29 October 2026 Punjab Khabarnama Bureau : The Indian stock market is likely to witness a cautious and volatile session on Thursday, October 29, as investors assess global market movements, the US Federal Reserve’s interest-rate decision and persistent concerns over elevated crude oil prices. Early signals from GIFT Nifty pointed towards a largely flat opening for the Sensex and Nifty 50, even as Wall Street ended higher and several Asian markets advanced.
Investors will closely monitor movements in crude oil, the rupee, foreign institutional investor activity and quarterly corporate earnings for clues about the market’s next direction.
Sensex and Nifty Outlook Today
Indian benchmark indices ended lower in Wednesday’s trading session. The BSE Sensex declined 352.64 points, or 0.48%, to close at 73,246.03, while the NSE Nifty 50 fell 50.90 points, or 0.22%, to settle at 22,698.85.
Both indices faced selling pressure amid concerns over rising oil prices, geopolitical uncertainty and caution ahead of the Federal Reserve’s policy announcement. The market recovered from its intraday lows but failed to sustain a stronger rebound.
For Thursday, the immediate outlook remains cautious. A sustained move above key resistance levels could support a recovery, while a break below support could increase selling pressure.
For the Nifty 50, the 22,500 level is an important near-term support, while 22,800–22,830 represents a key resistance zone. A sustained breakout above this range could open the way towards 23,000. Failure to cross resistance may keep the index in a consolidation phase.
The Sensex is expected to face resistance around 73,500–73,800, while the 72,600–73,000 zone remains important for support. These levels are technical reference points rather than guaranteed market outcomes.
GIFT Nifty Signals a Muted Opening
GIFT Nifty was trading around 22,767 in early trade, indicating a near-flat opening for domestic benchmark indices. Another Reuters market update reported the futures contract near 22,708 at 7:35 a.m. IST, underlining the mixed early signals.
The difference between these readings highlights how quickly futures prices can change before the opening bell. Traders should therefore monitor the latest live quote rather than rely on a single pre-market reading.
The opening direction may also depend on the movement of heavyweight stocks, including banking, information technology, energy and automobile companies.
Wall Street Ends Higher After Fed Decision
US markets closed modestly higher on Wednesday after the Federal Reserve kept its benchmark interest-rate range unchanged at 3.75%–4%.
The Dow Jones Industrial Average gained 97.53 points, or 0.19%, to finish at 52,475.10. The S&P 500 advanced 21.37 points, or 0.28%, to 7,743.97, while the Nasdaq Composite rose 72.04 points, or 0.27%, to close at 26,549.85.
The decision to maintain rates was widely anticipated, but uncertainty remains over the next policy move. Two policymakers favoured a 25-basis-point increase, highlighting continuing concerns about inflation.
Although the positive US close offers some support to global sentiment, investors remain sensitive to inflation data, Treasury yields and corporate earnings, particularly from major technology companies.
Asian Markets: Kospi and Nikkei in Focus
Asian equity markets were mixed to higher in early trading on Thursday. South Korea’s Kospi rose around 1.5%, while Japan’s Nikkei 225 gained approximately 0.87%, according to early market updates. Australia’s S&P/ASX 200 also traded higher.
The regional performance reflects some relief following Wall Street’s gains and the Federal Reserve’s decision to leave interest rates unchanged. However, technology-sector earnings and expectations surrounding upcoming central-bank decisions remain important factors.
Taiwan’s stock market and its Taiex index are also on investors’ watchlists, particularly because of the influence of semiconductor and technology shares on regional sentiment. Market movements may change throughout the session, so the latest exchange data should be checked before trading decisions are made.
Crude Oil Remains a Major Risk
Crude oil continues to be one of the most important variables for Indian equities. Brent crude traded above $110 per barrel in recent sessions amid concerns about geopolitical tensions and possible disruptions to energy supplies.
Higher oil prices can increase India’s import bill, put pressure on the rupee and complicate the inflation outlook. They can also raise input and transportation costs for companies, potentially affecting profit margins.
Any sustained decline in crude prices could offer relief to the market, while another sharp rise may weigh on sentiment, particularly for oil-sensitive sectors such as aviation, paints and some consumer businesses.
Stocks and Earnings to Watch
Investors will track quarterly earnings and company-specific developments across several sectors. Hero MotoCorp, Vedanta, United Spirits, Meesho and PNB Housing Finance were among the companies highlighted in recent market updates.
Hero MotoCorp’s quarterly profit missed estimates as rising costs offset resilient demand. Vedanta reported a substantial increase in quarterly profit, supported by higher volumes and firm base-metal prices. United Spirits reported a decline in profit amid weaker sales of lower-priced products.
These company developments may influence individual stock performance, although their effect on the broader indices will depend on market expectations, valuations and the weight of each company in the benchmark.
What Traders Should Watch Today
The key factors for Thursday’s session include the latest GIFT Nifty trend, crude oil prices, movements in Asian markets, foreign investor flows and further reactions to the Federal Reserve’s policy statement.
A sustained move above Nifty’s 22,800–22,830 resistance zone could strengthen the recovery outlook. On the downside, a break below 22,500 may increase pressure on the index. For the Sensex, traders will watch the 73,500–73,800 resistance band and the 72,600–73,000 support area.
Overall, the market setup points towards a cautious session rather than a confirmed bullish breakout. Traders should avoid relying on opening indications alone and should consider price action, volume and risk management before taking positions.