Pre-Market Report: Sharp Gap-Down Expected as Global Tech Rout and Oil Surge Weigh on Sentiment — July 24, 2026

Global Market Cues

The overnight session on Wall Street was dominated by a severe tech-led rout, marking one of the worst days for the indices in recent months. Investor sentiment soured following underwhelming earnings and massive AI-related capital expenditure plans from Alphabet and Tesla, which sparked fears that the AI boom may be getting too expensive without immediate returns.

• The Nasdaq Composite tumbled 2.2% to settle at 25,137.69, while the S&P 500 shed 1.2% to close at 7,408.30.
• The Dow Jones Industrial Average dropped 1% to 51,711.65.
• Brent crude oil prices surged past the psychological $100 mark, trading around $100.85 per barrel, fueled by intensified military exchanges between the US and Iran and threats to Red Sea shipping corridors.
• Asian markets are mirroring this weakness in early trade today, with Japan’s Nikkei 225 and South Korea’s Kospi both down nearly 2.8%.

GIFT Nifty and Domestic Cues

GIFT Nifty is currently trading at a steep discount, signaling a weak start for the Nifty 50 and Sensex. The index was recently quoted at 23,671, down approximately 202 points or 0.85% from its previous close. This follows a four-session losing streak for the domestic benchmarks, which closed lower on Thursday amid persistent geopolitical concerns and rupee weakness.

• The Nifty 50 ended Thursday at 23,869.60, down 0.53%, while the Sensex shed 364 points to close at 76,391.39.
• The domestic currency remains under pressure, hovering near record lows, which could further dampen FII appetite.
• FIIs have remained net sellers in recent sessions, a trend likely to continue given the rising US Treasury yields and global risk aversion.

Key Stocks in Focus

Several high-profile earnings and corporate developments will drive individual stock movements today.

• Earnings Today: NTPC, Shriram Finance, Hindustan Zinc, Steel Authority of India (SAIL), Bank of Baroda, Bank of India, and Jindal Steel are among the major companies scheduled to report their Q1 FY27 results.
• Infosys: The IT major reported a 3.9% QoQ revenue growth but saw a net profit decline of 8.6% sequentially to ₹7,769 crore. The appointment of Ashiss Kumar Dash as CEO-designate will also be in focus.
• IEX: Reported a healthy 11.6% YoY jump in consolidated net profit to ₹135 crore for the June quarter.
• Cyient: The company posted a strong 90% QoQ jump in net profit, though revenue growth remained modest at 7.7%.
• Sona BLW Precision: Shares will be in focus after reporting a 44.7% YoY increase in net profit to ₹180 crore.

Key Events to Watch Today

• Middle East Conflict: Any further escalation in the US-Iran military strikes or disruptions in the Strait of Hormuz will keep oil prices volatile.
• US Economic Data: Markets will react to the latest weekly jobless claims and the impact of rising 10-year Treasury yields, which recently touched a 52-week high of 4.71%.
• ECB Policy Outlook: Following the ECB's decision to hold rates, investors are closely monitoring signals for a potential September rate cut or hike, depending on inflation trends.

TAGS: Pre-Market, Stock Market, Nifty, Sensex, Market Update

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