Wall Street posted a mixed session: S&P 500 fell 0.9% to 6685, Nasdaq down 0.8% to 22908, Dow dropped 1.2%; Nvidia slid 1.8% after a tech rally, Alphabet gained 3% on strong fundamentals; focus on upcoming US jobs data; rotation away from mega-cap AI stocks noted.

Indian ADRs: Infosys ADR up 0.72% at $16.77, HDFC Bank ADR up 1.08% at $36.84, ICICI Bank ADR slightly down 0.26%, Reliance GDR up 1.03%; foreign interest remains selective toward large-cap financials and energy.

Asian markets mixed overnight: Japan’s Nikkei down 1.9% below 50,000; Hong Kong’s Hang Seng down nearly 1%, pressured by China-Japan tensions; Shanghai Composite down 0.5% to 3972; GIFT Nifty trading below 26,000, signaling mildly negative Indian open.

Global risks: Trump administration proposes tariffs up to 500% on countries trading with Russia; India faces 50% tariffs on key exports and additional penalties for Russian crude buyers; geopolitical tensions in Asia-Pacific with China-Japan friction may impact sentiment.

In India: PhysicsWallah IPO lists today after strong subscription, boosting midcap tech and education sectors; FII selling crosses ₹1.39 lakh crore in November, domestic investors buying dips; RBI holds repo rate steady at 5.5%, maintains balanced policy stance.

Technical levels: Nifty 50 resistance at 26,100 and 26,150, support at 25,800 to 25,900; Bank Nifty near all-time high 58,957, resistance 59,300 to 59,500, support 58,000 to 58,200; overall strong uptrend with watch on 20-day moving averages.

Commodities: Brent crude at $63.85/barrel, down 0.83% amid oversupply concerns; gold at $4011/ounce, down 1.77%; silver around $49.77, tracking lower; commodity moves moderately influence Indian markets.

Trading theme: Caution advised amid global growth concerns and AI valuation pressures; domestic fundamentals stable; accumulation recommended on Nifty dips near 25,900; monitor tariff headlines and crude price volatility; PhysicsWallah listing may generate midcap trading opportunities.