Sensex Gains 300 Points as Fed Holds Rates; Focus on Q2 Earnings

On Thursday, October 29, 2026, Indian equity markets experienced a positive start as the Sensex surged by 286 points, closing above 73,500, while the Nifty edged closer to the 22,800 mark. The market’s upward momentum followed the US Federal Reserve's announcement to keep interest rates unchanged, providing some relief to investors amid ongoing global uncertainties.

The Sensex opened at 73,268 and steadily gained ground to trade around 73,388 in early hours, reflecting a 0.19 percent increase. The Nifty 50 index also opened higher at 22,730 and continued its upward trend, rising 60 points or 0.26 percent to reach 22,758.85 from its previous close of 22,698.85. Despite a weak signal from the futures market, which saw the Nifty futures down by 69 points before the opening bell, actual market performance was stronger, buoyed by institutional buying.

Foreign institutional investors (FIIs) showed confidence by net purchasing equities worth ₹871 crore in the previous session, while domestic institutional investors (DIIs) added ₹643 crore, supporting the positive trend. This combined buying interest helped counterbalance cautious global cues following the Fed’s decision.

The Federal Reserve’s choice to hold rates steady came after its September hike and indicated a cautious, data-driven approach. According to Ankita Pathak, Head of Global Investments at Ionic Asset, the US economy’s steady growth and strong labor market allow the Fed to focus on price stability for the time being. Market watchers are now anticipating a probable rate increase in December, aligning with the Fed’s recent guidance. Meanwhile, the global financial community is also awaiting policy decisions from the European Central Bank and Bank of Japan, alongside volatility expectations ahead of the US midterm elections scheduled for November 3.

On the domestic front, India’s central bank has maintained a tighter monetary policy stance, with potential further rate hikes expected to manage inflation and support the rupee. The Indian rupee strengthened by 11 paise to 95.17 against the US dollar in early trade, reacting to the Fed’s pause and other market factors such as rising crude oil prices and US Treasury yields.

Commodity markets showed mixed movements. Gold prices edged down to around $4,030 per ounce, near a three-month low, pressured by a stronger dollar and persistent inflation concerns. Silver fell over 1 percent to $53.5 per ounce, the lowest since November 2025. On the other hand, crude oil prices climbed 2.8 percent to $102.72 per barrel following a Houthi attack on Saudi Arabia’s Ras Tanura refinery and fears of potential US military actions against Iran. US crude inventories also dropped by 1.9 million barrels, according to the Energy Information Administration.

Several companies released their Q2 financial results on Thursday, drawing market attention. MAS Financial Services Ltd reported a 26 percent increase in profit after tax to ₹115.12 crore and a 23 percent rise in assets under management, reaching ₹17,042.86 crore. Adani Enterprises’ shares rose 2.5 percent despite a 54 percent year-on-year decline in consolidated net profit to ₹1,492 crore. Vaibhav Global’s shares declined sharply by 15 percent after its Q2 results showed modest revenue growth but pressure on margins.

In corporate developments, Embassy Developments signed an agreement to acquire the remaining 50 percent stake in its joint venture with Columbia Pacific for ₹32.65 crore. SP Group announced plans to raise up to $200 million through private rupee bonds to repay debt and reduce leverage.

Jio Platforms, Mukesh Ambani’s telecom and digital services company, continued its impressive post-IPO momentum. Its shares surged 5 percent to ₹1,489.70, marking the company’s entry into the elite club of global technology firms valued at over $100 billion. This milestone places Jio among the top six telecom firms worldwide.

Indian investors and analysts remain cautious amid ongoing volatility but continue to focus on stock-specific movements driven by quarterly earnings results. The market’s reaction to global monetary policy signals and domestic economic factors is expected to shape trading trends in the near term.