Wall Street just had its ugliest session in months — a hawkish Fed hold and a sharp crude-oil spike on fresh US–Iran tensions dragged US indices down ~1.5–2.2%, yet GIFT Nifty is holding almost flat, pointing to a resilient-but-cautious open for Dalal Street after four straight winning sessions.

Wall Street (Wed close)

US stocks tumbled after the Fed left rates unchanged at 3.50–3.75% with three members dissenting in favour of a hike, per Yahoo Finance. The Dow fell 1,153 pts (−2.19%) to 51,594.14, the S&P 500 dropped 1.52% to 7,316.15 and the Nasdaq slid 1.74% to 24,442.94 (TheStreet). Rising yields plus a jump in oil after President Trump warned of retaliation against Iran soured sentiment.

Asia now

• Nikkei 225: down ~1.5%, hit by the overnight Wall Street tech/chip rout (Yahoo Finance/Reuters).
• Hang Seng: firmer, trading near 25,700 (~+1.7–2%) — Hong Kong bucking the regional softness.
• The wider region is mostly softer, tracking US losses.

Europe (Wed close)

Euro Stoxx 50 −0.5%; Germany's DAX +0.3% (~25,520); a fresh tech sell-off capped gains (Sharecast).

India lead — GIFT Nifty

GIFT Nifty last traded at 24,276.50, down 26.50 pts (−0.11%), signalling a flat-to-marginally-weak open (HDFC Sky). Yesterday the Sensex jumped 888.68 pts (+1.16%) to 77,654.60 and Nifty rose 264.85 pts (+1.10%) to 24,250.20 — a fourth straight gain led by IT.

Commodities, FX & yields

• Brent ~$89.6 (+6.6%) and WTI ~$84.2 (+6.2%) after the Iran flare-up — the key overhang for oil-importer India (Reuters/Trading Economics).
• Gold ~$4,081/oz, firm on haven demand (Trading Economics).
• USD/INR near ₹95.8; DXY ~101.3; US 10Y yield jumped ~7 bps to above 4.67% post-Fed.

Global mood

Risk-off. A hawkish Fed, rising yields and a geopolitics-driven oil spike are the triple headwind.

Data due today

• US (6:00 PM IST, after our close): Q2 GDP advance (fcst ~+2.3% vs +2.1%), June Core PCE — the Fed's favourite gauge (MoM +0.1% vs +0.3%; YoY ~+3.3% vs +3.4%), Personal Income/Spending and weekly jobless claims (Investing.com). A hot PCE would lift yields and pressure emerging-market equities including India.
• India: no major domestic print today; June fiscal-deficit/government-accounts data is due tomorrow (Jul 31) and July auto sales roll in from Aug 1.

What it means for the India open

Expect a cautious, possibly flat-to-soft start: the overnight US drop is a drag, but GIFT Nifty's resilience and yesterday's IT-led momentum suggest limited panic. Watch crude — every dollar higher on Brent stings importers, aviation and paints, while it helps upstream oil names (ONGC, Oil India). Q1 FY27 earnings and the 6 PM US data are the next triggers.

As of 8:53 AM IST. Sources: Yahoo Finance, TheStreet, HDFC Sky, Trading Economics, Investing.com, Sharecast. Automated pre-market brief for discussion and education only — not investment advice. Verify before acting.