Index Update: The Nifty 50 declined 166.05 points to close at 24,890.85 but stayed above the 50-day SMA at 24,875.80, providing firm support. The RSI at 46.20 reflects ongoing downward momentum, nearing oversold territory. A move above 25,500 could open scope for additional gains, while 24,430 serves as the key support level to watch for possible pullbacks.

Macro Update: India has restricted unstudded silver jewellery imports until March 2026 to curb misuse of FTAs, following a sharp surge in inflows from Thailand. Imports jumped tenfold to 40 metric tonnes, with Thailand’s share at 98%. Licences will now be required, tightening trade and protecting domestic players.

Top Market Movers: On Thursday, Bharat Electronics Ltd (NSE: BEL) led the gainers with a 1.95% increase, closing at INR 403.15 followed by Hero Motocorp Ltd (NSE: HEROMOTOCO) up 1.47% at INR 5,354.50 and Axis Bank Ltd (NSE: AXISBANK) which rose 0.66% to INR 1,166.60. On the downside, Trent Ltd (NSE: TRENT) saw the largest drop, falling 3.15% to INR 4,742.50 followed Power Grid Corporation of India Ltd (NSE: POWERGRID) down 3.03% to INR 284.40 and Tata Motors Ltd (NSE: TATAMOTORS), which dropped 2.73% to INR 664.30.

Commodity Update: The U.S. dollar was steady on Thursday, holding its overnight gains, as traders weighed the prospect of a measured Fed easing cycle in the wake of a cautious tone from policymakers while awaiting data that may outline the impact of tariffs. Gold surged 0.02% to $3,768.50, silver advanced 0.17% to $44.26, and copper eased 0.14% to $10,357.05. Brent crude fell 0.30% to $69.09 after hitting seven-week highs, as a surprise decline in U.S. crude inventories added to signs of tighter supply, while heightened geopolitical tensions over Russia kept a risk premium in the market.

Our Stance: Nifty’s close near the 50-day SMA highlights crucial support, though momentum remains weak. Import restrictions on silver jewellery may aid domestic industry but signal tighter trade oversight. Gains in BEL and Hero Motocorp contrasted with weakness in Trent and Power Grid. Commodities remain volatile amid Fed caution and geopolitical risks.

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