Pre-Market Report: Tech-Led Global Rally and GIFT Nifty Gains Point to Strong Opening — July 31, 2026

Global Market Cues

Wall Street staged a significant recovery on Thursday as robust earnings from technology giants eased concerns over AI infrastructure spending. The Nasdaq Composite led the gains, surging 2.8% to 25,122.18, while the S&P 500 climbed 1.7% to 7,437.63. The primary catalyst was Microsoft, which saw its shares jump nearly 16% after reporting stronger-than-expected cloud growth. Amazon also contributed to the bullish sentiment, rising nearly 4% in regular trading and gaining further in after-hours following its own earnings beat.

Despite the equity rally, the bond market signaled caution. The Federal Reserve opted for a "hawkish hold," maintaining interest rates with a 9-3 vote, but three dissenting members signaled support for tighter policy. This pushed the 30-year US Treasury yield to 5.23%, its highest level in 19 years. In Asia, markets are trading mostly higher this morning, with the South Korean Kospi experiencing a brief trading halt after a massive 16% surge driven by chipmakers.

GIFT Nifty and Domestic Cues

GIFT Nifty is currently trading at approximately 24,424, indicating a positive start for the Nifty 50 with a premium of nearly 70-100 points over its previous close. On Thursday, the domestic benchmarks ended with modest gains; the Nifty 50 closed at 24,317.15 (up 0.28%) and the Sensex finished at 77,928.15 (up 0.35%).

Domestic sentiment is bolstered by Foreign Institutional Investors (FIIs) turning net buyers, though the rise in long-term global yields and elevated Brent crude prices near $86 per barrel remain key monitorables.

Key Stocks in Focus

• Tata Steel: Reported a 12% rise in Q1 net profit, with revenue increasing by 14% year-on-year.
• Bajaj Finance: Q1 profit surged 28% while Net Interest Income (NII) rose by 23%, beating street estimates.
• Swiggy: Narrowed its Q1 loss to ₹791 crore from ₹1,197 crore last year, supported by a 37% jump in revenue.
• Mahindra & Mahindra: Incorporated a new aerospace subsidiary, Novavayu Aerospace; its last-mile mobility unit also achieved unicorn status.
• Astra Microwave Products: Secured a massive order worth ₹2,205.23 crore from HAL for the supply of AAAUs and interface frames.
• Hyundai Motor India: Reported a 35% decline in Q1 profit, which may weigh on the stock in early trade.
• Vedanta: Q1 profit climbed 72% on the back of a 54% rise in revenue.

Key Events to Watch Today

• Bank of Japan Decision: The BoJ will announce its interest rate decision and quarterly outlook report, followed by Governor Ueda’s press conference.
• China PMI: NBS Manufacturing and Non-Manufacturing PMI data for July will provide insights into the health of the world's second-largest economy.
• Euro Area Inflation: Flash inflation and GDP data for the Eurozone are scheduled for release today.
• US Economic Data: The Employment Cost Index and Michigan Consumer Sentiment final report will be closely watched for inflation and spending trends.
• Earnings Heavyweights: Over 100 companies are slated to report earnings today, including Maruti Suzuki, Sun Pharma, and NTPC.

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

Tags: Pre-Market Stock Market Nifty Sensex Market Update