Index Update: The Nifty 50 fell 81.65 points to 25,758.00, dipping below the 26,000 mark yet continuing to hold key support zones, keeping the broader structure intact. The index remains comfortably above the 51-day SMA at 25,691.92, underscoring firm underlying support, while the RSI at 44.50 indicates easing momentum. Immediate support is noted near 25,500, with resistance placed around 26,500. A sustained move above 26,350 would be required to improve near-term sentiment.

Macro Update: India’s 10-year yield climbed to a three-month high at 6.6% as expectations of further RBI rate cuts faded despite December’s 25 bps easing. The RBI’s neutral stance and liquidity-driven support guided sentiment, while global markets awaited the U.S. Fed’s policy move, with uncertainty over guidance and the pace of future cuts.

Top Market Movers: On Wednesday, Eicher Motors (NSE: EICHERMOT) led the gainers with a 1.48% increase, closing at INR 7,228.50 followed by Hindalco Industries (NSE: HINDALCO) up 1.09% at INR 821.75 and HDFC Life Insurance (NSE: HDFCLIFE) which rose 1.07% to INR 771.05. On the downside followed InterGlobe Aviation Ltd (NSE: INDIGO) saw the largest drop, falling 3.26% to INR 4,805.50 followed Eternal (NSE: ETERNAL) down 2.90% to INR 283.25 and Trent (NSE: TRENT), which dropped 1.64% to INR 4,018.30.

Commodity Update: Commodity Update: The dollar held largely steady on Wednesday as traders awaited a pivotal Federal Reserve decision, with markets leaning toward a rate cut amid one of the most divisive meetings in years. Commodities saw mild gains: gold rose 0.18% to USD 4,244.45, silver climbed 1.26% to USD 61.59, and copper added 0.82% to USD 11,560.80. Brent crude inched up 0.20% to USD 62.05, though supply concerns and Russia-Ukraine peace talks limited upside.

Our Stance: Market sentiment remains cautiously balanced as Nifty sustains key support levels despite softness in momentum indicators. Rising domestic yields and uncertain global policy signals keep risk appetite in check. Broader trend stays stable for now, but meaningful directional strength hinges on clearer cues from central banks and sustained improvement in liquidity conditions.

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