Index Update: The Nifty 50 added 6.70 points to close at 24,741.00, retreating from intraday highs as near-term sentiment remains cautious. The index holds above its 21-day SMA, offering dynamic support, though rebound potential remains limited. A sustained move above the 50-day SMA will be important for recovery prospects. On the downside, support is placed at 24,350.70, aligned with a falling trendline, and maintaining this zone is critical to avoiding deeper corrective pressure.

Macro Update: India’s 10Y bond yield eased to 6.52%, a two-week low, as GST cuts had limited fiscal impact and RBI measures stabilized supply. However, the rupee stayed near record lows at 88.15/$ amid US tariffs and equity outflows, with global yields softening on Fed dovishness ahead of US payroll data.

Top Market Movers: On Friday, Eicher Motors Ltd (NSE: EICHERMOT) led the gainers with a 2.42% increase, closing at INR 6,580.50 followed by Mahindra And Mahindra Ltd (NSE: M&M) up 2.29% at INR 3,561.30, and Maruti Suzuki India Ltd (NSE: MARUTI) which rose 1.59% to INR 14,895.00. On the downside, ITC Ltd (NSE: ITC) saw the largest drop, falling 2.06% to INR 407.35 followed HCL Technologies Ltd (NSE: HCLTECH) down 1.68% to INR 1,419.00 and Cipla Ltd (NSE: CIPLA), which dropped 1.55% to INR 1,553.40.

Commodity Update: The dollar steadied on Friday as bond markets calmed, and investors awaited key U.S. jobs data that could strengthen the case for a Fed rate cut. Commodities were mixed: gold edged up 0.07% to $3,609.10, silver rose 0.15% to $41.48, and copper gained 0.45% to $9,935.45. Brent crude fell 0.30% to $66.38, marking its third straight decline ahead of the OPEC+ meeting on potential output hikes.

Our Stance: Market sentiment remains cautious, with Nifty consolidating near key averages and requiring a break above the 50-day SMA to confirm recovery. Bond yields eased on fiscal comfort, while the rupee stayed weak amid external pressures. Sector rotation continues, with auto stocks showing strength against weakness in select defensives and IT.

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