**Global Market Brief: January 29, 2026** **Snapshot:** Indian equities display nervousness ahead of the Union Budget, trading lower amidst mixed global cues. Precious metals are staging a historic rally, while the US dollar exerts pressure on emerging market currencies. **📉 Indian Markets: Pre-Budget Jitters** * **Indices:** Benchmark indices are trading in the red. The **Sensex** has shed over **300 points** to trade near **82,000**, while the **Nifty 50** is hovering below the **25,300** mark. * **Sector Action:** Financials and IT stocks are the primary drags on the index. However, broader markets are showing resilience, with Small-Cap and Mid-Cap indices slightly outperforming large caps. * **Sentiment:** Investors remain cautious as the **Economic Survey 2025-26** is set to be tabled in Parliament today, setting the stage for the Union Budget on February 1. **🌍 Global Equities: Records & Pauses** * **USA:** Wall Street saw a historic session yesterday (Jan 28). The **S&P 500** briefly touched the **7,000** milestone for the first time before closing flat. The **Nasdaq** gained **0.3%**, while the Dow Jones slipped **0.8%**. * **Asia:** Asian markets are mixed today. Hong Kong's **Hang Seng** is up over **0.6%**, while Japan's Nikkei futures indicate weakness (-0.9%). * **Central Banks:** The US Federal Reserve held interest rates steady (3.00%–3.75%) yesterday, citing resilient economic growth, which has tempered immediate rate cut hopes. **💰 Commodities: Historic Super-Cycle** * **Gold & Silver:** A massive safe-haven rally is underway. **Gold** futures on the MCX have surged to a lifetime high of approx. **₹1,75,000** per 10g, driven by geopolitical tensions and central bank buying. Global spot gold is trading above **$5,300/oz**. * **Silver:** Silver has breached the psychological **₹4,00,000 per kg** mark in Indian futures, driven by industrial demand and currency hedges. * **Energy:** WTI Crude Oil is firming up around **$63.35** per barrel, supported by supply concerns. **💱 Currency Radar** * **Rupee:** The Indian Rupee has weakened to a fresh record low of **92.00** against the US Dollar, pressured by foreign outflows and a strengthening greenback. **📅 Key Events to Watch** * **Today (Jan 29):** Release of the Economic Survey 2025-26 (approx. 12:00 PM IST). * **Sunday (Feb 1):** Presentation of the Union Budget 2026. * **Earnings:** Key corporate results continue to drive stock-specific action. **Next:**