Pre-Market 29 May 2026: Nifty Holds Near 23,900; GIFT Nifty Positive; Investors Track Global Tensions

Markets head into Friday after benchmark indices ended lower for a second straight session before Thursday’s market holiday. The Sensex slipped 142 points to settle at 75,867.80, while the Nifty 50 edged down 7 points to close at 23,907.15 on 27 May 2026.

What Happened In Wednesday’s Session?

Indian equities traded in a narrow range on Wednesday as investors remained cautious amid the lack of progress in the US-Iran peace talks.

Heavyweight banking stocks such as HDFC Bank and ICICI Bank dragged the benchmark indices lower. Despite the weak close in frontline indices, broader markets continued to outperform.

The BSE 150 Midcap Index gained 0.83%, while the BSE 250 Smallcap Index rose 0.49%.

A sharp decline in Brent crude prices helped limit the downside in domestic equities. Brent had fallen more than 3% during the session, while the rupee ended marginally stronger at 95.69 against the US dollar.

Global Cues After Market Hours

Global markets turned cautious after Indian market hours as geopolitical tensions resurfaced in the Middle East.

Wall Street indices retreated from record highs after Tehran reportedly targeted a US airbase following fresh strikes launched by Washington. Investor sentiment also remained cautious after President Donald Trump dismissed reports suggesting a compromise deal with Iran was close.

On 28 May, the Dow Jones Industrial Average surged 24.69 points or 0.05% to 50,668.97. The S&P 500 was up by 43.27 points or 0.58% at 7,563.63, while the Nasdaq Composite rose 242.74 points or 0.91% to 26,917.47.

US Treasury yields edged higher during the session, adding to concerns around inflation and global risk sentiment.

European markets ended lower. The FTSE 100 Index declined 79.05 points or 0.75% to 10,425.96, while France’s CAC 40 Index dropped 19.02 points or 0.23% to 8,188.87.

Japan’s Nikkei 225 Index fell 306.29 points or 0.47% to 64,693.12, while Hong Kong’s Hang Seng Index declined 322.07 points or 1.27% to 25,006.16.

GIFT Nifty Update

GIFT Nifty traded at 23,740.50, up 82 points or 0.35% as of 28 May 2026, 20:05 IST. The trend pointed to a mildly positive opening for domestic equities on Friday despite weak global cues.

Key Levels To Watch

Nifty continues to trade near an important support zone after two sessions of consolidation.

• Immediate resistance is placed around 24,030–24,050

• A breakout above 24,000 could push the index towards 24,200–24,250

• Immediate support is placed near 23,720–23,700

• If Nifty slips below the 20-day SMA at 23,850, selling pressure may increase further

Traders are expected to closely monitor whether the index manages to sustain above the 23,850 level in the near term.

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What Should Investors Expect Today?

Markets could remain range-bound on Friday as traders weigh positive domestic cues against weak global markets.

GIFT Nifty was trading in the green late Thursday evening, indicating a mildly firm start for Dalal Street. Still, investors are likely to stay cautious amid ongoing uncertainty around the US-Iran talks.

Sources:

Mint

Reuters