Pre-Market Update: GIFT Nifty Signals Cautious Start as Crude Oil Crosses $100

Pre-Market Update at 7:40 AM: GIFT Nifty was trading around 23,488 in early trade on September 10, 2026, indicating a flat start for Indian benchmark indices. However, the opening signal remains cautious amid rising crude oil prices, geopolitical tensions and weakening global risk sentiment.

The Nifty 50 declined 203.60 points or 0.86 per cent in the previous session to close at 23,431.50, its lowest level since June 11. The index remained under selling pressure throughout the session.

U.S. equity markets ended lower on Wednesday as crude oil prices crossed the USD 100 per barrel mark, raising concerns over inflation and interest rates. The Dow Jones Industrial Average declined 0.77 per cent to 52,380.66, while the S&P 500 fell 0.48 per cent to 7,636.36. The Nasdaq Composite declined 0.64 per cent to 26,253.34.

The sell-off was primarily driven by escalating Middle East tensions and the resulting surge in crude oil prices. Higher energy costs have raised concerns that inflation could remain elevated, potentially limiting the pace of monetary easing. The U.S. 10-year Treasury yield also moved towards 4.84 per cent, adding pressure on equity valuations.

Asian markets opened cautiously as investors assessed the impact of higher oil prices and renewed inflation risks. Japan’s Nikkei 225, Hong Kong’s Hang Seng, Shanghai Composite and South Korea’s Kospi remained sensitive to developments in crude oil and geopolitical risks.

European markets also closed lower in the previous session as rising energy prices heightened concerns over inflation and economic growth.

Brent crude remained above USD 100 per barrel, with the latest reports indicating Brent futures near USD 101.34 per barrel. WTI crude was around USD 96.55 per barrel. The sharp increase in crude prices is a concern for oil-importing economies such as India and could negatively affect aviation, paints and oil marketing companies through higher input costs.

Gold continued to attract safe-haven demand amid geopolitical uncertainty, with international gold prices near USD 4,396 per ounce. Domestic MCX gold and silver levels were not independently verified before publication.

The U.S. Dollar Index remained firm as investors monitored inflation and interest rate expectations. The combination of a stronger dollar and higher U.S. Treasury yields could continue to influence foreign portfolio flows into emerging markets.

The Indian rupee weakened towards 94.82 against the U.S. dollar in the previous session as crude prices climbed and foreign investors reduced exposure to Indian equities. Another report indicated that the rupee slumped 34 paise to close at 95.08 against the U.S. dollar on Wednesday.

The U.S. 10-year Treasury yield remained elevated near 4.84 per cent. Higher U.S. yields generally increase the attractiveness of dollar assets and can put pressure on emerging-market equity flows.

Foreign portfolio investors were net sellers of Rs 583 crore on Wednesday, while domestic institutional investors were net buyers of Rs 1,509 crore. Another latest available data point showed FPI selling at Rs 123 crore and DII buying at Rs 1,350 crore.

The Sensex declined 813.35 points or 1.08 per cent to close at 74,764.23. The Nifty 50 moved between an Intraday high of 23,571.55 and a low of 23,431.50 before ending at 23,431.50.

Technically, the Nifty 50 has immediate support near 23,400, followed by the 23,200 zone. On the upside, 23,600 to 23,700 remains an important resistance area. Analysts have indicated that holding above 23,500 could support a meaningful recovery, while a sustained fall below 23,400 may trigger further correction.

For Bank Nifty, support is seen around 55,500 to 56,000, while the 56,800 to 57,000 zone is likely to act as resistance.

India VIX rose sharply in the previous session, reflecting higher expected volatility. The latest available reading showed India VIX near 11.71, up around 4.95 per cent, while another report indicated a 6.81 per cent rise to 11.92.

Asian equities opened on a weaker note, tracking losses on Wall Street as surging oil prices and Treasury yields increased inflation concerns ahead of key U.S. price data. U.S. oil extended its rally for an eighth consecutive session.

Hang Seng futures fell 0.9 per cent, Nikkei 225 futures declined 1.3 per cent, Japan’s Topix fell 0.4 per cent and Australia’s S&P/ASX 200 declined 1.7 per cent. S&P 500 futures and Euro Stoxx 50 futures were little changed.

The securities in the F&O ban period on Thursday include SAIL, LIC Housing Finance, Inox Wind, Kaynes, Manappuram and Bandhan Bank.

Securities enter the F&O ban period when their market-wide position limit utilisation crosses 95 per cent.

Rising geopolitical risks pushed Brent crude above the USD 100 per barrel mark. Higher crude prices could increase inflationary pressure and negatively affect aviation, paints and oil marketing companies.

The Nifty 50 declined sharply in the previous session as crude oil concerns combined with weakness in IT stocks, weighing on overall market sentiment.

Several IPOs are open for subscription, with around Rs 7,288 crore worth of issues entering the market during the week. Elevated primary-market activity could influence liquidity allocation.

Adani Enterprises shares gained 5.13 per cent in the previous session following developments related to a partial stake sale in its airport business. The transaction improved sentiment around asset monetisation.

Adani Ports gained around 3.80 per cent amid strength across Adani group stocks.

Infosys shares declined sharply amid heavy selling pressure across the IT sector, falling around 4.34 per cent in the previous session.

HCL Technologies declined around 3.69 per cent amid broad-based weakness in IT stocks.

Coforge remained under pressure amid concerns related to management developments, adding to weakness in the IT sector.

The Nifty 50’s immediate support is placed near 23,400, followed by 23,200. On the higher side, 23,600 to 23,700 remains the key resistance zone. For Bank Nifty, 55,500 to 56,000 is the immediate support area, while 56,800 to 57,000 remains the key resistance zone.

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

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