Pre-Market Report: Flat-to-Muted Start Expected as GIFT Nifty Consolidates Post-Fed Pause — October 29, 2026
Global Market Cues
Wall Street closed with modest gains in the previous session after the Federal Open Market Committee (FOMC) decided to maintain the federal funds target rate unchanged at 3.75%–4.00%. The policy statement highlighted that economic activity continues to expand at a strong pace. At the closing bell, the Dow Jones Industrial Average rose 0.2% to 52,475, the S&P 500 gained 0.3% to finish at 7,743, and the tech-heavy Nasdaq Composite advanced 0.3% to 26,549. In after-hours trading, major technology earnings delivered mixed sentiment, with Microsoft advancing following robust cloud revenue, while Alphabet faced pressure.
In Asia, markets opened on a generally firm footing on Thursday morning:
- Japan's Nikkei 225 climbed over 1% to top the 64,000 level, lifted by semiconductor and tech strength.
- Hong Kong's Hang Seng index gained 0.23% to hover around 23,094.
- The Shanghai Composite added 0.9% to trade near 3,681.
- Crude oil benchmarks remained steady, with Brent crude trading in a settled band following a dip earlier in the week.
GIFT Nifty and Domestic Cues
Early indications from the NSE IX show GIFT Nifty trading in the 22,732–22,766 range, pointing to a muted or marginally negative opening gap of around 20 to 45 points against the previous settlement of domestic Nifty futures.
Key domestic indicators:
- Institutional Activity: Foreign Institutional Investors (FIIs) turned net buyers in the cash market on Wednesday, purchasing equities worth ₹871.83 crore, while Domestic Institutional Investors (DIIs) supported the market with net purchases of ₹643.35 crore.
- India VIX: The volatility index cooled marginally by 0.98% to close around 16.24, indicating moderate levels of market volatility ahead of the opening bell.
- Technical Levels: For Nifty 50, immediate support is placed around 22,690 followed by 22,550, while resistance is pegged at 22,880 and 23,025 on the higher side.
Key Stocks in Focus
Several stocks and sectors are expected to see heavy action during today's session:
- IT Services & Technology Stocks: Companies such as TCS, Infosys, and HCLTech will be in focus following mixed earnings reactions in US big tech and solid momentum across global chip supply chains.
- Reliance Industries & Oil Marketing Companies: Tracking steady refining margins and stabilizing international crude oil dynamics.
- Banking Heavyweights: HDFC Bank, ICICI Bank, and SBI will be monitored closely as institutional flows stabilize in large-cap financials.
- Semiconductor & Electronics Manufacturing: Stocks tied to electronic hardware and chip assembly will track global tailwinds driven by record AI semiconductor demand.
Key Events to Watch Today
Market participants will monitor multiple domestic and international triggers during Thursday's trade:
- Q2 Corporate Earnings: Ongoing second-quarter financial reports across mid-cap and large-cap corporates will dictate stock-specific momentum.
- Derivatives Positioning: Options rollover data and open interest buildup around the 22,700 and 22,800 strikes will guide intraday trend direction.
- Global Macro Data: Weekly US initial jobless claims and European economic confidence prints scheduled for later in the day.
