Pre-Market Report: Indian Markets Set for a Gap-Down Start Amid Global Tech Sell-Off

Global Market Cues

• Wall Street witnessed a sharp sell-off on Thursday, with the Nasdaq Composite tumbling 2.03% to 22,597.15, while the S&P 500 and Dow Jones fell 1.57% and 1.34% respectively.
• The rout was primarily driven by "AI disruption fears" and disappointing guidance from tech majors like Cisco Systems, which plunged 12%, and Apple, which saw its biggest daily drop since last April.
• Asian markets are tracking these losses this morning, with Japan's Nikkei 225 dropping 1.69% and South Korea's Kospi declining 0.5%.
• US Treasury yields tumbled as investors sought safety in bonds ahead of crucial inflation data, while gold and silver attempted to recover from heavy overnight losses.

GIFT Nifty and Domestic Cues

• GIFT Nifty is currently trading around the 25,719 level, suggesting a gap-down opening of approximately 130-140 points for the Nifty 50 relative to its previous close.
• On the domestic macro front, India's January 2026 CPI inflation rose to 2.75% under the newly revised 2024 base year series, driven by higher food and precious metal prices.
• Institutional Activity: On February 12, Foreign Institutional Investors (FIIs) were marginal net buyers of ₹108.40 crore, while Domestic Institutional Investors (DIIs) supported the market with net purchases of ₹276.80 crore.
• Technical Outlook: The Nifty 50 ended Thursday at 25,807; analysts suggest that the index may now consolidate in the 25,500–26,000 range, with 25,500 acting as immediate support.

Key Stocks in Focus

• IT Stocks (Infosys, Wipro, TCS): The sector is expected to face heavy selling pressure after Infosys ADR crashed nearly 10% and Wipro ADR fell 4.6% in US trade due to a global tech rout.
• ONGC: The oil major reported a 23% growth in Q3 net profit to ₹11,946 crore and declared an interim dividend of ₹6.25 per share.
• Coal India: The company reported a 16% dip in quarterly net profit to ₹7,166 crore, which may impact sentiment for the stock today.
• Hindalco: Despite a 14% rise in revenue, the company's net profit halved to ₹2,049 crore for the December quarter due to exceptional losses.
• J Kumar Infraprojects: The stock will be in focus after bagging a significant ₹616 crore order from NBCC for a redevelopment project in Delhi.
• IRCTC: Reported a robust 15.6% year-on-year growth in net profit to ₹394.3 crore with an 18.4% jump in revenue.

Key Events to Watch Today

• Q3 Earnings Season: A heavy slate of corporate results is expected today, including Torrent Pharmaceuticals, GMR Airports, Siemens Energy India, Info Edge, Alkem Laboratories, Fortis Healthcare, and Ola Electric.
• US Inflation Data: Global investors are awaiting the US consumer price index (CPI) report later today, which will be a critical factor for the Federal Reserve's upcoming interest rate decisions.
• F&O Ban: SAIL and SAMMAANCAP remain in the securities ban period for the F&O segment today.

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