Indian Markets Pre Market Report Today, September 28: Nifty 23,100 Test as Oil Rises Again

The Indian Markets Pre Market Report Today starts with a simple question: can Friday’s recovery turn into something stronger?

Nifty ended at 23,140.50, while Sensex recovered to 73,895.74. That gave investors some breathing space after Thursday’s sharp fall. But one positive session does not settle the debate about the market’s direction. 

Foreign selling continued. Oil remains sensitive to developments in West Asia. And a stronger US technology market does not automatically mean Indian shares will follow.

For Monday, watch the opening, then check whether buying spreads beyond a handful of heavyweight stocks.

Indian Markets Pre Market Report Today: Friday’s Closing Snapshot

Sources: closing reports, options summary and provisional institutional activity. 

What happened in the previous Indian session?

Friday’s gains came with strength in auto and realty shares. Axis Bank, Asian Paints and Mahindra & Mahindra were among the leading Nifty gainers. IT and pharma were softer.

The weekly picture was less encouraging. Nifty recorded its seventh consecutive weekly decline. 

That difference matters. A rebound can offer trading opportunities while the broader trend remains weak. Repeated buying on declines and improving market breadth would provide better evidence that sentiment is changing.

Global Cues: US and European Markets

These are Friday, September 25 closing readings, not Monday futures.

US closes are from Reuters. The European quote provider labels DAX and FTSE readings as derived. 

Microsoft rose about 3.7% following new Copilot features. AI-related buying supported US shares, although expensive oil and elevated bond yields remained concerns. 

For Indian investors, the question is whether that confidence reaches domestic IT stocks. Watch their actual price response rather than assuming every technology company benefits equally.

Reuters — Global Cues and Wall Street’s Previous Close

Asian Markets and GIFT Nifty — September 28, 2026

Latest retrieved morning snapshot: GIFT Nifty is weaker, while Asian markets are mixed. GIFT Nifty’s verified timestamp is 7:28 AM IST; other provider quotes have different update times.

GIFT Nifty’s morning range: 23,105–23,175.50. Its retrieved level is about 67 points below Friday’s domestic Nifty futures close of 23,186.70, supporting a cautious opening indication—not a guaranteed gap size. 

Renewed uncertainty over the US-Iran conflict and firmer oil prices are weighing on regional sentiment.

Rechecked: Brent needs a clear contract label. The November contract is above $106, while the December contract is near $98.4. The difference is between delivery months—not an overnight fall in oil prices. 

Latest Available Commodity Update — September 28, 2026

Sources: Brent November contract table, December Brent and WTI quote pages, and the commodity snapshot for metals. November Brent is delayed by at least 10 minutes; the other futures quotes are provider-derived indications. 

MCX Gold and Silver — Latest Available Previous-Session Data

These remain September 25 readings, timestamped 11:29 PM IST. They are not Monday morning trades.

Dhan’s pages confirm these contract-specific values and the Friday timestamp. Fresh MCX trading starts at 9:00 AM IST. 

Article-ready takeaway: Crude oil is trading higher, with November Brent above $106 a barrel, while international gold and silver are lower. MCX bullion prices shown above are Friday’s reference levels and need updating after the domestic session opens. 

Weekend News and Geopolitical Developments

Trump rejected Iran’s latest truce proposal over the weekend, leaving negotiations uncertain. 

For India, the practical connection is through oil, freight costs and the rupee. A headline about talks is useful, but sustained improvement in energy supplies would carry more weight.

Friday’s US-China summit also ended without major breakthroughs on difficult economic issues, according to Reuters. Diplomatic statements should be distinguished from announced changes to trade restrictions. 

The early commodity snapshot below shows oil rising against the same contracts’ previous reference prices. That argues for caution when interpreting Friday’s stronger Wall Street close.

Indian ADR and GDR Update

The latest completed overseas session is September 25.

• Infosys ADR: regular close $10.50, unchanged. The later after-hours quote was $10.54, up 0.38% from that close, timestamped 7:30 PM EDT. 
• HDFC Bank ADR: regular close $23.01, up 0.79%. The after-hours quote was $23.30, up 1.26% from the regular close, timestamped 7:51 PM EDT. 
• Reliance Industries GDR, London: $50.70, unchanged, with the provider timestamp at 4:36 PM BST. 

After-hours trading can be thin. Depositary-receipt ratios, currencies and different trading hours also mean these moves cannot be copied directly into an Indian share-price forecast.

Nifty, Bank Nifty and Sensex: Support and Resistance

These are reference zones, not guaranteed turning points.

Nifty 50

• Near-term support: 23,054, then 23,020.
• Main psychological level: 23,000.
• Resistance: 23,162, 23,196 and 23,250.
• Wider recovery hurdle: 23,300–23,500.

Bank Nifty

• Support: 55,424, 55,332 and 55,183.
• Resistance: 55,721, 55,813 and 55,961.

These Nifty and Bank Nifty references come from the September 28 trade setup. 

Sensex

Friday’s reported range was 73,477.77–73,968.05. Based on that range, the editorial watch zones are:

• Support: approximately 73,500, around Friday’s low.
• Resistance: approximately 74,000, around Friday’s high and a round-number level.

These Sensex zones are rounded observations from historical prices, not exchange-issued targets. 

