Indian markets poised for positive opening; global cues turn supportive

markets

Indian equities are set for a firm start on October 29, tracking upbeat cues from global markets. The Gift Nifty was trading at 26,145 points at 7:20 a.m., up 230 points or 0.89 percent, indicating a positive opening for domestic indices.

On October 28, markets witnessed a volatile session, with the Nifty slipping below 25,950. The Sensex closed 150.68 points, or 0.18 percent, lower at 84,628.16, while the Nifty ended down 29.85 points, or 0.11 percent, at 25,936.20. Most sectoral indices ended in the red, led by declines in realty, IT, and FMCG shares. However, strength in metal and banking counters helped cushion the fall. Broader markets remained largely flat, highlighting selective buying rather than a broad-based uptrend.

Analysts said the immediate resistance for the Nifty lies in the 26,050–26,100 zone. A sustained move above 26,100 could trigger further gains toward 26,300. On the downside, the 25,750–25,700 range is expected to act as a key support area.

Across Asia, markets traded higher on Wednesday. Japan’s Nikkei 225 advanced over 1 percent to hit a fresh record high, while the Topix remained flat. South Korea’s Kospi rose 0.17 percent, though the Kosdaq slipped 0.25 percent. Hong Kong markets were shut for a public holiday.

Overnight, Wall Street surged to new record highs, driven by continued enthusiasm for artificial intelligence stocks. The Dow Jones Industrial Average gained 160 points after briefly testing the 48,000 mark, while the S&P 500 rose 0.2 percent, crossing 6,900 intraday before paring gains. The Nasdaq outperformed, adding 0.8 percent, led by Nvidia.

Investors now await the US Federal Reserve’s interest rate decision, with markets widely expecting a 25-basis-point rate cut. Commentary from Fed Chair Jerome Powell will be closely watched for signals on future policy direction.

The spotlight will also be on earnings from three of the “Magnificent Seven” tech giants — Microsoft, Alphabet, and Meta — set to report after Wednesday’s close. According to Bloomberg Intelligence, the group is projected to post 14 percent profit growth for the quarter, outperforming the broader S&P 500’s 8 percent growth, though marking the slowest pace since early 2023.