Pre-Market Report: GIFT Nifty Points to a Rebound Opening Despite Global Tech Rout and Elevated Crude — October 23, 2026

Global Market Cues

Wall Street closed mostly lower on Thursday as an aggressive sell-off hit technology and artificial intelligence-related names. The tech-heavy Nasdaq Composite sank 2.60% (down 694 points) to finish at 26,008.86, while the S&P 500 fell 1.21% to 7,663.43. The Dow Jones Industrial Average managed to stay virtually flat, edging up 11.89 points (0.02%) to 52,867.98. Chipmakers took the brunt of the downturn, with the Philadelphia SE Semiconductor Index plunging 6.7%—weighed down by heavy losses in Meta (-7.0%), AMD (-8.1%), Intel (-8.0%), and Nvidia (-4.4%) amid growing scrutiny over ballooning AI capital expenditures and funding requirements.

Risk aversion sparked a flight into sovereign debt, pushing the US 10-year Treasury yield below the 5% threshold. In commodities, crude oil prices extended their rally amid intensifying Middle East conflict and fresh attacks in the region, with Brent crude trading near five-month highs between $113 and $114 per barrel.

Asian markets traded noticeably lower this morning in response to the overnight US tech plunge. South Korea’s Kospi dropped over 2.4%, and Japan’s Nikkei 225 slipped around 0.5%–1.6%, while Chinese blue-chip equities traded under modest selling pressure.

GIFT Nifty and Domestic Cues

Defying the weakness across global equities, GIFT Nifty traded comfortably in the green during early trade, quoted between 22,800 and 22,860, indicating a gap-up premium of 120 to 160 points against the Nifty futures' previous close.

On Thursday, domestic benchmarks suffered a third consecutive day of declines due to surging oil prices and geopolitical headwinds. The BSE Sensex closed 460.30 points (0.62%) lower at 73,249.39, while the NSE Nifty 50 ended down 123.70 points (0.54%) at 22,687.65. For today's session, market participants see immediate technical resistance for the Nifty 50 around the 22,800–22,850 band, with 22,600 acting as a primary downside support level.

Key Stocks in Focus

The following individual counters will remain in the spotlight during today's trading session:

• Infosys: The IT giant is scheduled to announce its Q2 FY27 earnings results post-market hours today. Analysts are projecting constant-currency revenue growth of 1.5%–1.7% QoQ, with revenue guidance revisions and deal-win conversions in focus.

• Swiggy: The food and quick-commerce company narrowed its consolidated Q2 FY27 net loss to ₹922 crore, improving from a net loss of ₹1,092 crore posted in the corresponding period last fiscal.

• Colgate-Palmolive India: Posted a 4.3% YoY rise in net profit to ₹341.57 crore for the September quarter, supported by a 12.2% growth in revenue.

• Adani Total Gas: Reported a 3% YoY increase in Q2 net profit to ₹167 crore as operational revenues climbed 34% to ₹2,102 crore, though operating margins contracted.

• HPCL: Shares will react to the oil marketing company's September-quarter operational performance amid pressure from elevated international crude prices.

• Cyient: Delivered a 22% sequential jump in net profit to ₹132.5 crore, while revenue rose 7.7% QoQ to ₹2,235 crore.

• Transrail Lighting: Won new EPC orders worth ₹9.27 billion in the power transmission and distribution space, taking its order intake for the year to ₹33.56 billion.

Key Events to Watch Today

Market participants should keep track of several crucial domestic and international triggers through the day:

• Q2 Earnings Announcements: Major corporate results, led by Infosys after market hours, alongside mid-cap earnings reports.

• Crude Oil Price Volatility: Brent crude trading above $113/bbl remains a key macroeconomic headwind for domestic inflation and the Indian Rupee.

• Institutional Flows: Daily provisional FII and DII buying/selling figures following three sessions of domestic equity declines.

• Geopolitical Headlines: Middle East developments and supply-chain monitoring following fresh energy infrastructure disruptions.

Tags: Pre-Market Stock Market Nifty Sensex Market Update