GIFT Nifty Suggests Steady Opening Ahead of US Fed Decision

Mumbai, October 29: The Indian stock market and all the included indices are expected to open on a steady-to-positive tone today, on October 29. The steady-to-positive opening is indicated by Gift Nifty, which is up by 0.16%, or 42 points, and is trading at 26,167.50. Until now, the index has traded within a range of 26,180 and 26,116.50.

Sensex Fell By 0.18%, While Nifty Ended Lower at 0.11%

Yesterday, on October 28, both Sensex and Nifty ended on a negative note. Sensex fell 150.68 points (0.18%) to close at 84,628.16, while Nifty 50 declined 29.85 points (0.11%) to 25,936.20. However, despite the dip, the broader market mostly traded in the green, as investors focused on Q2 earnings and other global signals.

Wall Street Rallies With Asian Markets Joining the Trend

Overall, Wall Street rallied with the Dow Jones, S&P 500, and Nasdaq closing at record highs. The Dow Jones gained 161.78 points (0.34%), the S&P 500 rose 0.23%, and the Nasdaq Composite increased 0.8%. Tech companies Nvidia, Microsoft, and Tesla drove the positive performance. Asian markets are mirroring the US trend, with Japan’s Nikkei 225 increasing 1.1%, while South Korea’s Kospi rose 0.17%. Markets in Hong Kong are closed today for holidays.

FIIs and DIIs Both Net Buyers of ₹11,481.35 Crore Net

Foreign Institutional Investors (FIIs) turned net buyers yesterday and bought Indian equities worth ₹10,339.80 crore net. FIIs were supported by Domestic Institutional Investors (DIIs), who bought Indian equities worth ₹1,081.55 crore net yesterday.

Rupee Weaker At ₹88.27 While Gold Increased By 0.7%

The Indian rupee closed weaker against the US dollar at ₹88.27, down 8 paise. On the other hand, gold prices increased by 0.7% to $3,977.49 per ounce. Brent crude rose 0.23% to $64.55 per barrel.

Steady to Positive Opening Expected

As indicated by Gift Nifty and global signals from the US and Asian markets, the Indian stock market is expected to open on a steady-to-positive note. The optimistic start is also expected based on the institutional support provided by FIIs and DIIs. Investors will be watching intraday signals from the US and Q2 earnings in India throughout the trading session.

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