Index Update: The Nifty 50 rose 91.15 points to close at 25,330.25, staying above the 50-day SMA at 24,890, which now offers solid support. The index’s upward momentum is backed by the RSI at 66.15, nearing overbought levels. A break above 25,500 could extend gains, while 24,890 remains a key support zone to watch. Traders should monitor for signs of strength or a possible pullback.

Macro Update: The US rejected India’s WTO request on 50% copper tariffs, stating the duties aren’t safeguard measures. This is the third time Washington blocked consultations, following steel, aluminium, and auto disputes. The tariffs, applied indefinitely under Section 232, target semi-finished and derivative copper imports from August 1.

Top Market Movers: On Wednesday, Tata Consumer Products Ltd (NSE: TATACONSUM) led the gainers with a 4.05% increase, closing at INR 1,136.30 followed by State Bank of India (NSE: SBIN) up 3.08% at INR 857.15, and Bharat Electronics Ltd (NSE: BEL) which rose 2.31% to INR 412.20. On the downside, Bajaj Finserv Ltd (NSE: BAJAJFINSV) saw the largest drop, falling 1.12% to INR 2,057.00 followed Titan Company Ltd (NSE: TITAN) down 0.95% to INR 3,523.00 and ITC Ltd (NSE: ITC), which dropped 0.92% to INR 409.30.

Commodity Update: The U.S. dollar hovered near four-year lows against the euro and a one-month low against the yen as markets awaited a widely expected 25-basis-point rate cut by the Fed. Focus shifts to Chair Powell’s comments for cues on the pace of easing, with 67.9 bps of cuts priced in for year-end. Gold slipped 0.14%, silver 1.28%, and copper 0.44%. Brent crude eased 0.10% after recent gains on Russian supply concerns.

Our Stance: The market outlook remains cautiously optimistic as the Nifty 50 holds key support and shows bullish momentum. Trade tensions with the US over tariffs add uncertainty, while currency movements and Fed policy influence commodities. Selective buying in quality stocks is advised, with close attention to macroeconomic developments and technical indicators.

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