Gift Nifty Hints at Positive Opening for Sensex and Nifty 50 on Oct 29

India’s benchmark indices, Sensex and Nifty 50 are likely to open higher on Wednesday, supported by strong global cues and optimism ahead of the US Federal Reserve’s policy outcome. 

Gift Nifty Today

The Gift Nifty was trading around 26,136 levels, nearly 46 points higher than the previous close of Nifty futures. This indicates a strong start for the Indian stock market indices, reflecting investor optimism driven by firm global market trends and expectations of monetary easing by the US Fed.

Asian Market Overview

Asian equities advanced on Wednesday, mirroring overnight gains on Wall Street. Japan’s Nikkei 225 climbed 1.1% to a new record high, while the Topix index added 0.03%. South Korea’s Kospi gained 0.17%, though the Kosdaq slipped 0.25%. Hong Kong markets remained closed for holidays.

Wall Street Insights

US markets continued their upward momentum on Tuesday, with all major indices closing at record highs. The Dow Jones Industrial Average rose 161.78 points, or 0.34%, to 47,706.37. The S&P 500 gained 15.73 points, or 0.23%, to 6,890.89, while the Nasdaq Composite surged 190.04 points, or 0.8%, to 23,827.49, led by technology stocks.

Domestic Market Recap

On Tuesday, markets saw mild profit booking, with the Nifty 50 holding above the 25,900 mark. The Sensex slipped 150.68 points, or 0.18%, to close at 84,628.16, while the Nifty 50 declined 29.85 points, or 0.11%, to settle at 25,936.20.

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Focus on US Federal Reserve Meeting

The Federal Open Market Committee (FOMC) meeting, which began on October 28, will conclude later today. Investors widely expect the US Federal Reserve, led by Chairman Jerome Powell, to cut interest rates by 25 basis points, marking the first rate reduction in this cycle

Conclusion

With global markets rallying and Gift Nifty trading higher, Indian equities are poised for a firm opening. However, investor sentiment will hinge on the US Fed’s policy decision and commentary on future rate actions, which could set the tone for near-term market direction.

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