Sensex, Nifty open mildly higher despite mixed global cues on Oct 29
Synopsis
Indian benchmarks opened mildly higher on 29 October, but analysts warned the gains are fragile. With Brent crude near $114.50, the US 10-year yield at 5.02%, and the Fed's two hawkish dissenters raising December hike expectations, the Nifty needs to clear 22,800 convincingly before bulls can claim the session.
Key Takeaways
Sensex opened up 168 points at 73,414 and Nifty50 gained 45 points to 22,744 as of 9:25 am IST on 29 October .
Nifty IT led sectoral gains at +0.80% ; Nifty Private Bank and media were top losers.
Brent crude remained near $114.50 a barrel , sustaining cost pressure on oil-sensitive sectors.
The US Federal Reserve held rates but two members voted for a hike; the US 10-year yield rose to ~5.02% , keeping emerging-market inflows uncertain.
FIIs net bought ₹872 crore and DIIs bought ₹643 crore in equities on 28 October .
Key Nifty resistance stands at 22,850–22,900 ; support is at 22,600–22,650 .
Indian equity benchmarks opened in the green on Thursday, 29 October, posting modest early gains despite mixed signals from global markets and elevated crude oil prices, with investors tracking the US Federal Reserve's policy stance and bond yield movements.
As of 9:25 am IST, the BSE Sensex had added 168 points, or 0.23%, to reach 73,414, while the Nifty50 gained 45 points, or 0.20%, to touch 22,744.
Broad-Cap and Sectoral Snapshot
Mid- and small-cap indices tracked the benchmarks closely. The Nifty Midcap 100 edged up 0.25%, and the Nifty Smallcap 100 added 0.13%. On the sectoral front, Nifty IT led gains, advancing 0.80%, followed by pharma, which rose 0.30%. Nifty Private Bank and media were among the laggards, slipping 0.18% and 0.16% respectively.
What Is Holding Back a Decisive Rally
Analysts cautioned that the opening gains could remain selective unless the Nifty decisively clears the 22,800 level. Three overhangs are constraining broader risk appetite: the Fed's policy posture, elevated crude, and elevated US Treasury yields.
Brent crude remained near $114.50 a barrel, underpinned by persistent geopolitical uncertainty. That keeps energy costs elevated and leaves oil-sensitive sectors under sustained cost pressure. Meanwhile, the US 10-year Treasury yield moved to around 5.02% after the Fed held rates but saw two members vote for an increase — a hawkish tilt that pushed markets to raise expectations of another hike in December.
Market participants noted that unless yields stabilise below recent levels, dollar-denominated assets will continue to compete with emerging markets for capital, potentially limiting the durability of foreign inflows into India.
Previous Session and Technical Levels
In the prior session, Nifty closed at 22,698, down 0.22%, after a recovery attempt was capped by profit booking. Immediate support for the index is seen at 22,600–22,650, with resistance at 22,850–22,900. Bank Nifty closed the previous session at 54,267, up 0.54%, with support at 53,800–54,000 and resistance at 54,600–54,800.
Asian and US Market Cues
Asian markets traded mixed on Thursday. China's Shanghai Composite fell 0.82% and Shenzhen declined 2.48%, while Japan's Nikkei added 0.28% and Hong Kong's Hang Seng advanced 0.06%. South Korea's Kospi was the sharpest loser, down 2.72%. Overnight on Wall Street, markets ended positive: the Nasdaq gained 0.27%, the S&P 500 rose 0.28%, and the Dow Jones inched up 0.19%.
Institutional Flows
On 28 October, foreign institutional investors (FIIs) net bought equities worth ₹872 crore, while domestic institutional investors (DIIs) purchased equities worth ₹643 crore, providing a measure of support to the market on the previous trading day.
All eyes now turn to the trajectory of US bond yields and any further Fed signalling, which will likely determine whether Thursday's opening gains translate into a sustained session-wide advance.
Point of View
A hawkish Fed with dissenters, and US yields brushing 5%. The FII net-buying figure of ₹872 crore on 28 October is positive but modest relative to the scale of macro headwinds. What is underreported is how the combination of a near-$114 crude price and a 5%-plus US yield creates a structural drag on India's current account and rupee, not just a sentiment overhang. If December Fed hike expectations firm further, the 'selective gains' analyst warning may prove an understatement.
NationPress
29 Oct 2026
Frequently Asked Questions
Why did Sensex and Nifty open higher on 29 October despite mixed global cues?
Both benchmarks opened mildly higher, with Sensex up 168 points and Nifty up 45 points, partly supported by IT sector strength and overnight gains on Wall Street. However, gains remained limited due to elevated crude oil prices, hawkish Fed signals, and high US bond yields dampening broader risk appetite.
What is the key resistance level for Nifty that analysts are watching?
Analysts have flagged 22,800 as the critical level the Nifty needs to decisively cross for gains to broaden beyond selective stocks. Resistance beyond that is seen at 22,850–22,900, with immediate support at 22,600–22,650.
How is the US Federal Reserve's stance affecting Indian markets?
The Fed held its policy rate unchanged but two members voted for an increase, raising market expectations of a December hike. The US 10-year Treasury yield consequently rose to around 5.02%, making dollar assets more attractive and potentially limiting foreign capital flows into Indian equities.
What is the impact of elevated crude oil prices on Indian equities?
Brent crude near $114.50 a barrel keeps energy costs high, pressuring oil-sensitive sectors and widening India's import bill. Sustained high crude prices can also weigh on the rupee and widen the current account deficit, which reduces room for equity-supportive monetary easing.
What were FII and DII flows into Indian equities on 28 October?
Foreign institutional investors net bought equities worth ₹872 crore, while domestic institutional investors purchased equities worth ₹643 crore on 28 October, providing a degree of support to the market heading into Thursday's session.
