Indian stock markets traded higher on Thursday, October 29, as gains in Reliance Industries and IT stocks, along with the US Federal Reserve’s decision to keep interest rates unchanged, are the key factors that supported investor sentiment. At 11:16 AM IST, the Sensex rose 0.73% to 73,778.78, while the Nifty 50 gained 0.65% to 22,845.65. However, elevated crude oil prices and continued geopolitical uncertainty limited the market’s upside.

1. US Federal Reserve Keeps Interest Rates Unchanged

The US Federal Reserve kept its benchmark interest rate in the range of 3.75% to 4%, as expected. The decision offered some relief to global markets by avoiding an unexpected change in borrowing costs. However, the Fed said inflation remained elevated, keeping investors cautious about the timing of future rate decisions.

2. Reliance Industries and Jio Platforms Support the Market

Reliance Industries gained around 1.7%, while Jio Platforms rose 3.5%, extending its gains after its stock market debut. As Reliance carries significant weight in the benchmark indices, its advance helped lift the Sensex and Nifty. Investors continued to assess the outlook for Jio’s telecom and digital businesses.

3. IT Stocks Recover After Recent Selling

The Nifty IT index rose around 0.5% as investors bought technology shares after recent weakness. The recovery helped support the broader market, although concerns about demand for traditional IT services and the impact of artificial intelligence remain important risks for the sector.

4. Crude Oil Prices Continue to Limit Gains

Brent crude slipped around 1% to approximately $114 per barrel amid changing expectations about Middle East energy supplies. Despite the decline, oil prices remain high. This is a concern for India because expensive crude can increase import costs, put pressure on the rupee and add to inflation risks.

5. Corporate Earnings Drive Stock Specific Moves

Adani Ports gained around 3.4% after reporting higher quarterly profit and raising its operating profit guidance. Hyundai Motor India also advanced on optimism about upcoming vehicle launches and export growth. These gains helped improve sentiment, although individual stocks continued to react to their earnings and business outlooks.

Key Technical Analysis

Sensex: The index is recovering towards the 74,000 mark. Resistance around 74,000 to 74,200 will be important, while support near 73,300 could help sustain the rebound.

Nifty 50: The 22,800 to 22,830 zone is an important resistance area. A sustained move above it could open the way towards 23,000, while 22,500 remains an important support level.

Bank Nifty: The index may consolidate between 53,600 and 54,650. A decisive move above 54,650 could strengthen the recovery, while a fall below 53,600 may increase selling pressure.

Today’s Key Takeaway

The Fed’s decision, gains in Reliance Industries and buying in IT stocks are supporting Indian equities. However, high crude oil prices and geopolitical uncertainty remain major risks. Investors should watch the 22,800 level on the Nifty, crude oil movements and upcoming corporate earnings to assess whether the recovery can continue.

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