Pre-Market Report: Indian Equities Set for a Subdued and Negative Start Amid Muted Global Cues — October 22, 2026

Global Market Cues

Wall Street ended Wednesday's regular session in the green, lifted by early artificial intelligence optimism. The Dow Jones Industrial Average rose 0.69% to 52,856.09, the S&P 500 gained 0.58% to 7,757.17, and the tech-heavy Nasdaq Composite jumped 1.05% to 26,702.86. However, sentiment turned uneasy during after-hours trade as US index futures dropped—with Nasdaq futures falling nearly 200 points—following mixed market reactions to earnings releases from tech heavyweights Meta, Tesla, and IBM.

Asian equities are reflecting this overnight hesitation, trading mixed to lower on Thursday morning:

• Japan's Nikkei 225 slipped 0.17%, while the broader Topix traded flat to mildly positive.
• South Korea's Kospi dropped 0.47%, tracking pressure on semiconductor names.
• Hong Kong's Hang Seng index futures indicated a soft start, down approximately 0.20%.

In commodities and fixed income, Brent crude hovered firmly around $110 per barrel and WTI near $98 per barrel amid supply concerns. The US 10-year Treasury yield held above 5.12%.

GIFT Nifty and Domestic Cues

Early signals from GIFT Nifty on the NSE IX indicate a cautious and negative opening for Dalal Street. GIFT Nifty futures traded around 22,682–22,690, down nearly 40 to 45 points from earlier closes, indicating a gap-down start.

On Wednesday, the Nifty 50 index fell 77.60 points (0.34%) to close at 22,811.35 as banking and broader market selling offset IT gains. Technical analysts mark the 22,700 mark as an immediate crucial support zone, with resistance placed around 22,900–23,000. Meanwhile, domestic macroeconomic sentiment remains cautious after RBI monetary policy minutes highlighted ongoing vigilance against inflation, keeping the India 10-year benchmark bond yield elevated around 7.43%.

Key Stocks in Focus

Several key companies and earnings movers will command investor attention today:

• Reliance Industries & Jio Platforms: All eyes remain on the primary market as Jio Platforms enters Day 2 of its historic ₹30,213-crore initial public offering after getting subscribed more than 3 times on Day 1.
• M&M Financial Services: The company reported a strong 55% year-on-year surge in standalone net profit to ₹881.52 crore for the second quarter.
• KEI Industries: Under watch following margin pressures, with EBITDA margins contracting 81 bps despite 29% profit growth.
• Indian Hotels Company (IHCL): Traded mixed after missing Q2 profit estimates, though it raised full-year revenue growth guidance to 15–17%.
• Vishal Mega Mart & Just Dial: Reacting to their latest quarterly scorecards released late yesterday.
• NHPC: Likely to be in focus after declaring commercial operation of Unit 5 at the Subansiri project.

Key Events to Watch Today

Key macroeconomic and corporate developments set to guide the session include:

• Major Q2 Earnings Announcements: Quarterly earnings announcements today include Hindustan Petroleum Corporation (HPCL), Havells India, Swiggy, Adani Energy Solutions, Colgate-Palmolive India, and Nippon Life India Asset Management.
• Jio Platforms IPO Bidding: Retail and non-institutional investor demand will be closely tracked through Day 2 of the bidding window.
• Crude Oil Movements and Geopolitics: Elevated crude prices near multi-month highs continue to pose headwinds for import-heavy domestic sectors like paints, oil marketing companies, and specialty chemicals.

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