the U.S., escalating trade tensions. While defending energy security, the situation demands calibrated diplomatic and economic responses. Focus remains on managing fallout through diversified trade partnerships, supporting domestic manufacturing, and maintaining macroeconomic stability amid rising global geopolitical and commodity market volatility.

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