The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open on a higher note on Wednesday, 29 July, ahead of the US Fed rate announcement and escalation in the US-Iran war.
Asian markets traded higher on Wednesday, while the US stock market closed a little unchanged.
On Tuesday, the Indian stock market remained under pressure as benchmark indices ended slightly lower amid mixed cues from global markets. The Sensex declined 70 points, or 0.09%, to close at 76,765.92, while the Nifty 50 slipped 11 points, or 0.04%, to settle at 23,985.35.
“Indian equity markets ended largely flat as a broad sell-off across Asian markets weighed on investor sentiment. While easing geopolitical tensions in the Middle East offered some relief, renewed weakness in global technology stocks—triggered by concerns over China’s advances in semiconductor manufacturing and their implications for AI-related valuations—kept investors on the sidelines,” said Ponmudi R, CEO of Enrich Money.
Here are key global market cues for Sensex today:
Asian markets
Asian markets traded higher on Wednesday, led by strong gains in South Korea. The benchmark Kospi surged 1.95%, while the small-cap Kosdaq climbed 1.5%.
Japan’s Nikkei 225 advanced 0.52%, and the broader Topix index gained 0.37%. Meanwhile, Australia’s benchmark S&P/ASX 200 also moved higher, rising 0.83%.
Gift Nifty today
Gift Nifty was trading around the 24,253 level, a premium of nearly 154 points from the Nifty futures’ previous close, indicating a gap-down start for the Indian stock market indices.
Wall Street
US stock index futures traded on a muted note on Tuesday night, while oil prices climbed after U.S. forces intercepted an attack from Iran.
S&P 500 futures were largely unchanged, Nasdaq 100 futures hovered around the flatline, and Dow Jones Industrial Average futures slipped 38 points, or around 0.1%.
During Tuesday’s regular session, the Dow Jones Industrial Average rallied more than 500 points as investors positioned themselves ahead of the upcoming decision. The blue-chip index also recorded its third consecutive day of gains, supported by the recent decline in oil prices.
Meanwhile, the Nasdaq Composite ended lower for the fifth straight session, weighed down by weakness in semiconductor stocks.
Crude oil prices
Oil prices rebounded by more than 3% on Wednesday, July 29, recovering part of the sharp losses recorded in the previous session after the United States and Iran suspended hostilities. The recovery was further supported by a larger-than-expected drawdown in US crude oil inventories.
Brent crude futures rose $2.71, or 3.2%, to $86.80 per barrel after tumbling more than 14% over the previous three sessions. Meanwhile, US West Texas Intermediate (WTI) crude climbed $2.26, or 3.4%, to $81.95 a barrel.
US-Iran war
The US military said it had successfully intercepted what it described as an Iranian “attempted surprise attack” targeting American troops in the Middle East, according to a post on X.
Meanwhile, Iran-backed militias in Iraq launched drones at oil facilities in Saudi Arabia’s Eastern Region for the second consecutive day, escalating pressure on the kingdom. Saudi Arabia’s Defence Ministry said it intercepted the attack on Tuesday but did not specify whether any facilities sustained damage. Iran denied any involvement in the incident, according to state-run IRIB News.
US Fed meeting
Investor attention is also on the US Federal Reserve‘s upcoming interest rate decision and the press conference by Chairman Kevin Warsh scheduled for Wednesday, 29 July.
According to CME’s FedWatch tool, Fed funds futures indicate nearly a 70% probability that the central bank will keep interest rates unchanged within the current target range of 3.5% to 3.75%.
Q1 results FY27
Amid ongoing earnings season, more than 100 companies are scheduled to report their April-June quarter earnings on Wednesday.
Adani Enterprises, Adani Ports and Special Economic Zone, Asian Paints, Eicher Motors, Waaree Energies, Bajaj Housing Finance, and Dabur India are among the companies to declare their Q1 results 2026 today.
Gold rate today
Gold prices slipped on Wednesday ahead of the closely watched Federal Reserve interest-rate decision later in the day.
Bullion traded near $4,020 an ounce in early deals after falling 1.1% in the previous session. Interest-rate swaps indicate roughly a one-in-three probability of a 25-basis-point rate hike by the Fed, highlighting an unusually high level of uncertainty ahead of the policy announcement. Higher interest rates generally weigh on gold, as the precious metal does not generate interest income.
Gold has declined nearly 25% since the US-Iran conflict began five months ago, as elevated energy prices fueled inflationary concerns. Despite the sharp correction, the metal has continued to hold above the key $4,000-an-ounce support level since late June, supported by strong dip-buying from investors.
Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.
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