Pre-Market Report: Firm Start Expected as GIFT Nifty Crosses 23,070 Mark

Global Market Cues

Overnight moves across major global markets reflect an overall stable-to-positive risk appetite. Wall Street concluded on a strong note, buoyed by resilience in mega-cap technology names and investor optimism heading into the core corporate earnings cycle.

In Asian trade this morning, sentiment remained mixed to positive. Regional markets absorbed overnight gains from US indices, though gains in select Asian bourses were partially capped by profit-taking and caution surrounding geopolitical developments. In commodities, crude oil prices remain elevated, demanding caution from domestic oil marketing companies and import-reliant sectors.

GIFT Nifty and Domestic Cues

Early morning indicators from the NSE International Exchange (NSE IX) in GIFT City point to positive follow-through momentum for the domestic market:

• GIFT Nifty Level: GIFT Nifty traded at 23,073.50, up approximately 76 points (+0.33%) against the previous Nifty 50 cash market close.
• Previous Session Close: On Thursday, October 15, Indian equities recorded massive gains, with the Nifty 50 surging 374.65 points (+1.66%) to settle at 22,997.35, while the BSE Sensex jumped 1,533.72 points (+2.11%) to close at 74,315.61. Bank Nifty similarly advanced to close at 55,810.50.
• Technical Levels: Nifty faces immediate resistance around the 23,076–23,150 zone. A sustained trade above this band could extend the rally toward 23,300. On the downside, immediate support is pegged at 22,850, followed by strong structural support at 22,700.

Key Stocks in Focus

• Tech Mahindra: The IT major is in the spotlight after reporting a solid Q2 profit beat alongside the announcement of a 1:1 bonus issue.
• IIFL Finance: Shares will react favorably to strong quarterly performance after reporting a 93% year-on-year jump in consolidated net profit to ₹766 crore.
• Angel One: The retail brokerage posted an impressive 58% year-on-year surge in quarterly net profit, backed by elevated retail trading volumes.
• Jio Financial Services: Remains in focus as the market digests its quarterly results, which saw pressure on bottom-line numbers due to rising operational and expansion costs.
• Banking and NBFC Heavyweights: Public and private lenders will remain active following recent updates regarding foreign exchange derivative risk reserves and key earnings releases.

Key Events to Watch Today

• Q2 FY27 Earnings: Second-quarter corporate earnings announcements will dictate sector-specific trends, with major firms including DLF, LTIMindtree, and Punjab National Bank (PNB) set to announce or react to their performance figures.
• Regulatory Updates: The market will process SEBI’s updated circular concerning derivative closing-auction sessions and settlement frameworks based on 30-minute VWAP mechanisms.
• RBI Reserve Norms: Banking counters and treasury desks will adjust to the Reserve Bank of India’s clarification requiring banks to maintain the Foreign Exchange Risk Reserve in their CRR balances for eligible foreign exchange derivative transactions.
• Foreign Institutional Activity: Investors will watch whether Foreign Institutional Investors (FIIs) turn into sustained net buyers at higher index levels following the explosive mid-week rally.

Tags: Pre-Market Stock Market Nifty Sensex Market Update