Market Pulse (Oct 29, 2026): Nifty Holds 22,700, Bitcoin Tests $79K Support & MCX Gold Softens After Fed Pause
Global Cues & The Fed Factor: Why Markets Are Consolidating Today
Global financial markets are digesting the latest US Federal Reserve policy outcome. While the FOMC maintained its target federal funds rate range at 3.75%–4.00%, two dissenting officials favored a 25-basis-point hike due to sticky energy-led inflation. That hawkish undertone has kept the US Dollar firm—putting pressure on the Indian Rupee (trading near ₹95.05–₹95.17/USD) and triggering mild profit-booking across bullion and risk assets.
| Asset / Benchmark | Current Level (Oct 29, 2026) | 24-Hour Trend | Key Technical Level to Watch |
|---|---|---|---|
| NSE Nifty 50 | ~22,699.35 | Flat (-0.02%) | Support: 22,550 | Resistance: 22,850 |
| BSE Sensex | ~73,293.99 | Flat (+0.07%) | Support: 73,000 | Resistance: 73,750 |
| Bitcoin (BTC) | ~$79,000 (₹75.89 Lakh) | Bearish (-2.1% WTD) | Support: $78,000 | Resistance: $81,000 |
| Ethereum (ETH) | ~$2,300–$2,320 | Soft (-3.1% WTD) | Support: $2,250 | Resistance: $2,450 |
| Gold (Spot / 10g India) | $4,038/oz | ₹1,42,250/10g | Pullback (-1.0%) | Support: ₹1,40,700 | Resistance: ₹1,43,500 |
| Silver (Spot / 1kg MCX) | $53.15/oz | ₹1,93,538/kg | Dip (-1.5%) | Support: ₹1,91,500 | Resistance: ₹1,95,800 |
| Crude Oil (MCX Barrel) | ₹9,507/bbl | Moderating | Support: ₹9,350 | Resistance: ₹9,700 |
1. Indian Stock Market: Q2 Earnings Drive Stock-Specific Action
Indian benchmark indices opened flat-to-steady on Thursday morning as heavy foreign institutional selling and elevated crude prices balanced out strong domestic Q2 FY27 corporate earnings. The Nifty 50 hovered right around the 22,700 mark, while the BSE Sensex traded near 73,294.
Top Q2 Earnings & Sector Movers
- IT & Mid-Cap Tech Rebound: Birlasoft surged over 11% in early trade after posting a 37.5% YoY jump in Q2 net profit to ₹160 crore. Heavyweights TCS (+1.6%) and Infosys (+0.9%) also lent stability to the index.
- Energy, Metals & Auto Strength: JSW Energy rallied more than 4% following a nearly 50% surge in quarterly net profit (₹1,056.4 crore), while Hyundai Motor India gained over 4% on better-than-expected revenue. Vedanta (Q2 profit up 78% to ₹6,202 crore) and TVS Motor Company (Q2 profit up 52% to ₹1,377 crore) remain high-momentum counters.
- Banking & Infrastructure: Adani Ports & SEZ led Nifty gainers (+2%), and Bandhan Bank attracted strong buying interest after its Q2 profit multiplied over five-fold YoY to ₹622 crore.
- Laggards & Earnings Watch: Trent, Hindalco, and Maruti Suzuki saw early profit-booking (-1% each). Traders are closely tracking Q2 results due later today from IndiGo, Asian Paints, Ambuja Cements, and Coal India.
2. Crypto Market Update: Bitcoin Defends $78K–$79K Amid Macro Caution
The global cryptocurrency market cap slipped 0.67% to $2.67 trillion as weakness in AI-linked US tech stocks and Fed rate uncertainty kept bulls on the defensive.
- Bitcoin (BTC): Trading near $79,000–$80,000 globally (approximately ₹75.89 Lakh on Indian exchanges), Bitcoin is testing a critical stabilization zone. Immediate technical support sits between $78,000 and $78,500. A decisive daily close back above $81,000–$82,000 backed by spot ETF inflows is required to confirm a trend reversal.
- Ethereum (ETH) & Altcoins: Ether slipped to the $2,300–$2,320 range. Major altcoins including Solana (SOL), Cardano (ADA), and Dogecoin (DOGE) corrected between 0.5% and 5.8% over the past week, whereas BNB and XRP showed relative resilience with marginal gains.
- Strategy for Indian Crypto Investors: Avoid trying to catch falling knives with lump-sum leverage. Focus on staggered spot entries (SIP/DCA) near the $78,000 support band and monitor US spot ETF flow persistence over multi-week horizons rather than reacting to single-day volatility.
3. Commodities Corner: Gold & Silver Cool Off From Highs, Crude Steadies
After a massive multi-month rally, precious metals experienced a sharp intraday pullback following the Fed’s hawkish pause and tentative diplomatic efforts in the Middle East.
- Gold Rates: International spot gold dipped nearly 1% to trade below $4,038/oz as expectations of a potential December Fed rate hike resurfaced. In the domestic Indian spot market, standard 10-gram gold hovered around ₹1,42,250–₹1,42,822, offering festive buyers a slight breather after relentless record highs.
- Silver Rates: Silver saw sharper volatility than gold, dropping 1.5% globally to $53.15/oz. On the domestic front, 1 kg spot/MCX silver traded in the ₹1,93,538–₹1,94,300 range (with retail rates near ₹2,20,000/kg).
- Crude Oil & Natural Gas: Benchmark domestic crude oil eased slightly to ₹9,507 per barrel (down from ₹9,683 earlier in the week), while Natural Gas firmed up to ₹256.70/mmBtu. Any further cooling in crude prices will act as a direct tailwind for Indian paint, aviation, and FMCG stocks.
Actionable Takeaways for Traders Today
- Equities: Stick to earnings-driven stock selection rather than broad index bets while Nifty consolidates between 22,550 and 22,850.
- Crypto: Watch the $78,000 BTC support closely; keep position sizes conservative ahead of upcoming US tech earnings and inflation data.
- Commodities: Use 1%–2% dips in MCX Gold and Silver for staggered portfolio hedging rather than chasing breakout candles at peak valuations.
Disclaimer: Financial markets involve significant risk. The data and analysis above are for informational and educational purposes on earnfree.in and do not constitute personalized investment or financial advice. Always consult a SEBI-registered financial advisor before making trading decisions.
