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• The benchmark Nifty staged a recovery of more than 100 points from its intraday low, aided by optimism over a potential US–Iran peace agreement and a decline in crude oil prices to around $104 per barrel. Bargain buying following the previous session’s 400-point fall, along with sustained buying above the key 23,000 level, also improved market sentiment.

• Global markets showed signs of recovery, with European indices rising more than 0.5% and US futures trading slightly higher. In the domestic market, Auto, Realty, Midcap and select IT stocks led the gains, helping the Nifty close 77 points higher at 23,140.

• Sugar stocks, including Balrampur Chini, Bajaj Hindusthan and Andhra Sugar, advanced by up to 4% amid a rise in international sugar prices.

Technical Outlook:

• Nifty index opened negative but remained in a sideways to positive trend throughout the session. Support based buying was witnessed near 23000 zones as bulls defended lower levels and pushed the index above 23150 levels. It formed a bullish candle on the daily frame but a bearish candle on the weekly frame. Selling pressure is seen at higher levels and the index has been making lower highs - lower lows from the last five weeks. The index has given up around 1750 points in the last seven weeks and upside still remains capped. Now it has to cross and hold above 23200 zones for an up move towards 23350 then 23450 levels while a hold below the same could see weakness towards 23000 then 22900 zones.

• S&P BSE Sensex index opened on a flattish note and traded within its first hour’s range for most part of the day. A sharp bounce was seen in the second half though overall momentum remained subdued thereafter. It formed a bullish candle on the daily chart but continues to form lower highs from the last few sessions. On the weekly scale, it continues to form bearish candles along with lower lows from the last four weeks indicating that the broader trend remains under pressure. Now it has to cross and hold above 74000 zones for an up move towards 74200 then 74400 zones while a hold below the same could see weakness towards 73500 then 73200 zones.

Derivative Outlook:

• Nifty future closed positive with gains of 0.35% at 23190 levels. Positive setup seen in Bandhan Bank, Zydus Life, Motherson, Radico, DLF and Apl Apollo while weakness seen in PB Fintech, Cholafin, TMPV, Swiggy, Dalmia Bharat, Infosys, Trent, Delhivery, SBI Cards, Biocon, Marico, ONGC, Concor and NMDC.

• On option front, Maximum Call OI is at 23500 then 23300 strike while Maximum Put OI is at 23000 then 23100 strike. Call writing is seen at 23100 then 23150 strike while Put writing is seen at 23100 then 23000 strike. Option data suggests a broader trading range in between 22800 to 23500 zones while an immediate range between 23000 to 23300 levels.

• Welspun Corp’s US Unit Wins ~$413 Million HFIW Pipe Order – Company has won a contract worth approximately $412.5 million to supply high-frequency induction welded pipes,

• CESC – Company has secured a deal with Prism Johnson Limited to establish a 49.5 MW captive wind power project in Madhya Pradesh.

• Prism Johnson – Company has approved an investment of up to ?40 crore in KUS Renewable Private Limited for a 49.5 MW captive wind power project via equity and/or redeemable preference shares.

• PNG Jewellers Sees Festive Demand Pick-Up, Plans 25 Store Additions In FY27 – PN Gadgil Jewellers said the company expects a pick-up in jewellery demand during the festive season and anticipates a "bumper" third quarter. The company said consumers are increasingly shifting from buying gold coins to jewellery, while demand this year is expected to be driven more by value growth than volume growth. PN Gadgil plans to add 25 stores in FY27 and expects to have 103 stores by the end of the financial year.

• Biocon – Company said its Malaysia-based subsidiary has received approval from the UK Medicines and Healthcare products Regulatory Agency (MHRA) for its Semglee fill-finish facility.

• IDBI Bank Stake Sale on Track, Finance Ministry Official Says – IDBI Bank Ltd.’s disinvestment remains on track, a finance ministry official told reporters. Official did not wish to be identified as talks are private.

• IDBI Bank did not respond to a Bloomberg email seeking comment.

Global Market Update

• Asian Market – Asian stock markets traded mixed on Friday following overnight losses on Wall Street, as rising U.S. Treasury yields, crude oil volatility, and bond market movements continued to weigh on broader equity sentiment. Both Japan and South Korea Index gained 1% each while China and Hong Kong Index declined over 1% each.

• European Market – European shares advanced as bond yields stabilized and oil pulled back on hopes that the Strait of Hormuz could soon reopen. UK, Germany and France Index gained up to 0.5% .

• US Data – Durable Goods Order.

• Commodity – Oil prices marginally declined by 1% to below $106/bbl after rising sharply in the previous session as investors assessed prospects for U.S.-Iran diplomacy against continued threats to Saudi energy infrastructure.

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