Overnight cues were split down the middle: Asia is reeling from a historic Korean chip crash, yet Indian equities have opened firmly higher — powered by an IT rally and a sharp three-session drop in crude — with all eyes on tonight’s US Fed decision.

US: prior close (Jul 28)

Wall Street was mixed as money rotated out of semiconductors. The Dow jumped 537 pts (+1.03%) to 52,747.32 on strong earnings and softer oil; the S&P 500 added 0.21% to 7,428.78; the Nasdaq slipped 0.22% to 24,876.91 as chipmakers dragged.

Asia now: Korea in freefall

South Korea’s Kospi crashed ~10.8% on Tuesday to 6,023.66, then slid another ~8% today — triggering a circuit breaker for a second straight session (a two-day fall of more than 18%) and sealing its worst month on record. The trigger: China’s mass production of homegrown DUV chipmaking tools, plus a disappointing SK Hynix result, hammered Samsung and SK Hynix. Elsewhere Asia was mostly softer, though Hong Kong’s Hang Seng held up better.

Europe: prior close

Firm — Germany’s DAX rose 0.6% to 25,511.93, London’s FTSE 100 gained 0.6% to 10,846.42 and the Euro Stoxx 50 added ~0.4% to near 6,311.

India lead

GIFT Nifty near 24,380 pointed to a gap-up. The Nifty duly opened ~191 pts higher at 24,176.65 and the Sensex rose 657.85 pts (+0.85%) to 77,423.77. Nifty IT jumped ~2.45% to 29,471, with Infosys up ~3.9%, as easing geopolitics and cheaper crude lifted sentiment.

Commodities, FX & yields

Brent ~$87.5/bbl and WTI ~$79/bbl (Trading Economics, Tue) after a whippy stretch — crude fell about 14% over three sessions on the US–Iran conflict before bouncing. Gold ~$4,030/oz (−1%) on a firmer dollar. USD/INR near 96 (opened ~96.17). The dollar held firm and the US 10Y yield eased to 4.63% ahead of the Fed.

Data due today

The marquee event is the US FOMC decision (early hours IST): consensus (~83–85% odds) expects a hold at 3.50–3.75%, so the statement and Chair’s press conference — and any hint of a possible September hike — matter more than the level itself. A hawkish surprise would pressure EM currencies and the rupee. India: sector-wise bank credit and government capex data (second-tier).

What it means for the India open

Lower crude and IT leadership are letting India decouple from Korea’s chip rout for now. But repeated Kospi circuit breakers flag fragile global risk appetite, and tonight’s Fed plus the US–Iran oil premium are the swing factors — a hawkish Fed or an oil spike would quickly test today’s gap-up.

As of 10:45 AM IST, 29 Jul 2026 (markets already open). Sources: CNBC, Bloomberg, India TV, IIFL, Trading Economics, EquityPandit. Automated pre-market brief for discussion and education only — not investment advice. Verify before acting.