Pre-Market 29 July 2026: Nifty Ends Flat; GIFT Nifty Today Points To Firm Opening Ahead Of Fed Meet

Dalal Street took a breather on Tuesday after Monday's rally. Trading remained subdued through the session as investors avoided aggressive bets before the US Federal Reserve's policy decision.

The Sensex closed 69.86 points lower at 76,765.92, while the Nifty 50 gave up 10.60 points to settle at 23,985.35.

How Did The Broader Market Perform?

The headline indices moved little, but the broader market told a different story. The Nifty Midcap 100 rose 0.08%, whereas the Nifty Smallcap 100 slipped 0.22%.

Declining stocks outnumbered gainers by a wide margin on the BSE, with more than 2,600 shares ending lower against over 1,600 advances.

Hindustan Unilever, Bharat Electronics, and Coal India were among the biggest drags on the Nifty 50. Tata Consultancy Services, Eternal, and Tech Mahindra ended among the top gainers.

The Indian rupee strengthened by 12 paise to settle at 95.87 against the US dollar, according to provisional data. Crude oil traded near $85 a barrel, easing some concerns around inflation and input costs.

Global Markets

Wall Street traded with mixed moves as investors turned cautious before earnings from major technology companies and the US Federal Reserve's policy announcement.

On 28 July, the Dow Jones Industrial Average rose 537.24 points to 52,747.32. The S&P 500 slipped 15.60 points to 7,428.78, while the Nasdaq Index fell 55.17 points to 24,876.91, as AI-related stocks came under pressure.

European markets closed in positive territory. The FTSE 100 closed at 10,871.02, while France's CAC 40 ended at 8,458.78.

Asian markets were mixed. Hong Kong's Hang Seng finished at 25,310.85, while Japan's Nikkei 225 dropped to 62,364.92.

Early Signal From GIFT Nifty Today

On 29 July at 7:39 am, GIFT Nifty was trading at 24,212.00, up 120.50 points (0.50%). The indicator is above Tuesday's Nifty close, signalling a positive start for Indian equities.

Nifty Technical Setup

The technical picture remains evenly balanced after Tuesday's range-bound session.

A move above 24,050 could open the door towards 24,150-24,200.

On the downside, 23,900 remains the immediate support. If that level breaks, the index could slide towards the 23,800-23,750 zone.

Technically, the 24,120-24,150 region also coincides with the 100-day exponential moving average (EMA) and is likely to remain an important hurdle.

What Will Drive Markets On Wednesday?

The US Federal Reserve announces its policy decision later today, making it the biggest global event for financial markets. Investors will also watch commentary from the central bank for signals on the interest rate outlook.

Back home, the June-quarter earnings season continues, with more companies set to report their results.

Geopolitical developments are also likely to stay in focus. According to Reuters, US President Donald Trump hosted Israeli Prime Minister Benjamin Netanyahu and Ukrainian President Volodymyr Zelenskiy on Tuesday as efforts continue to address the conflicts in the Middle East and Ukraine.

Nifty today will take cues from the Fed's policy decision, quarterly earnings and global markets.

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