Opening Bell - Morning Commentary; 28 April 2026

Markets Brace for Mag 7 Earnings, Higher Oil Prices & Fed Interest Rates Deliberations

The S&P 500 and Nasdaq closed at fresh records on April 27, lifted by Nvidia and Alphabet, though the Dow logged a third straight loss. Consumer staples and discretionary shares lagged; Domino’s Pizza was among the session’s worst performers after cutting its U.S. same-store sales outlook and reporting a Q1 revenue decline.

A data-heavy week features Q1 earnings from five of the Magnificent Seven including Alphabet, Amazon, and Apple representing a combined ~$18.59 trillion in market cap. Visa, Coca-Cola, and roughly one-third of S&P 500 companies also report.

The FOMC meets April 28–29 (decision Wednesday), with rates widely expected on hold amid ongoing debate over Fed Chair succession, as Kevin Warsh pursues Senate confirmation to succeed Jerome Powell. Key macro releases include Q1 GDP (advance), Core PCE, durable goods orders, consumer confidence, and housing starts. The Bank of England also decides this week.

Brent crude approached $108/bbl; WTI traded above $96. Iran’s near-total blockade of the Strait of Hormuz has reduced daily transits to near zero, choking roughly 20% of global oil and gas flows and stoking inflation fears.

Iran has offered to reopen the strait contingent on the U.S. lifting its blockade — a proposal President Trump is unlikely to accept without a halt to Iran’s nuclear programme.

Cancellation of high-level diplomatic visits further dimmed prospects for a near-term resolution.

Nvidia and Qualcomm outperformed on continued enthusiasm around AI infrastructure buildout, new AI chip collaborations, and record chip-sector valuations.

Nifty 50 snapped a three-session losing streak, gaining 194 points to close at 24,092.

Immediate support sits at 23,800; resistances are placed at 24,200 and 24,310.

GIFT Nifty is suggesting a cautious open on today’s April F&O expiry.