Index Update: The Nifty 50 gained 19.25 points to settle at 24,734.30, slipping from intraday highs as sentiment reflects short-term weakness. The index continues to trade below its 21-day SMA, which acts as dynamic resistance and limits rebound potential. A decisive move above the 50-day SMA is crucial to confirm recovery. On the downside, key support lies at 24,350.70, aligned with the falling trendline, and sustaining this level is essential to prevent deeper declines.

Macro Update: India’s GST Council has approved the most significant tax reform since 2017, shifting to a two-slab structure of 5% and 18%, effective September 22 (excluding tobacco). The rate cuts aim to boost consumption and affordability, with potential to add 20–30 bps to GDP growth amid US tariff pressures.

Top Market Movers: On Thursday, Mahindra and Mahindra Ltd (NSE: M&M) led the gainers with a 5.95% increase, closing at INR 3,481.50 followed by Bajaj Finance Ltd (NSE: BAJFINANCE) up 4.29% at INR 934.75, and Apollo Hospitals Enterprise Ltd (NSE: APOLLOHOSP) which rose 2.12% to INR 7,900.00. On the downside, Tata Consumer Products Ltd (NSE: TATACONSUM) saw the largest drop, falling 3.02% to INR 1,071.10 followed HDFC Life Insurance Company Ltd (NSE: HDFCLIFE) down 2.86% to INR 754.25 and Wipro Ltd (NSE: WIPRO), which dropped 1.84% to INR 244.97.

Commodity Update: The U.S. dollar eased Thursday amid bond market jitters and weak labour data, bolstering expectations of a Fed rate cut this month. Commodities traded lower, with gold down 1.06% at $3,597.30, silver off 1.82% at $41.29, and copper easing to $9,932.70. Brent crude slipped 0.40% to $67.35, pressured by reports of a potential OPEC+ output hike and rising U.S. oil inventories, raising concerns over softer fuel demand.

Our Stance: Nifty 50 remains range-bound below key moving averages, requiring a break above the 50-day SMA to signal recovery, while support at 24,350.70 is critical. GST rate cuts may provide a near-term consumption boost, though global commodity weakness and Fed uncertainty continue to weigh on market sentiment and investor positioning.

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