Pre-Market Update: GIFT Nifty Signals Positive Start above 22,800; Crude Oil, U.S. Tech Sell-off in Focus

Pre-Market Update at 7:40 AM: GIFT Nifty indicated a firm start for domestic equities, trading at 22,839.50 at 6:59 AM IST on October 23, 2026. The index was 151.85 points, or 0.67 per cent, above the previous Nifty 50 close of 22,687.65. The positive opening indication follows a weak domestic session and comes against a challenging global backdrop. Rising crude oil prices, renewed Middle East security concerns and a sharp decline in U.S. technology shares may keep investor risk appetite guarded during the session.

Escalating conflict concerns in the Middle East have kept global risk appetite fragile and lifted oil prices. Regional security concerns in the Red Sea-Saudi region also remain under watch following reports of an attack near Zuqar Island and an earlier strike on King Fahd International Airport in Dammam. These developments are relevant for India because higher oil prices can add to imported inflation and current-account pressures. Oil marketing companies, aviation, Logistics, paints, chemicals and other crude-consuming businesses could remain in focus, while upstream energy companies may also attract attention.

The Rs 30,213-crore initial public offering of Jio Platforms closes for subscription today. The issue has a price band of Rs 1,065 to Rs 1,119 per share, with listing proposed for October 28. The large offering is likely to be watched for its implications for primary-market liquidity, institutional allocation and investor interest in telecom and digital-platform businesses.

Zetwerk Manufacturing Business and Bonfiglioli Transmissions India are scheduled to list on the BSE and NSE today. Zetwerk raised Rs 5,012.33 crore through its IPO, while Bonfiglioli Transmissions India raised Rs 2,533.66 crore. The two listings may provide a fresh indication of demand for new issues and investor appetite for industrial manufacturing, automation and capital-goods businesses.

Wall Street ended mixed, with technology shares facing notable pressure. The Dow Jones Industrial Average edged up 0.02 per cent to 52,867.98, while the S&P 500 declined 1.21 per cent to 7,663.43 and the Nasdaq fell 2.60 per cent to 26,008.86. Overnight reports linked the sell-off in technology shares to rising oil prices and heightened Middle East concerns. The Nasdaq 100 fell as much as 3 per cent Intraday, while the Philadelphia Semiconductor Index declined 6.4 per cent intraday.

Asian markets were broadly weak in early trade. Japan’s Nikkei declined 1.81 per cent, Hong Kong’s Hang Seng fell 3.03 per cent, and the Shanghai Composite was down 1.48 per cent. European markets had also closed lower in the previous session, with the FTSE 100 slipping 0.26 per cent, Germany’s DAX falling 1.07 per cent and France’s CAC 40 declining 1.39 per cent.

Brent crude traded at USD 113.78 a barrel, up 0.77 per cent, while West Texas Intermediate crude stood at USD 101.43 a barrel, higher by 0.63 per cent, as of 7:00 AM IST on October 23. The elevated crude environment is significant for India, a major oil importer, and may keep fuel-dependent sectors under scrutiny as investors assess the potential impact on costs and margins.

In precious metals, gold traded at USD 4,015.34, down 0.22 per cent, while silver declined 0.52 per cent to USD 54.29. The U.S. Dollar Index was marginally lower at 101.55, while the rupee was unchanged at Rs 94.81 per U.S. dollar. The U.S. 10-year Treasury yield stood at 4.97 per cent, up 0.012 percentage points. Higher U.S. yields remain relevant for global equity valuations and broader investor risk appetite.

Foreign institutional investors were net sellers of Rs 3,458.70 crore on October 21, while domestic institutional investors were net buyers of Rs 2,891.32 crore. The contrasting flows underline continued domestic institutional support even as foreign investors remained net sellers during the session.

In the previous session on October 22, the Nifty 50 closed 123.70 points lower, down 0.54 per cent, at 22,687.65. During the session, the index moved between 22,554.85 and 22,785. The Sensex declined 460.30 points, or 0.62 per cent, to close at 73,249.39 after touching an intraday high of 73,720.83 and a low of 73,005.11. India VIX rose 0.51 per cent to 15.76, indicating a modest increase in expected market volatility.

Among stocks to watch, Swiggy reported a consolidated net loss of Rs 922 crore for the second quarter of FY27, narrowing from Rs 1,092 crore a year earlier. Revenue from operations increased 36 per cent year-on-year to Rs 7,571 crore. However, the loss widened from Rs 791 crore in the preceding quarter, while total expenses increased nearly 30 per cent year-on-year to Rs 8,703 crore. Investors may track the company’s revenue growth and spending on quick-commerce expansion.

Colgate-Palmolive India reported a 4.2 per cent year-on-year increase in second-quarter net profit to Rs 342 crore, while revenue from operations rose 12.2 per cent to Rs 1,705.7 crore. EBITDA increased 1.9 per cent to Rs 474 crore, although the EBITDA margin contracted to 28 per cent from 31 per cent a year earlier. The board also approved an interim Dividend of Rs 24 per share.

Adani Energy Solutions posted a 52 per cent year-on-year increase in consolidated revenue to Rs 10,076 crore for the second quarter of FY27. Consolidated net profit rose 144 per cent to Rs 1,364 crore. The earnings performance puts the power transmission and distribution company in focus.

Hindustan Petroleum Corporation reported a 33 per cent year-on-year increase in consolidated revenue to Rs 1,34,407 crore for the second quarter. However, consolidated net profit declined 14 per cent to Rs 3,152 crore. The results come as crude oil prices remain elevated, keeping the sensitivity of marketing and refining margins in focus.

Havells India reported a 34 per cent year-on-year increase in consolidated revenue to Rs 6,432 crore for the second quarter. Consolidated net profit rose 11 per cent to Rs 349 crore. The consumer electricals and durables company’s sales growth provides a fresh earnings-related trigger for investors.

CreditAccess Grameen reported a 26 per cent year-on-year increase in consolidated revenue to Rs 1,904 crore. Consolidated net profit surged 298 per cent to Rs 502 crore. The sharp increase in profitability places the microfinance lender among the earnings-driven stocks to watch today.

With GIFT Nifty indicating a positive start, investors will track whether domestic equities sustain early gains amid elevated crude oil prices, weakness in global technology shares, Middle East security concerns and ongoing quarterly earnings announcements. Institutional flows and the performance of newly listed companies may also influence sentiment during the session.

Disclaimer: The article is for informational purposes only and not investment advice.

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