Index Update: The Nifty 50 dropped 0.91% to 24,487.40, retreating from a high of 24,702.60 amid resistance, and remains below the 50-day SMA of 25,022.97. The RSI at 39.56 signals weakening momentum within a consolidation phase. Key support is at 24,400, with a break potentially extending losses toward 23,900. Resistance stands near 24,800, and a breakout could trigger a short-term rebound toward 25,200.

Macro Update: The US’s additional 25% tariff will now affect 55% of Indian exports, raising total duties to 50%. With the US as India’s top export destination, the move heightens trade tensions over Russian oil imports. India vows protective measures while seeking to keep trade talks with Washington on track.

Top Market Movers: On Tuesday, Maruti Suzuki India Ltd (NSE: MARUTI) led the gainers with a 1.93% increase, closing at INR 12,840.00 followed by Tech Mahindra Ltd (NSE: TECHM) up 1.90% at INR 1,509.30, and Hero Motocorp Ltd (NSE: HEROMOTOCO) which rose 1.82% to INR 4,645.20. On the downside, Bajaj Finance Ltd (NSE: BAJFINANCE) saw the largest drop, falling 2.83% to INR 853.00 followed Trent Ltd (NSE: TRENT) down 1.43% to INR 5,365.50 and Hindustan Unilever Ltd (NSE: HINDUNILVR), which dropped 1.37% to INR 2,483.80.

Commodity Update: The U.S. dollar held steady on Tuesday ahead of a key U.S. consumer inflation report that could influence Federal Reserve rate cut expectations. Gold eased 0.10% to $3,401.20, while silver rose 0.14% to $37.84 and copper gained 0.27% to $9,759.20. Brent crude added 0.39% to $66.89 as the U.S. and China extended a pause on higher tariffs, easing trade war concerns and supporting fuel demand in both economies.

Our Stance: Caution is warranted as Nifty consolidates below resistance, with momentum indicators signaling weakness. Additional US tariffs on Indian exports create macro headwinds, while commodities remain rangebound. Focus may shift to resilient sectors and quality stocks amid trade uncertainties and potential volatility surrounding upcoming US inflation data and global economic cues.

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