Index Update: The Nifty 50 dipped 0.01% on Wednesday to close at 24,334.20 yet remained above key moving averages and broke a descending trendline, signalling underlying strength. An RSI of 65.01 reflects solid momentum and continued positive sentiment. With the index nearing a crucial breakout zone, close attention to support and resistance is essential. Despite the minor decline, the trend stays bullish, though traders are advised to proceed with caution at higher levels.

Macro Update: India’s 10-year government bond yield fell below 6.35%, a three-year low, as the RBI cut rates and injected liquidity to support slowing growth. Inflation hit a five-year low, prompting expectations of further easing. Meanwhile, the rupee held near its YTD high, buoyed by foreign inflows, weaker oil prices, and resilience to global trade tensions.

Top Market Movers: On Wednesday, HDFC Life Insurance Company Ltd (NSE: HDFCLIFE) led the gainers with a 4.01% increase, closing at INR 743.70 followed by Maruti Suzuki India Ltd (NSE: MARUTI) up 3.51% at INR 12,257.00, and Bharti Airtel Ltd (NSE: BHARTIARTL) which rose 2.23% to INR 1,864.50. On the downside, Bajaj FinServ Ltd (NSE: BAJAJFINSV) saw the largest drop, falling 5.58% to INR 1,951.60, followed Bajaj Finance Ltd (NSE: BAJFINANCE) down 5.04% to INR 8,634.50 and Trent Ltd (NSE: TRENT), which dropped 4.06% to INR 5,172.50.

Commodity Update: The U.S. dollar held steady Wednesday but faced its worst monthly performance since November 2022 amid volatile trade policies under Trump, lifting the euro, yen, and Swiss franc. The Fed is expected to delay rate cuts until labour market weakness emerges and then ease aggressively. Gold fell 0.50% to $3,318.60, silver dropped 1.17%, copper dipped 0.25%, and Brent crude slipped 0.10% on global growth and trade concerns.

Our Stance: A cautiously bullish outlook prevails amid supportive domestic conditions and resilient market momentum. Falling bond yields, easing inflation, and stable foreign inflows strengthen sentiment. However, with the Nifty nearing key resistance and global uncertainties persisting especially in commodities and U.S. policy selective positioning and vigilance at higher levels remain essential.

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