From Gift Nifty to US Fed meeting outcome: 8 key things that changed for Indian stock market overnight

New Delhi, July 30 -- The Indian stock market benchmark indices, Sensex and Nifty 50, are expected to open on a muted note on Thursday, 30 July, after the US Fed decides to hold rates and ongoing US-Iran war tensions.

Asian markets traded mixed on Thursday, while the US stock market witnessed a sharp fall.

On Wednesday, Indian benchmark indices, the Sensex and the Nifty 50, ended sharply higher on Wednesday, July 29, led by strong buying in banking and IT heavyweight stocks. The Sensex rallied 889 points, or 1.16%, to close at 77,654.60, while the Nifty 50 advanced 265 points, or 1.10%, to settle at 24,250.20.

"Indian equities are expected to remain range-bound with a positive bias, supported by positive global cues and healthy domestic corporate earnings. Sentiment improved as investor flows returned to the Indian IT sector following the sharp correction in global AI and semiconductor stocks. Markets also looked past recent geopolitical tensions and crude oil volatility, with focus shifting back to domestic earnings and macroeconomic triggers," said Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services.

Asian markets traded on a mixed note on Thursday. Japan's Nikkei 225 fell 0.25%, while the Topix declined 0.59%. South Korea's Kospi rebounded 0.89% at the open after a sharp decline in the previous session, whereas the small-cap Kosdaq slipped 0.73%. Meanwhile, Australia's S&P/ASX 200 edged 0.26% lower.

Gift Nifty was trading around the 24,330 level, a discount of nearly 19 points from the Nifty futures' previous close, indicating a gap-down start for the Indian stock market indices.

US stock futures moved higher on Wednesday night as investors assessed the latest earnings from major technology companies and the Federal Reserve's decision to keep interest rates unchanged.

Futures linked to the Dow Jones Industrial Average gained 158 points, or 0.3%. S&P 500 futures rose 0.4%, while Nasdaq 100 futures advanced 0.7%.

In the previous regular trading session, Wall Street ended sharply lower. The Dow Jones Industrial Average plunged 1,153.18 points, or 2.19%, recording its steepest single-day decline since April 2025. The S&P 500 lost 1.52%, while the Nasdaq Composite dropped 1.74%, closing more than 10% below its intraday record high.

As anticipated, the US Federal Reserve, under the leadership of Chair Kevin Warsh, kept interest rates unchanged on Thursday. This marked the fifth consecutive policy meeting in which the central bank chose to hold rates steady as officials continued to assess the inflation outlook and broader economic conditions before adjusting monetary policy.

The announcement came after the conclusion of the Federal Reserve's two-day Federal Open Market Committee (FOMC) meeting.

The Fed maintained its benchmark interest rate at 3.50%-3.75%. It also left its projections for inflation, unemployment, and overall economic growth largely unchanged from those presented at the June policy meeting.

The United States launched fresh military strikes on Iran on Wednesday, further escalating a conflict that has persisted for five months and spread beyond its primary fronts to involve more countries across the region.

According to the US Central Command, the strikes were carried out in response to what it described as Iran's attempted attacks on U.S. forces stationed in the Middle East.

The latest escalation came after a series of regional developments earlier in the day. A drone struck a US-owned gas storage tanker at Egypt's Mediterranean port of Damietta, according to British maritime security firm Ambrey. Meanwhile, US and Saudi forces launched attacks on Iran-backed groups in eastern Iraq, while Iran fired missiles targeting US troops in Jordan.

Oil prices retreated on Thursday after a sharp rally in the previous session, as oil tankers continued to leave the Middle East despite escalating tensions and the expanding US-Iran conflict beyond its primary battlefronts.

Brent crude futures dropped $1.29, or 1.42%, to $89.45 a barrel, while US West Texas Intermediate (WTI) crude declined 56 cents, or 0.66%, to $83.90 a barrel.

The pullback followed strong gains in the previous session, when Brent surged 7.91% and WTI climbed 6.56%-one of the steepest rallies since the Iran conflict began. The rebound had reversed Tuesday's nearly 5% decline, which came after a temporary pause in hostilities during the five-month-long conflict.

Amid ongoing earnings season, more than 100 companies are scheduled to report their April-June quarter earnings on Thursday.

Bajaj Finance, Mahindra and Mahindra, Tata Steel, Indian Railway Finance Corporation (IRFC), Vedanta, Swiggy, Torrent Pharmaceuticals, Hyundai Motor India are among the companies to declare their Q1 results 2026 today.

Gold prices rose slightly on Thursday as investors evaluated remarks from U.S. Federal Reserve Chairman Kevin Warsh on controlling inflation after the central bank kept interest rates unchanged at its latest policy meeting.

Spot gold gained 0.4% to $4,080.38 per ounce, while U.S. gold futures for August delivery climbed 1.1% to $4,078.

The yellow metal has declined by nearly 25% since the outbreak of the US-Iran conflict five months ago. Elevated energy prices have fueled inflationary pressures, reinforcing expectations that interest rates could remain higher for an extended period.

Disclaimer: This story is for educational purposes only. Please consult with an investment advisor before making any investment decisions. Published by HT Digital Content Services with permission from MINT. For any query with respect to this article or any other content requirement, please contact Editor at [email protected]