Gift Nifty Tumbless 200 Points as Infosys & Wipro ADRs Slide Ahead
Indian equities are bracing for a turbulent kickoff to the November futures and options derivative series, with early trading indicators pointing to a sharp domestic selloff despite resilient overnight momentum across international bourses. Gift Nifty tumbled by nearly 200 points on Wednesday morning, October 28, 2026, signaling sustained opening pressure on Dalal Street as heavyweights and IT exporters run into heavy headwinds. American Depository Receipts (ADRs) of Indian tech powerhouses Infosys and Wipro slid by up to 3 percent in offshore trading, dampening sentiment across domestic technology counters. Market participants are navigating a crowded radar of domestic and global catalysts, with local trading floors firmly fixed on the mega-listing and quarterly scorecard of Jio Platforms scheduled for release today, while global desks brace for the US Federal Reserve's impending interest rate verdict alongside high-stakes quarterly earnings from Big Tech conglomerates.
Semiconductor Boom Ignites Wall Street and SK Hynix Smashes Records as Indian IT Falters
The localized gloom on Dalal Street stands in stark contrast to overnight buoyancy across US exchanges, where an aggressive buying wave in artificial intelligence and semiconductor equities propelled the tech-heavy Nasdaq Composite to close 1.2 percent higher. US chipmakers led the advance, with Advanced Micro Devices (AMD) surging 5.5 percent, Broadcom advancing 4 percent, and Micron Technology gaining 2.8 percent. Optimism was catalyzed by Broadcom’s revelation of a landmark $63-billion bank financing syndicate arranged for cloud artificial intelligence developer Anthropic to lease cutting-edge chip and networking hardware, underscoring boundless capital expenditure into enterprise AI architecture. The semiconductor tailwind received an additional boost from South Korea's SK Hynix, which announced a staggering sevenfold leap in quarterly operating profit to all-time record highs, beating analyst expectations on voracious demand and premium pricing for high-bandwidth memory chips. Demonstrating robust cash flows, SK Hynix announced a mammoth 100-trillion-won capital return blueprint for shareholders this year, incorporating 30 trillion won in cash dividends and 60 trillion won in share buybacks and cancellations, expanding on the 40-trillion-won allocation outlined in August.
Dollar Climbs to 102.38 as 10-Year Yields Touch 5% Amid Geopolitical Friction and $113 Brent Crude
Tempering broader market optimism, global macro indicators continue to flash risk-off warnings as capital rotates toward dollar assets ahead of the Federal Reserve’s monetary policy statement. The US Dollar Index (DXY) climbed 0.35 percent to 102.38, dragging the euro down 0.43 percent to $1.1124 and lifting the greenback 0.28 percent against the Japanese yen to 157.94. Concurrently, US Treasury yields marched higher across maturities, with the benchmark 10-year yield rising 1.28 basis points to test the psychologically vital 4.999 percent barrier, while the 30-year bond yield climbed to 5.3135 percent and the policy-sensitive two-year yield rose 2.8 basis points to 4.739 percent. Energy markets remain similarly jittery; although Brent crude settled slightly lower at $113.88 per barrel and US West Texas Intermediate (WTI) closed at $99.90 on unverified whispers of diplomatic backchannel talks between Washington and Tehran, acute structural risks keep prices parked near six-month highs. Yemen’s Iran-aligned Houthi group claimed responsibility for a drone and missile assault on Saudi Arabia’s strategic Ras Tanura refinery complex, while maritime strikes near the Strait of Hormuz hit record levels in October, triggering a fourth consecutive weekly decline in Persian Gulf oil shipments and slashing regional transit volumes to roughly 60 percent of normal capacity. The Middle Eastern crisis is further aggravated by Israeli parliamentary election exit polls indicating a fractured Knesset, with neither incumbent Prime Minister Benjamin Netanyahu nor challenger Gadi Eisenkot commanding the 61 seats needed for a stable majority, injecting fresh political unpredictability into a volatile global backdrop.
