Opening Bell - Morning Commentary - 29 April 2026

OpenAI’s Miss Rattles Wall Street

US markets fell after OpenAI missed its internal targets for revenue and user growth. The news sparked a sell-off in AI-linked stocks including chipmakers Nvidia and Broadcom—as investors questioned whether massive infrastructure investments are delivering expected returns.

Oracle, which holds a $300 billion five-year computing partnership with OpenAI, fell 4%; Broadcom dropped 4%; and Nvidia slid more than 1%. Losses in the Dow were partially offset by Coca-Cola shares following better-than-expected earnings.

Coca-Cola shares surged 5% after new CEO Henrique Braun delivered better-than-expected earnings and outlined a strategy centred on 1.25-litre portions and mini cans to appeal to budget-conscious consumers.

BP posted Q1 profit of roughly $3.2 billion, more than double year-ago levels, as the Iran conflict and a near-shutdown of the Strait of Hormuz drove Brent crude prices. U.S. gasoline prices hit $4.18 per gallon Tuesday—the highest since Russia’s 2022 invasion of Ukraine.

The United Arab Emirates will exit OPEC on May 1—a significant blow to the cartel that coordinates output among the world’s largest oil producers, particularly in the Middle East.

U.S. consumer confidence rose to 92.8 in April 2026, its highest reading of the year, as improved expectations for pay and job availability lifted sentiment despite lingering geopolitical tensions, according to the Conference Board.

The Federal Reserve opened its two-day policy meeting and is widely expected to hold rates steady. Markets will closely review Chairman Jerome Powell’s commentary for signals on the inflation and growth outlook, particularly as rising oil prices tied to Middle East tensions cloud the picture.

The rupee depreciated 35 paise against Asian peers, closing at a one-month low of 94.54, fueled by rising crude prices, risk-off sentiment, and expected dollar demand from corporate remittances.

Despite paring some gains toward the close, Nifty concluded the April series with a whopping 7.5% rise, the strongest series-to-series gain since December 2023. The Bank Nifty mirrored this trend, outperforming with a gain exceeding 10%, the highest since July 2022.

Nifty faced renewed selling at higher levels yesterday, dropping 97 points to close at 23995. Key resistance has emerged at 24197, now acting as an immediate hurdle, while support holds firm around 23800.

Indian markets are likely to open flat on subdued global cues.