Index Update: The Nifty 50 fell 176.05 points to close at 25,877.85, easing from record highs amid a phase of healthy consolidation. The index remains well above the 51-day EMA at 25,139.70, indicating strong underlying support. The RSI at 64.14 suggests a moderating of bullish momentum, although the overall bias remains slightly positive. Immediate support is placed near 25,670, while resistance is positioned around 26,300. Sustained trade above 25,670 would help maintain the broader upward trend.

Macro Update: India’s 10-year bond yield climbed to a four-week high of 6.5%, tracking higher US yields after the Fed’s hawkish stance dampened rate-cut hopes. The rupee slipped to a two-week low of 88.6 per USD amid dollar strength, importer demand, and NDF expiries, despite RBI’s likely intervention.

Top Market Movers: On Thursday, Coal India Ltd (NSE: COALINDIA) led the gainers with a 1.49% increase, closing at INR 387.70 followed by Larsen and Toubro Ltd (NSE: LT) up 0.74% at INR 3,987.50 and Bharat Electronics Ltd (NSE: BEL) which rose 0.66% to INR 409.90. On the downside, Dr Reddy's Laboratories Ltd (NSE: DRREDDY) saw the largest drop, falling 3.89% to INR 1,202.20 followed Cipla Ltd (NSE: CIPLA) down 2.56% to INR 1,540.10 and HDFC Life Insurance Company Ltd (NSE: HDFCLIFE), which dropped 1.93% to INR 746.60.

Commodity Update: The U.S. dollar weakened on Thursday after the Fed cut interest rates but said another reduction in December was less likely. The greenback’s earlier strength faded during Asian trading. Gold slipped 1.35% to USD 3,946.70 per ounce, silver fell 1.34% to USD 47.26, and copper declined 0.85% to USD 11,065.00. Brent crude eased 0.05% to USD 64.89 as markets awaited U.S.-China trade talks for clarity on growth prospects.

Our Stance: The market outlook remains cautiously positive amid consolidation near record highs. Strong technical support around 25,670 underpins the broader uptrend, though near-term volatility may persist due to global rate concerns and currency weakness. Selective buying in quality large-caps is favored while monitoring global yield movements and RBI policy cues.

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