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• Equity benchmark Nifty rebounded after a seven-session losing streak, gaining over half a percent to close above the 24,200 mark, supported by a recovery in global markets. Easing US Treasury yields improved global risk sentiment, while fresh foreign fund inflows and encouraging quarterly earnings further strengthened market optimism. Additionally, bargain hunting emerged after the Nifty had declined nearly 2% over the previous seven trading sessions.

• The Nifty advanced 153 points, or 0.6%, to close at 24,231. Sugar stocks emerged as the biggest gainers, supported by a surge in raw sugar prices to a 15-month high and expectations of stronger demand ahead of the festive season. Balrampur Chini surged 18% to an all-time high of Rs 767, while Renuka Sugar, Dhampur Sugar, Bajaj Hindusthan, and Dalmia Bharat Sugar gained up to 10%.

• Realty stocks also witnessed strong buying interest, with the Nifty Realty Index advancing 1.4%. Brigade Enterprises, Oberoi Realty, AB Real Estate, Lodha, and Sobha gained up to 7%. The Nifty IT Index also rose nearly 1%, supported by a decline in the US Dollar Index to a three-month low below the 100 mark. Coforge, Persistent Systems, Infosys, and Wipro gained up to 3%.

• Overnight, US markets advanced 0.5%, while Asian markets witnessed a sharp rally after the US Treasury Department unexpectedly announced plans to increase buybacks of long-dated government debt, signalling efforts to ease borrowing costs after Treasury yields had climbed to multi-decade highs.

Technical Outlook:

• Nifty index opened with a gap up of around 150 points and sustained at higher levels for the entire session reclaiming the 50 ema support amidst sideways to positive trend and broke the thirteen day streaks of lower highs. It formed a small bodied bullish candle on the daily frame and closed session above 24200 with gains of 150 points. Now it has to hold above 24200 zones then upside could be seen towards 24350 then 24450 zones while support can be seen at 24100 then 24000 zones.

• S&P BSE Sensex index opened with a gap up of around 550 points near 77500 zones and traded in a range of nearly 200 points for most part of the session. Intraday dips were bought into but momentum remained missing on the higher side. The positive part was that index managed to hold its gap up gains and closed the session with gains of around 630 points. It formed a small bodied candle on the daily chart and finally negated its lower high formation after thirteen sessions. Now it has to hold above 77500 zones for a bounce towards 77700 then 78000 levels while on the downside support is seen at 77300 then 77000 zones.

Derivative Outlook:

• Nifty future closed positive with gains of 0.72% at 24290 levels. Positive setup seen in MCX, Glenmark, Coforge, Persistent, RBL Bank, Eternal, Hyundai, Dixon, Kotak Bank and 360 One while weakness seen in PFC, REC, BDL, GMR Airports, BSE, Indus Tower, Tata Consumer, Bharat Forge, VMM and PI Industries.

• On option front, Maximum Call OI is at 24500 then 24300 strike while Maximum Put OI is at 24200 then 24000 strike. Call writing is seen at 24250 then 24350 strike while Put writing is seen at 24200 then 24250 strike. Option data suggests a broader trading range in between 23800 to 24700 zones while an immediate range between 24000 to 24500 levels

• Glenmark Pharmaceuticals – Company received approval from the US Food and Drug Administration (FDA) for its Fluticasone Propionate Nasal Spray.

• Strides Pharma – Company received a United States Food and Drug Administration (USFDA) Establishment Inspection its Bangalore unit.

• L&T – Mitsubishi Consortium Wins APM Deal For Dubai Airport Company and Mitsubishi Heavy Industries has won an order for an Automated People Mover System at Phase 1 of Al Maktoum International Airport in Dubai. L&T has classified the deal as a “Large Order,” valued between Rs2500cr and Rs5000cr.

• Rail Vikas Nigam – Company received an order worth Rs 161 crore from East Coast Railway,

• BSE Ltd – NSE may allow its shares to trade on its own platform under the permitted-to-trade category after listing on BSE, Bloomberg reported. The proposal would require SEBI approval as current regulations do not allow a stock exchange to list on itself. Discussions are ongoing, and any decision will depend on regulatory clearance.

• Brigade Signs Lease With HealthEdge for Kerala Office Space – Company has signed a lease agreement with US-based healthcare technology company HealthEdge, backed by Bain Capital, for ~162,000 sq. ft. space across 11 floors at Brigade Square in Thiruvananthapuram

• Borax & Chemicals – company approved the acquisition of a 64.26% stake in Kronox Lab Sciences for Rs 246.12 crore.

Global Market Update

• European Market – European stocks marginally decline as the earnings boost fades and investors refocus on energy prices and US-Iran geopolitical tension. UK, Germany and France Index declined up to 0.5%

• Asian Market – Asian bonds and stocks gained as US plans to buy back longer-dated Treasuries to curb borrowing costs buoyed sentiment. The dollar steadied after sliding to a three-month low. Bonds in Japan, Australia and New Zealand all rose following Wednesday’s gains in Treasuries.

• US Data – Initial Jobless Claims

• Commodity – Oil gained for a fifth day, as US President Donald Trump announced a package of measures intended to crush Iran’s economy. Global benchmark Brent rose above $93 a barrel

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