Pre-Market Report: Tepid Opening Expected as GIFT Nifty Slips Ahead of RBI Policy Decision — October 7, 2026

Global Market Cues

Wall Street closed higher on Tuesday, with the S&P 500 and the Nasdaq Composite touching fresh record highs amid softening Treasury yields. The Dow Jones Industrial Average rose 253.14 points (0.49%) to close at 51,521.04, while the S&P 500 advanced 45.00 points (0.58%) to 7,818.95. The tech-heavy Nasdaq Composite gained 122.48 points (0.45%) to finish at 27,599.79.

Asian markets traded mixed in early Wednesday trade.

• Japan's Nikkei 225 slipped 0.12%, while the broader Topix index nudged 0.12% higher.
• South Korea's Kospi gained 0.44%, while the small-cap Kosdaq fell 1.21%.
• Hong Kong's Hang Seng index futures pointed to a largely flat start, while mainland Chinese financial markets remain shut on account of the Golden Week holidays.
• Global crude oil benchmarks remained elevated above the $100 per barrel mark amid geopolitical tensions, keeping inflation concerns alive.

GIFT Nifty and Domestic Cues

Early signals from GIFT Nifty point to a soft opening for the Indian equity benchmarks, Sensex and Nifty 50. GIFT Nifty was trading near 22,741, reflecting a discount of around 54 points compared to the previous close of Nifty futures. In the prior trading session, the Nifty 50 climbed 220.35 points (0.98%) to settle at 22,776.10, while the BSE Sensex rose 0.95% to 73,067.

Technical analysts mark the 22,745–22,813 range as an immediate support pocket for the Nifty 50, below which deeper support lies at 22,555. On the upside, 23,076.90 remains a key resistance hurdle. Domestic investor sentiment is dominated by the Reserve Bank of India’s (RBI) Monetary Policy Committee (MPC) announcement scheduled for later in the morning.

Key Stocks in Focus

• Banking Stocks (Kotak Mahindra Bank, HDFC Bank, Axis Bank, IndusInd Bank): Banking and financial counters will remain under scrutiny ahead of the RBI rate decision, after the private bank index gained over 1% in the prior session.
• ACME Solar Holdings: The company announced that its subsidiary, ACME Renewtech, commissioned an additional 66.68 MW solar capacity in Bikaner, Rajasthan, with a commercial operation date set for October 07, 2026.
• PTC India: Shares will trade ex-dividend today for a dividend payout of ₹5.50 per share.
• Tata Consultancy Services (TCS): The IT heavyweight will remain in focus as markets brace for its Q2 earnings announcement due tomorrow, setting the tone for the Q2 corporate results season.
• Renewable Energy Counters (Waaree Energies, KPI Green Energy): Clean energy shares are likely to see continued active participation following capacity additions and sector-specific buzz.

Key Events to Watch Today

• RBI Monetary Policy Decision: Governor Sanjay Malhotra will announce the MPC’s rate decision at 10:00 AM IST, followed by a press conference at 12:00 PM IST. The Street is divided on whether the central bank will hike the repo rate by 25 bps to 5.50% or maintain a pause amid elevated inflation and crude prices.
• Services PMI Data: Final prints for India's HSBC Services and Composite PMI for September will offer insights into economic momentum.
• Foreign Institutional Investor (FII) Flows: Trends in institutional activity will remain in focus after recent volatility in the bond and FX markets.

Tags: Pre-Market Stock Market Nifty Sensex Market Update