Global cues point to mixed market moves as Indian indices poised for a dip

Indian benchmark indices are likely to open lower on October 28, tracking the GIFT Nifty, which was down about 130 points at 22,682 in early trade. The Sensex closed the previous session almost unchanged, slipping 8.08 points (0.01%) to 73,598.67, and the Nifty fell 3.45 points (0.02%) to 22,749.75, as investors remained cautious amid high crude oil prices, renewed geopolitical tensions and an upcoming Federal Reserve policy decision.

In Asia, equities rose for a second straight day, driven by enthusiasm for artificial-intelligence stocks ahead of earnings from major tech companies and the Fed’s interest-rate meeting. The MSCI Asia Pacific Index gained 0.8%, led by a 4.5% jump in South Korea’s Kospi after SK Hynix reported a sevenfold profit surge.

U.S. markets closed higher, with an AI-fuelled tech rally supporting gains. The Nasdaq led the advance, while the Dow Jones Industrial Average added 15.99 points (0.03%) to 52,377.57, the S&P 500 rose 45.83 points (0.60%) to 7,722.60, and the Nasdaq climbed 308.43 points (1.18%) to 26,477.81.

The dollar index moved modestly against its G10 peers as traders await rate decisions from the Federal Reserve and the Bank of Canada. U.S. Treasury yields were flat, with the 10-year at 5.00% and the 2-year at 4.74%.

Asian currencies showed mixed performance against the dollar. The South Korean won and Indonesian rupiah weakened, while the Taiwan dollar and Philippine peso appreciated. The Malaysian ringgit, Japanese yen and Chinese renminbi each edged higher.

Crude oil prices rose 0.4% to about $114.35 a barrel as markets evaluated de-escalation efforts in the Persian Gulf. Gold steadied above $4,000 an ounce, attracting dip buyers ahead of the Fed’s rate decision.

Fund flows showed foreign institutional investors buying Rs 4,240 crore of equities on October 27, while domestic institutional investors sold Rs 1,250 crore, ending a five-day buying streak.