Global Market Brief: January 29, 2026 **Equities: India Slides on Budget Jitters, Wall Street Mixed** Indian markets faced significant selling pressure today as caution prevailed ahead of the upcoming Union Budget. The **Nifty50** breached the psychological **25,200** mark, trading down **160 points** (-0.63%), while the **Sensex** plunged over **560 points** to **81,780**. Bearish sentiment was driven by foreign outflows and a lack of fresh triggers, despite optimism surrounding the India-EU free trade agreement talks. In the US, major indices closed mixed following the Federal Reserve’s decision to leave interest rates unchanged. The **Nasdaq** edged higher on tech strength, but the **S&P 500** remained flat. The Fed offered little clarity on future rate cuts, citing elevated inflation, which dampened investor enthusiasm. **Commodities: Precious Metals Hit Historic Highs** Gold and silver continued their record-breaking rally, driven by safe-haven demand and a weakening US dollar. **Gold** prices surged past **$5,500 per ounce**, aiming for the **$5,600** level, as geopolitical tensions and economic uncertainty fueled buying. **Silver** also saw massive gains, crossing the **$116** threshold and approaching **$120** globally. In India, silver futures smashed past **₹4 lakh** per kg for the first time. **Crude oil** prices remained volatile but firm, with Brent trading around **$68.80** and WTI near **$63.80**. Prices are being supported by escalating US-Iran tensions and production disruptions from US winter storms. **Crypto: Bitcoin Consolidates Below $90k** The cryptocurrency market remains rangebound as investors digest the Fed's latest policy stance. **Bitcoin** is trading around **$88,000**, struggling to reclaim the **$90,000** resistance level. **Ethereum** slipped nearly **1.7%** to trade near **$2,950**, while broader market volumes dipped. **Key Economic Drivers** * **Fed Policy**: The US Federal Reserve held rates steady at **3.50%–3.75%**, signaling a "higher for longer" approach until inflation cools further. * **India Budget**: Domestic markets are bracing for Sunday's Union Budget, with high volatility expected in the near term. * **Geopolitics**: Renewed US warnings regarding Iran and a softer dollar (trading near four-year lows) are accelerating the flight to hard assets like gold. ***