Index Update: The Nifty 50 gained 30.90 points to close at 25,910.05, maintaining its strength above key support zones. The index remains comfortably above the 51-day EMA at 25,324.15, underscoring strong underlying support. The RSI at 62.24 signals steady bullish momentum, keeping the broader outlook positive. Immediate support is seen near 25,200, while resistance stands around 26,300. A sustained move above 25,670 could further reinforce the upward bias and lift near-term sentiment.

Macro Update:  India experienced a notable drop in wholesale inflation in October 2025, with prices falling 1.21% year-on-year—significantly more than market estimates of a milder decline. This marked the first decrease in three months and the steepest fall since mid-2023. Independent observers point out that the downturn was driven largely by an exceptional fall in food prices, which saw their biggest contraction in at least ten years. Major declines were recorded across key items such as onions, potatoes, vegetables, and pulses. Fuel prices continued their downward trajectory, while manufacturing inflation also softened to its lowest level in a year, supported by slower price growth in categories such as food products, leather goods, and building materials.

Top Market Movers: On Friday, Tata Motors Commercial Vehicles Ltd (NSE: TMCV) led the gainers with a 3.20% increase, closing at INR 331.00 followed by ETERNAL LIMITED (NSE: ETERNAL) up 2.15% at INR 304.15 and Bharat Electronics Limited (NSE: BEL) which rose 1.60% to INR 426.50. On the downside Infosys Limited (NSE: INFY) saw the largest drop, falling 2.33% to INR 1,505.80 followed by Eicher Motors Ltd (NSE: EICHERMOT) down 2.27% to INR 6,699.50 and Tata Steel Limited (NSE: TATASTEEL), which dropped 1.50% to INR 174.00.

Commodity Update: The dollar struggled to recover on Friday, heading for a weekly decline as traders awaited delayed U.S. data expected to reveal a softening economy. Gold inched up 0.30% to USD 4,205.75, while silver dipped 0.09% to USD 53.12. Copper was marginally higher at USD 10,909.40. Brent crude jumped 2.13% to USD 64.35 after a Ukrainian drone strike hit an oil depot in Russia’s Black Sea port of Novorossiysk, lifting supply concerns.

Our Stance: India’s decision to enforce anti-dumping duties on certain steel imports from Vietnam reflects efforts to prevent the diversion of Chinese steel through third countries. The measure introduces a five-year duty of USD 121.55 per tonne on specific hot-rolled flat steel products, with one Vietnamese producer, Hoa Phat Dung Quat Steel JSC, exempted. Sector analysts note that the ruling follows a detailed investigation by the Directorate General of Trade Remedies, which found that the steel was being sold in India below fair value. The probe, initiated after a complaint by the Indian Steel Association on behalf of major domestic manufacturers, examined trade data from January 2023 to March 2024 and concluded that corrective action was warranted to protect the local industry.

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