Pre-Market Update: GIFT Nifty Indicates Cautious Start; Global Cues Mixed as Oil Prices Ease

Pre-Market Update at 7:40 AM: Indian benchmark indices are likely to witness a cautious opening on September 23, 2026, with GIFT Nifty indicating a mildly negative start amid mixed global cues, easing crude oil prices and continued foreign selling.

GIFT Nifty was trading near 23,334, down 66 points or 0.28 per cent from its previous close of 23,400, signalling a cautious opening for Indian equities. The futures market suggests that traders may remain watchful after the Nifty 50 ended lower in the previous session following profit booking at higher levels.

The Nifty 50 closed on September 22 at 23,329, declining 85.30 points or 0.36 per cent, while the Sensex ended at 74,529.08, down 329.91 points or 0.44 per cent. The decline ended the Nifty 50's four-session recovery phase, with selling pressure particularly visible in IT stocks.

U.S. equity markets closed mixed on Tuesday. Technology stocks supported the Nasdaq, which gained around 0.5 per cent and closed at a record high, while the Dow Jones declined around 0.4 per cent. The S&P 500 closed near 7,767.84, remaining close to its record zone with limited movement. Market sentiment was influenced by crude oil prices, Treasury yields and geopolitical developments.

Brent crude briefly slipped below USD 98 per barrel amid expectations of possible diplomatic developments around Middle East tensions, supporting broader risk sentiment. The U.S. 10-year Treasury yield remained elevated near 4.98 per cent, keeping attention on borrowing costs and equity valuations.

Asian markets opened largely higher on Wednesday, supported by gains in technology stocks and softer crude oil prices. The Nikkei 225 was at 65,018.95, up 1.38 per cent, while the Hang Seng was at 25,087.75, up 1.36 per cent. Hang Seng futures were also higher, while Australia's S&P/ASX 200 rose 0.1 per cent and Euro Stoxx 50 futures gained 0.3 per cent. The Kospi also showed a positive opening trend, supported by technology stocks. Shanghai Composite data was not independently verified at the time of writing.

Chinese technology stocks remained in focus following developments around artificial intelligence-related investments and chip technology. Meanwhile, chipmakers led gains in the U.S. market, with the Nasdaq 100 reaching its first record since June. Micron Technology and other AI-related stocks supported the technology rally, while consumer-related software shares remained under pressure.

European markets ended mostly stable in the previous session. The FTSE 100 closed slightly lower, while Germany's DAX and France's CAC remained largely unchanged.

Brent crude futures declined to around USD 98.9 per barrel, extending recent weakness as supply concerns eased and expectations of diplomatic progress in the Middle East improved sentiment. Oil prices also remained under pressure after Saudi Arabia began restoring crude supply through a critical pipeline to the Red Sea and amid hopes for a diplomatic solution to the U.S.-Iran conflict through talks at the United Nations in New York.

Lower crude prices could provide support to sectors such as aviation, paints and oil marketing companies by easing input costs. However, upstream oil producers could face pressure if crude prices remain at lower levels. WTI crude prices could not be independently verified from available sources at the time of writing.

International gold futures closed at USD 4,338.90 per ounce, declining 0.16 per cent in the latest session amid movements in U.S. Treasury yields. Silver prices moved higher, with international silver closing near USD 65.93 per ounce. Domestic MCX gold and silver levels could not be independently verified before publication.

The Indian rupee appreciated against the U.S. dollar on Tuesday, supported by a sharp decline in crude oil prices and improved global risk sentiment. The rupee closed at 95.62 per U.S. dollar, gaining 16 paise during the session. The latest DXY level could not be independently verified from available sources.

Foreign portfolio investors remained net sellers in the cash market on September 22, selling shares worth Rs 3,810 crore. Domestic institutional investors remained buyers, with net purchases of Rs 4,120 crore. The divergence between foreign selling and domestic institutional buying continued during the session.

The Nifty 50 traded between 23,285.75 and 23,489 before closing at 23,329. Immediate support is placed around the 23,200-23,300 zone, while resistance is seen in the 23,450-23,500 zone. 

From a technical perspective, the Nifty 50 formed a bearish engulfing pattern on the daily chart, indicating weakening bullish momentum. Immediate support is seen around 23,300, below which attention could shift towards 23,000, while resistance is placed near 23,400, followed by the 23,600 level.

Bank Nifty closed at 56,215.55, down 0.45 per cent. The index has immediate support around 55,800-56,000, while resistance is placed around 56,700-57,000. India VIX declined around 2 per cent to settle near 11, indicating relatively contained near-term volatility expectations.

The latest corporate earnings and economic event calendar for September 23 could not be independently verified before publication.

The NSE IPO remained a key market infrastructure theme after receiving a strong subscription response of around 5.7 times, attracting demand of approximately Rs 90,200 crore. The institutional category recorded strong participation. The NSE IPO allotment process is also in focus, with investors tracking allotment status and grey-market indications.

Proposed SEBI derivatives reforms concerning settlement and expiry structures continue to attract market attention. The changes remain under discussion and could influence derivatives trading patterns if implemented. RBI liquidity management measures, including bond sales and foreign exchange interventions, have also reduced excess banking system liquidity, keeping liquidity conditions relevant for rate-sensitive sectors.

Among stocks in focus, Coal India gained around 3.2 per cent in the previous session after an upgrade from Morgan Stanley. IT stocks including Infosys, HCL Technologies and Tech Mahindra remained under pressure as concerns around the demand outlook affected sentiment. InterGlobe Aviation could remain in focus as lower crude oil prices may reduce fuel-cost pressure for aviation companies.

NSE-related entities may also remain in focus following the strong response to the NSE IPO. Additional stock-specific triggers for September 23 could not be fully verified from available sources.

Stocks in the F&O ban list for Wednesday include SAIL, Manappuram, Kaynes and LIC Housing Finance. Securities enter the F&O ban period when their open positions cross 95 per cent of the market-wide position limit.

Overall, Indian equities are likely to begin the session on a cautious note as negative GIFT Nifty cues and continued FII selling offset support from stronger Asian markets, technology stocks and softer crude oil prices.

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

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