Sensex, Nifty Face Muted Open as Jio Platforms Lists and Traders Weigh Fed Decision and High Crude

Indian stock markets are expected to open a little lower on Wednesday, 28 October 2026. GIFT Nifty was trading around 22,749, about 62.50 points or 0.27% below the previous close of Nifty futures. That points to a muted start on a day when Reliance-backed Jio Platforms is set to make its stock market debut.

Tuesday's session gave little indication of what comes next. The 30-share BSE Sensex fell 8.08 points, or 0.01%, to settle at 73,598.67. It opened at 73,484.38, then ranged between a high of 73,762.98 and a low of 73,179.41. Seventeen of its constituents advanced, 12 declined and one was unchanged. The 50-share NSE Nifty slipped 3.45 points, or 0.02%, to close at 22,749.75.

The session was volatile, and it ended almost where it began. Investors booked profits in IT stocks and heavyweight banking shares, while crude oil prices stayed high and the US Federal Reserve's policy decision loomed on Wednesday night. Ponmudi R, CEO of Enrich Money, said the market held on to most of Monday's recovery gains despite an early dip. Pharmaceuticals, media, automobiles, chemicals and realty drew buying, while cement and IT stocks lost ground. He said the lack of broader participation leaves the durability of the recovery uncertain.

Technical analysts see a market stuck in a range. Sachin Gupta of Choice Equity Broking puts the Sensex's broader band at 73,000 to 74,000, with immediate support at 73,000-73,200 and resistance at 73,750-74,000. He noted that the index opened with a gap-down of around 122 points and traded narrowly, closing with a small green candle above the 20 EMA. Its RSI was 49.14, just under the neutral 50 mark, against a moving average of 44.84, which he read as improving momentum. A decisive break above resistance or below support, he said, would be needed to establish a clearer direction.

On the Nifty, Vatsal Bhuva of LKP Securities pointed out that the index closed above its 20 DMA and 200 WMA on the daily chart after briefly slipping below them, which suggests buying at lower levels. Selling pressure is visible near 22,800. He sees a sideways to mildly positive short-term setup, with 22,600 as immediate support and 22,800 as the key hurdle. A sustained move above 22,800 could open a test of 23,000, and he advises traders to use a level-based strategy. Hariselvan Radhakrishnan, founder and CEO of HST Wealth, cited GIFT Nifty near 22,685 and said weakness at the open may stay contained if the Nifty holds 22,550. A durable recovery, he said, depends on broader participation ahead of the Fed decision.

Global cues were mostly positive. On Wall Street on Tuesday, 27 October, chipmakers and semiconductor stocks led a second straight day of gains. The Nasdaq Composite rose 1.2% and the S&P 500 gained 0.6%. The Dow Jones Industrial Average finished nearly unchanged, held back by an 11% plunge in Boeing shares. US stock futures continued to rise for a second session ahead of the Fed meeting.

Asian markets also traded broadly higher. South Korea's Kospi rose more than 5% intraday, triggering the Korea Exchange's buy-side sidecar mechanism, and stood at 5,917.21, up 4.93%. Japan's Nikkei 225 gained more than 1% to 64,012.40 for a second day, and the Topix rose 0.32%. Taiwan's Taiex climbed as much as 1.69% to 46,874.50, also a second session of gains.

The next signals will come from whether the Nifty holds the 22,550-22,600 zone or pushes through 22,800, and from how Jio Platforms trades on debut and what the Fed decides tonight.