Index Update: The Nifty 50 declined 32.85 points to close at 25,169.50 but stayed above the 50-day SMA at 24,882.41, which provides firm support. The RSI stands at 56.79, reflecting sustained upward momentum and approaching overbought territory. A move beyond 25,500 could open room for additional gains, while 24,890 remains the key support level to watch for possible pullbacks.

Macro Update: S&P Global Ratings projects India’s FY25–26 growth at 6.5%, the fastest in Asia-Pacific, driven by strong domestic demand, GST cuts, and government investment. Q1 FY26 GDP surged 7.8%, the highest in five quarters, while Finance Minister hints growth could surpass the 6.3–6.8% official forecast.

Top Market Movers: On Tuesday, IndusInd Bank Ltd (NSE: INDUSINDBK) led the gainers with a 2.85% increase, closing at INR 755.25 followed by Axis Bank Ltd (NSE: AXISBANK) up 2.31% at INR 1,170.80 and JSW Steel Ltd (NSE: JSWSTEEL) which rose 1.92% to INR 1,138.40. On the downside, Trent Ltd (NSE: TRENT) saw the largest drop, falling 2.38% to INR 4,891.00 followed Tech Mahindra Ltd (NSE: TECHM) down 2.23% to INR 1,471.90 and SBI Life Insurance Company Ltd (NSE: SBILIFE), which dropped 2.06% to INR 1,819.40.

Commodity Update: The U.S. dollar softened in early Asian trading on Tuesday as Federal Reserve comments guided focus toward upcoming core PCE data. Attention also centred on the global effects of President Trump’s economic policies. Gold gained 0.05% to $3,777.10, silver slipped 0.35% to $44.05, and copper eased 0.18% to $9,983.10. Brent crude fell 0.45% to $66.26, pressured by geopolitical tensions in the Middle East and Russia, alongside tariff concerns dampening fuel demand.

Our Stance: Nifty’s consolidation above key support highlights resilience amid global uncertainties. Strong domestic growth drivers and robust Q1 GDP reinforce the positive outlook, though resistance near 25,500 must be cleared for further gains. Select banking and metals strength contrasts with pressure in IT and insurance, while commodities reflect cautious sentiment.

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