Pre-Market Report: Gap-Down Opening Expected as GIFT Nifty Slumps on Rising US Yields — September 24, 2026

Global Market Cues

Wall Street closed firmly in the red on Wednesday as stronger-than-expected US business activity data rekindled concerns over persistent inflation and prolonged monetary tightening. Hawkish commentary from Federal Reserve officials, including Governor Michael Barr backing further rate hikes, pushed the US 10-year Treasury yield to 5.10%, its highest level in years. In response, the tech-heavy Nasdaq Composite dropped 1.13% to 26,936.04, the S&P 500 declined 0.75% to 7,706.03, and the Dow Jones Industrial Average slid 0.68% to 51,511.59.

Asian markets traded mixed in early Thursday morning trade. While Japan's Nikkei 225 climbed over 1.4% in post-holiday trade supported by technology and AI-linked counters, other regional peers faced headwinds. Hong Kong's Hang Seng and Australia's S&P/ASX 200 traded in negative territory, weighed down by the spike in global yields and US equity futures weakness. In commodities, crude oil experienced volatility amid geopolitical discussions in West Asia, with Brent crude tracking near recent range-bound levels.

GIFT Nifty and Domestic Cues

Early indications from the NSE International Exchange (NSE IX) at GIFT City suggest a weak start for Indian equities. GIFT Nifty hovered around 23,250–23,264, down nearly 150 to 190 points from previous levels, signaling that Nifty 50 will likely open with a gap down below the 23,300 mark.

On Wednesday, the domestic market closed higher on broad-based accumulation, with institutional flows showing robust resilience. Foreign Institutional Investors (FIIs) net bought equities worth ₹1,617 crore, while Domestic Institutional Investors (DIIs) purchased shares worth ₹2,341 crore. On the technical front:

• Immediate support for the Nifty 50 is pegged at the 23,300–23,250 range, with critical secondary support at 23,000.
• Key overhead resistance remains at 23,650–23,700 levels.
• India VIX softened by 6% to settle near 10.34, showing underlying low domestic volatility despite turbulent overseas cues.

Key Stocks in Focus

A series of major corporate announcements, block deals, and defense contracts are set to trigger stock-specific volatility today:

• Bharat Dynamics Ltd (BDL): Signed an ₹810.79 crore contract with the Ministry of Defence for the supply of Satellite Smart Anti-Airfield Weapons (SAT-SAAW) and associated systems to the Indian Air Force.
• Exide Industries: Announced that its subsidiary, Exide Energy Solutions, has operationalized Phase I of its 6 GWh lithium-ion cell manufacturing facility in Bengaluru, catering to EV mobility and energy storage systems.
• Ola Electric Mobility: Board will convene on September 28 to consider raising capital through a rights issue of equity shares.
• Sedemac Mechatronics: A 10% equity block deal worth approximately ₹1,329 crore is slated to take place at a floor price of ₹3,000 per share by institutional investors.
• Bharti Airtel: Airtel Money, the telecom major’s fintech division, announced plans to explore a listing on the London Stock Exchange.
• Max Estates: Finalized a joint development agreement for a 9.76-acre residential land parcel in Ghaziabad with an estimated development value of ₹2,500–3,000 crore.
• NTPC: Remitted a final dividend payout of ₹3,394 crore for FY26, bringing total full-year dividend distributions to ₹8,727 crore.

Key Events to Watch Today

Market participants will monitor several domestic and international triggers during Thursday’s session:

• Primary Market Activity: Continued updates on new listings and incoming subscription flows across primary issues hitting the bourses this week.
• US Macroeconomic Data: Key US economic releases, including weekly jobless claims, durable goods orders, and speeches by Federal Reserve policymakers that could guide global rate expectations.
• Forex and Bond Yields: The trajectory of the US Dollar Index and the elevated 10-year Treasury yield, which continue to dictate emerging market fund flows and put pressure on the Indian Rupee.
• F&O Derivative Expiry Shifts: Intraday repositioning and Put writing defense around the 23,200–23,300 strike zones in response to the initial gap-down.

Tags: Pre-Market Stock Market Nifty Sensex Market Update