Indian equities roared back on Wednesday in a broad, IT-led rally, lifting the Sensex nearly 900 points as traders positioned ahead of tonight's US Federal Reserve decision.

How India closed

The BSE Sensex settled 889 points (+1.16%) higher at 77,654.60 and the Nifty 50 added 265 points (+1.1%) to 24,250.20, per Business Standard. The advance was broad-based: the Nifty Midcap 100 rose about 0.82% and the Smallcap 100 jumped roughly 1.48%, with advancers comfortably outnumbering decliners.

Sectors & stocks

The day belonged to technology. The Nifty IT index climbed 2.04% to 31,040 — a fourth straight advance and nearly 9% over that stretch — as broker upgrades and a global chip selloff nudged money toward India's traditional services players. Metal and FMCG also outperformed, while Realty, Auto and banks lagged; Bank Nifty drifted to around 56,700, roughly flat on the day. Jio Financial Services, Hindustan Unilever and Infosys led the Nifty gainers, and SML Mahindra hit a 20% upper circuit.

Currency & commodities

Brent crude rebounded about 3% to near $86.80 (WTI around $82) after a sharp three-session slide, on renewed Middle East headlines. Gold slipped (MCX roughly -0.88%; 24-carat near ₹14,351/gram) on a firmer dollar and Fed caution. The rupee held its recent band near 95.8–95.9 per dollar (it last settled around 95.82–95.88), with direction hostage to the Fed.

Global now

Europe is trading firmer — FTSE +0.6%, CAC +0.4%, DAX +0.3%, Stoxx 600 +0.3% — as Middle East tensions ease. US futures are steady into the Fed: S&P +0.2%, Nasdaq-100 +0.3%, Dow -0.2%. In Asia, Japan's Nikkei fell 1.5% to 61,434 and South Korea's Kospi tumbled sharply (roughly 7%) in a chip-led rout, while Hong Kong's Hang Seng bucked the trend, +1.7% to 25,738.

Data & the Fed

India's domestic calendar was light; June core-sector output — a five-month-high +5% — remains the latest major read. The spotlight now turns global: the FOMC decision lands tonight (~11:30 PM IST), with prediction markets pricing unusually elevated odds of a rate hike, followed by a wave of US megacap tech earnings. Thursday brings US Q2 GDP (advance) and weekly jobless claims (prior 187k); Friday, the June PCE inflation gauge.

Sentiment

Risk-on at home, wait-and-see abroad. India's breadth and leadership (IT, metals, midcaps) signalled genuine appetite, but flat US futures and the Kospi rout show the world is holding its breath for the Fed.

What to watch tonight & tomorrow

Tonight's Fed statement and press conference are the swing factor: a hawkish tone — or an actual hike — could jolt the rupee, rate-sensitive banks and richly valued IT names, while a steady hold may extend the risk-on mood. Watch whether IT can hold its four-day run into US tech earnings, and keep an eye on crude, where another spike would pressure importers and the rupee.

As of 4:00 PM IST, 29 July 2026. Sources: Business Standard, Sunday Guardian, HDFC Sky, Yahoo Finance, Associated Press, Trading Economics. Automated market wrap for discussion and education only — not investment advice. Verify before acting.