Thursday, 29 October 2026. GIFT Nifty was at 22,658.5 at 8:05 AM, 90 points (0.40%) below its 3:30 PM level on Wednesday, after the US Federal Reserve left rates unchanged on a 10-2 vote in which both dissenters wanted a rise. Alphabet's shares fell 10.8% in after-hours trading on its results. Wednesday's 0.22% fall in the Nifty is covered in the post-market report for 28 October.
Two Fed officials voted for a rate rise
The Federal Open Market Committee kept its target range at 3.75% to 4%. Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented in favour of a quarter-point increase, StockTitan reported. Trading Economics wrote that officials gave little guidance on whether rates would rise in December, saying decisions would depend on incoming data and progress towards the 2% inflation target. The US 10-year Treasury yield was 4.99% this morning, down 0.03 percentage point on Trading Economics' quote.
All three main US indices still closed higher.
| US index | Wednesday 28 October close | Change |
|---|---|---|
| Dow Jones | 52,475.10 | +97.53 (+0.19%) |
| S&P 500 | 7,743.98 | +21.38 (+0.28%) |
| Nasdaq Composite | 26,549.85 | +72.04 (+0.27%) |
Oracle and chip shares were among the largest gainers, according to TradingKey. Oracle rose 10.58% to $144.34 after projecting free cash flow of $30 billion for fiscal 2029 and setting a target of more than 10 gigawatts of data-centre capacity by fiscal 2028. SK Hynix's US-listed shares gained 13.3% after third-quarter operating profit of 83.33 trillion won on revenue of 104.62 trillion won, and the Philadelphia Semiconductor Index added 1.75% to 11,674, according to TradingKey.
Alphabet and Fortinet fall after the bell, Microsoft rises
Three results released after the close pulled in different directions. At 6:02 pm New York time, StockTitan reported:
- Alphabet down 10.8%. Google Cloud revenue rose 103%, but growth in Search revenue slowed to 12%. TradingKey said the quarter missed revenue and net income estimates and free cash flow was negative at $9.065 billion.
- Microsoft up 4.9% on revenue of $92.3 billion, 19% higher than a year earlier.
- Fortinet down 26.2% after raising its revenue forecast while cutting its service revenue forecast.
These moves came after Wednesday's index closes in the table above, so none of them is reflected in it.
Brent slips from four-year highs
Brent was $114.51 a barrel this morning, down $0.81 (0.70%), and WTI $101.71, down 1.04%, Trading Economics reported. It linked the dip to reports of contacts between US and Iranian officials aimed at preventing further escalation in the Middle East. Brent is still up more than 16% this month.
In Tokyo, Trading Economics reported a third straight day of gains led by technology shares, with Kioxia up 8% and Advantest 7.7%.
FIIs buy for a second day, the rupee weakens
NSE's provisional data show foreign institutions bought ₹16,834.50 crore of shares on Wednesday and sold ₹15,962.70 crore, a net purchase of ₹871.80 crore, against ₹4,240.40 crore on Tuesday. Domestic institutions were net buyers of ₹643.40 crore after selling ₹1,250.00 crore on Tuesday (how to read FII and DII data).
| Wednesday 28 October | Close | Change |
|---|---|---|
| Nifty 50 | 22,698.85 | −50.90 pts (−0.22%) |
| Sensex | 73,246.03 | −352.64 pts (−0.48%) |
| Bank Nifty | 54,267.40 | +292.50 pts (+0.54%) |
| India VIX | 16.25 | −0.15 (−0.91%) |
| USD/INR | 95.28 | rupee down 21 paise |
The Nifty had touched 22,497.70 during the session before recovering. Bank Nifty finished higher even as the two headline indices fell.
The rupee opened at 95.01, weakened to 95.29 and settled at a provisional 95.28, PTI reported, citing a firmer dollar and crude prices. Its 21-paise fall is measured from Tuesday's close of 95.07; the 95.12 quoted here yesterday was Tuesday's provisional figure.
How GIFT Nifty got here
The overnight session ended at 22,766 at 2:45 AM, above Wednesday's 3:30 PM level. When trading resumed at 6:30 AM, GIFT Nifty touched 22,820 within the first quarter-hour. Its low of 22,643 came between 7:45 and 8:00 AM, shortly before the 8:05 AM print of 22,658.5 (what GIFT Nifty can and cannot tell you).
On Thursday's list
- Results today: IndiGo, Asian Paints, Coal India, Trent, Godrej Consumer Products, Ambuja Cements, Blue Star, Brigade Enterprises, CAMS, IEX, Motilal Oswal Financial Services, Pine Labs, Suzlon, Titagarh Rail Systems and Welspun Corp, according to Upstox's calendar.
- Friday, 30 October: Bank of Baroda, Bharat Electronics, GAIL India, Indian Oil Corp, Sun Pharmaceutical, Varun Beverages, Dixon Technologies, Max Healthcare and Delhivery.
- No expiry today. The next weekly F&O expiry is Tuesday, 3 November.
- Holidays: NSE is shut on Tuesday, 10 November and Tuesday, 24 November, so those weeks' Tuesday expiries move back a day to Monday 9 November and Monday 23 November.
At 9:00
- Where GIFT Nifty is trading against Wednesday's 3:30 PM level of 22,748.5.
- Whether NSE's own page confirms Wednesday's provisional flow figures.
- The first results filed on the exchanges this morning.
Sources
- GIFT Nifty, Nifty 50, Sensex, Bank Nifty and India VIX: Zerodha Kite market data
- FII and DII flows: NSE provisional data via 5paisa
- Rupee: PTI via Deccan Herald
- Fed decision and after-hours moves: StockTitan
- US index closes, Oracle, SK Hynix, chip index and Alphabet's cash flow: TradingKey; Tuesday's closes for the point changes: Associated Press via La Nación
- Brent and WTI: Trading Economics; US 10-year yield and Fed guidance: Trading Economics; Tokyo: Trading Economics
- Results calendar: Upstox
- Holidays and expiry: NSE holiday list and expiry rules
This note summarises public news and data for information only. It is not investment advice or a recommendation to buy or sell any security, and I don't publish levels, targets or trade ideas. I am not registered with SEBI as an investment adviser or research analyst.