The Indian stock market is poised for a cautious opening on Friday, January 30, 2026, influenced by a mix of global cues and domestic economic data. Here's a breakdown of ten key factors that have changed overnight:

1. GIFT Nifty Signals a Soft Start: GIFT Nifty, formerly known as SGX Nifty, is a dollar-denominated futures contract that tracks the performance of the Nifty 50 Index. It is trading around 25,364, indicating a discount of nearly 86 points from the previous Nifty futures close, suggesting a potentially subdued opening for the Indian market. GIFT Nifty is a key indicator of market sentiment as it often reacts to international news before the Indian cash market opens.
2. Nasdaq's Tech Sell-off: The tech-heavy Nasdaq Composite closed down 0.72% at 23,685.12, pressured by a sell-off in software stocks. Microsoft's shares slumped 10% after its cloud revenue growth disappointed investors, raising concerns about the returns on hefty AI investments. Other software companies like SAP, ServiceNow, Salesforce, and Adobe also faced significant losses.
3. Apple's Earnings Beat: Apple reported its fiscal 2026 first-quarter results, exceeding analysts' estimates with a 16% year-over-year increase in revenue to $143.8 billion and diluted earnings per share of $2.84, a 19% increase. iPhone sales soared, setting all-time records across all geographic segments, and Services revenue also reached a new high. Apple's net income was $42 billion, up from $36 billion year over year.
4. Mixed US Market Performance: Major US stock indexes finished mostly lower on Thursday, with the S&P 500 down 0.13% and the Nasdaq Composite down 0.72%. However, the Dow Jones Industrial Average managed to close up 0.11%. This mixed performance reflects investor caution amid a flurry of corporate earnings reports and concerns about AI spending.
5. Gold Prices Surge, Then Retreat: Gold prices initially extended their rally, with spot gold reaching an intraday record of $5,591.61 per ounce. However, prices then retreated, with spot gold at $5,397.90 USD per ounce. This volatility came as investors reassessed the market after recent record highs, with some experts advising caution.
6. Crude Oil Hits Four-Month High: Oil prices moved higher due to geopolitical concerns, with Brent crude up 1.23% at $68.40 per barrel and WTI crude up 0.47% at $63.51 per barrel. Rising crude prices remain a key variable for the Indian stock market to track.
7. Economic Survey 2026 Highlights: India's Economic Survey 2026, presented to Parliament, projects a GDP growth of 7.4% for FY26 amid external risks. The survey also points to the importance of inclusive development, with attention on farmers, MSMEs, and youth employment.
8. Rupee Weakness: The Indian rupee has been underperforming despite strong economic fundamentals, with tepid foreign investment leading to a balance of payments deficit. On January 30, 2026, the rupee breached the 92-mark. The Economic Survey highlights the need for reforms to attract foreign capital and stabilize the currency.
9. AI Investment Concerns: Investors are increasingly wary of the timing and profitability of massive tech spending on artificial intelligence. Microsoft's stock decline after its earnings report reflects these concerns, with investors questioning whether the hefty outlays for its OpenAI alliance are reaping returns fast enough.
10. FII Activity and Corporate Earnings: Foreign investors are rejigging offshore structures to comply with Indian tax rules. Several companies, including Paytm, ITC, and Tata Motors, have released their Q3 financial results, with mixed outcomes. These earnings reports are influencing market sentiment and stock-specific movements.