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Below the Quote on Morning Market from Hemang Gor, Senior Research Analyst, Axis Direct

The Nifty 50 advanced 117.80 points (+0.50%) successfully decoupling from the overnight US weakness, as crude briefly slipped below $100 on hopes of US–Iran diplomacy. The domestic rally was spearheaded by the Metal and FMCG sectors, which witnessed robust demand on signs of strengthening economic momentum. Wall Street sold off as bond yields climbed to multi-decade highs, with the Nasdaq down 1.13%, the S&P 500 lower by 0.75% and the Dow shedding 0.68%.

In Asia, Japan's Nikkei reopened after the Silver Week break and trades 1.8% higher, while Korea remains shut for Chuseok until Monday. Crude remains the key variable for India: Brent spiked above $103 after Saudi Arabia suspended Yanbu loadings, reviving supply concerns just as the domestic market found its footing. Gold eased to $4,300/oz.

GIFT Nifty is at 23,250 down by about 180 odd points (0.78%). Offshore early-morning indicators point toward a highly cautious and a negative gap-down opening for Thursday's session, as markets must now digest the full magnitude of the US 10-year Treasury yield crossing 5.10%. Technically, the undertone remains cautiously bearish as long as the index trades below 23,500. Immediate support lies at 23,100–23,000; a decisive break would expose 22,800.

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