Indian Stock Markets Eye Positive Start as GIFT Nifty Hints at Gains

Market Opening

Indian stock market indices are poised for a positive opening on Thursday, 29 October 2026, supported by early signals from GIFT Nifty trading around the 22,766 level, up nearly 33 points or 0.15 percent. Asian markets also traded broadly higher, while US stock futures remained choppy after the US Federal Reserve maintained status quo by holding interest rates steady at 3.75 percent to 4.00 percent.

Wednesday's Trade

Benchmark indices Sensex and Nifty ended lower on Wednesday due to selling pressure in IT stocks and Reliance Industries, alongside elevated crude oil prices and caution ahead of the US central bank's policy decision. The 30-share BSE Sensex plunged 995 points to hit an intraday low of 72,603.57 before recovering to close at 73,246.03, down 352.64 points or 0.48 percent. The NSE Nifty declined 50.90 points or 0.22 percent to settle at 22,698.85 after slipping below the 22,500 mark during the session.

Expert Outlook

Ajit Mishra of Religare Broking noted that ongoing uncertainty weighed on investor sentiment. Sachin Gupta of Choice Equity Broking stated that the Sensex immediate support stands at the 72,600 to 73,000 zone, with resistance placed around 73,500 to 73,800. Meanwhile, Vatsal Bhuva of LKP Securities pointed out that Nifty is consolidating within a 22,400 to 22,800 band, noting that US 10-year yields topped 5 percent and India VIX moved above 15.

Global Cues

Wall Street saw a choppy session with the Dow Jones gaining 0.2 percent and the S&P 500 advancing 0.3 percent. However, Nasdaq futures fell nearly 350 points in early trading on Thursday following earnings reports from tech firms like Google parent Alphabet and Microsoft. In Asia, South Korea's Kospi climbed 1.03 percent to 6,074.43 points with SK Hynix crossing 1,537,000 won, Japan's Nikkei 225 rose 0.79 percent to 64,460.44, and Taiwan's Taiex fell over 0.25 percent to 46,918.68.

Context

Stock market indices often react to global cues like US Federal Reserve interest rate decisions, crude oil prices, and treasury yields because foreign institutional investors play a major role in domestic market liquidity. Technical support and resistance levels are price zones where buying or selling pressure has historically been strong enough to halt or reverse market trends.