Index Update: The Nifty 50 gained 1.00% to close at 24,876.95, holding above the key 24,800 level but still below its 50-day SMA of 25,018.04. The RSI at 52.28 indicates improving momentum and easing bearish pressure. Immediate support stands at 24,400, with a breach likely to intensify declines. On the upside, resistance is seen near 25,200, and a sustained breakout could drive a short-term move toward 25,400.

Macro Update: India is weighing significant GST cuts, proposing to reduce tax on small cars to 18% from 28% and slashing GST on health and life insurance premiums to as low as 5% or zero, with decisions expected by October. Meanwhile, U.S.-India trade talks were postponed amid tariff tensions, as new U.S. duties on Indian goods take effect August 27.

Top Market Movers: On Monday, Maruti Suzuki India Ltd (NSE: MARUTI) led the gainers with a 8.75% increase, closing at INR 14,068.00 followed by Hero Motocorp Ltd (NSE: HEROMOTOCO) up 5.86% at INR 4,984.00, and Bajaj Finance Ltd (NSE: BAJFINANCE) which rose 5.08% to INR 905.20. On the downside, ITC Ltd (NSE: ITC) saw the largest drop, falling 1.25% to INR 406.30 followed Larsen and Toubro Ltd (NSE: LT) down 1.14% to INR 3,635.10 and Eternal Ltd (NSE: ETERNAL), which dropped 1.10% to INR 314.90.

Commodity Update: The dollar steadied on Monday as markets awaited a key meeting between U.S. President Donald Trump and Ukrainian President Volodymyr Zelenskiy. At the same time, attention also turned to the Federal Reserve’s Jackson Hole symposium for policy signals. Precious metals firmed, with gold up 0.20% at $3,389.20, silver rising 0.24% to $38.07, and copper adding 0.14% to $9,779.80. Brent crude slipped 0.40% to $65.62 as supply concerns eased.

Our Stance: The market closed higher with Nifty50 sustaining above 24,800, signaling improving momentum. Auto stocks surged on proposed GST cuts, while IT underperformed. Macro focus remains on GST reforms and U.S.–India trade tensions. Commodities showed mixed trends, with gold steady and crude easing, keeping investor sentiment cautiously optimistic ahead of key policy cues.

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