Index Update: The Nifty 50 surged 1.77% to close at ₹23,851.65, marking a strong breakout above recent consolidation and key moving averages. The index is now trading decisively above its 21-day EMA, indicating short-term bullish strength. RSI at 62.57 signals rising momentum, though it's approaching overbought territory. With volatility likely ahead, key support and resistance levels will be critical as the index navigates toward a clearer directional bias.

Macro Update: India’s 10-year bond yield dropped to a three-year low of 6.4% in April, driven by RBI rate cuts and liquidity support amid slowing growth and easing inflation. Inflation fell to a five-year low, enabling a dovish policy pivot. Meanwhile, the rupee strengthened to 85.6/USD, supported by softer oil prices and renewed foreign inflows into Indian bonds.

Top Market Movers: On Thursday, Eternal Ltd (NSE: ZOMATO) led the gainers with a 4.29% increase, closing at INR 231.60 followed by ICICI Bank Ltd (NSE: ICICIBANK) up 3.71% at INR 1,406.70, and Bharti Airtel Ltd (NSE: BHARTIARTL) which rose 3.65% to INR 1,889.10. On the downside, Wipro Ltd (NSE: WIPRO) saw the largest drop, falling 4.34% to INR 236.90, followed by Hero MotoCorp Ltd (NSE: HEROMOTOCO) down 0.27% to INR 3,771.80 and JSW Steel Ltd (NSE: JSWSTEEL), which dropped 0.22% to INR 1,007.20.

Commodity Update: The dollar steadied after hitting a seven-month low against the yen, as Fed Chair Powell emphasized inflation concerns amid escalating trade tensions. Gold slipped 0.08% to $3,344.77, silver dropped 2.08% to $32.29, and copper eased 0.23% to $9,185.53. Brent crude rose 0.70% to $66.33, with oil prices extending gains in Asian trade on renewed supply concerns following U.S. sanctions on Iran, despite a rise in U.S. crude inventories.

Our Stance: The outlook remains cautiously optimistic as easing inflation, RBI rate cuts, and stable foreign inflows support Indian equities. Strong index momentum and macro tailwinds are encouraging, though global volatility, commodity price swings, and earnings sensitivity call for selective exposure, favouring quality stocks and defensives in the near term.

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