Pre-Market Report: GIFT Nifty Signals Gap-Up Opening for Indian Markets Despite Global Tech Weakness — November 2, 2026

Global Market Cues

Global equity markets started the week on a divergent and cautious note following heavy declines on Wall Street over the weekend, predominantly driven by an intense tech selloff and rising concerns over hefty AI-related capital expenditures.

• US Markets: Major indices closed sharply lower in the previous session. The Dow Jones Industrial Average dropped 698.81 points (1.33%) to 51,664.75. Futures remained under pressure, with Nasdaq futures sliding 4.15% and S&P 500 futures dropping 2.31% amid profit-taking in high-valuation technology names.
• Asian Markets: Asian bourses traded predominantly weaker tracking Wall Street's weakness. Japan's Nikkei 225 tumbled 2.12% to 63,290.11, while China's Shanghai Composite slipped 1.44% to 3,599.01. Bucking the trend, Hong Kong's Hang Seng index gained 1.46% to trade near 23,294.42.
• European Markets: Major European markets closed mixed to lower on Friday. Germany's DAX shed 1.49% to 25,695, France's CAC 40 remained virtually flat at 7,969.42, and the UK's FTSE 100 inched up 0.13% to 10,736.14.
• Commodities and Currency: Brent crude eased moderately after recent geopolitical spikes, offering some relief to domestic macro sentiment. The US Dollar Index remained steady, with the Indian Rupee hovering near the 94.95 level.

GIFT Nifty and Domestic Cues

Early morning action on the NSE International Exchange (NSE IX) indicates that domestic indices are set to shrug off overseas weakness at the opening bell.

• GIFT Nifty Status: GIFT Nifty traded at 23,281.50, up around 222.50 points (0.96%) over its previous close. Against the prevailing Nifty November futures price of 23,101.40, the indicator points to an implied gap-up opening of approximately 175–180 points for the Nifty 50.
• Domestic Momentum: On Friday, the BSE Sensex closed at 74,459.53 (+308.49 points), while the Nifty 50 settled at 23,053.10 (+116.35 points). Technical analysts peg the immediate hurdle for the Nifty 50 at 23,300–23,350, with immediate support placed near 22,950–23,000.
• Institutional Activity: Domestic institutional investors (DIIs) have continued to cushion the market, while foreign portfolio investors (FPIs) showed selective buying interest heading into the festive month.

Key Stocks in Focus

• Reliance Industries: The energy-to-telecom major remains in the spotlight after reporting robust revenue and net profit growth for the September quarter, driven by strength in its Oil-to-Chemicals (O2C) segment and double-digit profit expansion in Jio Platforms aided by higher ARPU.
• Trent: The retail major continues to see positive sentiment after delivering an operational beat for Q2, with operating margins expanding to 18.4% alongside steady footfall growth.
• InterGlobe Aviation (IndiGo): The airline stock will see action after recording a 26% top-line growth in Q2, even as EBITDAR margins contracted by 500 bps to 15.5% due to higher fuel costs and airport charges.
• Coal India: The PSU mining heavyweight posted steady Q2 numbers with revenue rising 21% and EBITDA expanding 29% year-on-year, supported by strong volume off-take.
• IT Heavyweights (Infosys, TCS): IT exporters may experience volatility as investors digest the overnight slump across US tech and semiconductor giants.

Key Events to Watch Today

• Monthly Auto Sales Data: Automakers will react to festive dispatch and retail sales figures released over the weekend for the month of October.
• Macroeconomic Prints: Release of the S&P Global India Manufacturing PMI for October will provide fresh insights into factory output and business confidence.
• Global Central Bank Cues: Market participants will look out for commentary ahead of key global policy rate meetings and ongoing mega-cap US tech earnings this week.