Open Interest, PCR and India VIX

Friday’s reported monthly options positioning shows:

• Nifty maximum call OI: 23,500 strike.
• Nifty maximum put OI: 23,000 strike.
• Bank Nifty maximum call OI: 57,000 strike.
• Bank Nifty maximum put OI: 55,000 strike.
• Nifty PCR: 0.97.
• India VIX: 12.16. 

Open interest counts outstanding positions. A large put-OI concentration can identify a level traders are watching, but it does not guarantee support. Those positions can unwind quickly.

PCR is total put OI divided by total call OI for the selected series. It does not independently reveal who bought or sold the options. An improving ratio therefore needs confirmation from price action.

Absolute OI quantities are omitted because the retrieved report’s contracts-versus-underlying-units convention could not be independently verified.

Moneycontrol — Trade Setup for September 28, 2026

FII and DII: What the Flows Suggest

Friday’s combined FII and DII cash-market balance was net selling of ₹855.76 crore, calculated from the reported provisional figures. 

Domestic buying helped, but did not fully offset foreign selling. These numbers describe the covered cash-market activity, rather than every foreign investment flow into India.

For Monday, stronger breadth alongside reduced selling would be more encouraging than an index rise driven by only two or three large stocks.

Latest SEBI Developments and Their Market Impact

SEBI’s September 24 board decisions included the Portfolio Managers Route for Investing in Mutual Fund Units, or PRIM, with a minimum investment of ₹25 lakh under the approved framework. The route covers direct mutual fund plans and specified fund products.

For eligible investors, this creates another professionally managed investment route. It does not mean ordinary mutual fund investors need ₹25 lakh to start investing. 

The board also approved wider FPI participation in commodity derivatives and changes to the PMS framework. Broader participation may improve market depth over time, but the effect depends on implementation and actual investor activity. 

These are board approvals. Check final notifications and effective dates before treating each provision as operational.

Two Growth Stocks to Study: Polycab and APAR Industries

These are research watchlist names, not buy calls. Their Q1 FY27 figures refer to the quarter ended June 2026.

1. Polycab India: Strong Sales, but Watch Profitability

Polycab’s published figures show:

• Revenue: approximately ₹8,209.7 crore, up about 39% year on year.
• Consolidated net profit for the period: approximately ₹796.7 crore, up about 33%.
• EBITDA: approximately ₹1,136.2 crore. 

Sales grew faster than profit. That makes margins worth monitoring alongside headline demand. For a cable business, higher metal prices can increase reported revenue without an equivalent improvement in unit volumes.

Long-term research should cover cash generation, competition, working capital and whether capacity expansion earns an adequate return.

Technical reference: the September 25 NSE close was ₹8,408.50, within a ₹8,350–₹8,463 range. Those edges provide immediate levels to watch. 

Holding above the upper edge with convincing volume would be more encouraging than a brief intraday jump. A break below the lower edge would weaken that short-term setup. These are price-action observations, not investment targets.

Polycab India — Official Q1 FY27 Results Press Release

2. APAR Industries: Look Beyond the Earnings Jump

APAR’s company update reported:

• Revenue: ₹6,591 crore, up 29.1%.
• Net profit: approximately ₹467 crore, up about 78%.
• Company-defined adjusted EBITDA: ₹814 crore.
• Adjusted EBITDA margin: 12.4%, versus 9.8%.
• US revenue: down 11.1% year on year. 

The business spans conductors, specialty oils and cables. Profitability improved, but the company also reported lower conductor and oil volumes. The earnings jump should therefore be read alongside product mix and operating conditions, rather than assumed to repeat every quarter. 

Technical reference: Friday’s NSE close was ₹17,776, near the bottom of its ₹17,702–₹18,305 range. 

The immediate downside reference is ₹17,702; ₹18,000 and ₹18,305 are recovery hurdles. A strong quarter and a strong chart are separate things.

Both companies share exposure to electrical investment. Owning both would not provide much diversification from that theme.

APAR Industries — Official Q1 FY27 Earnings Update

IPO Updates: Opening, Closing and Continuing Issues

Mainboard IPOs closing today

• A-One Steels India: ₹385–₹405; September 24–28.
• Moneyview: ₹31–₹34; September 24–28.

Mainboard IPOs opening today

• Shah Investor’s Home: ₹159–₹167; September 28–30.
• SRIT India: ₹123–₹130; September 28–30.

Mainboard issues continuing until September 29

• Runwal Enterprises: ₹290–₹305.
• German Green Steel and Power: ₹132–₹139.
• Orient Cables: ₹258–₹272.
• Snapdeal / AceVector: ₹30–₹32.

Among SME issues, Roopa Screen, Peshwa Wheat and Green Asia Impex are scheduled to close today.

Before applying, read the offer document, use of proceeds, cash flow and valuation. An active IPO calendar is not a reason to apply to every issue, and grey-market premiums are not assured listing returns.

Zerodha — Latest and Upcoming IPO Updates

Short-Term and Long-Term Investment Approach

For short-term participants

Let the opening range form. A gap followed by immediate selling tells a different story from a steady rise supported by improving breadth.

Decide the maximum acceptable loss before entering a position. If the required stop is too far away, reducing position size is more sensible than moving the stop closer merely to make the trade look affordable.

For long-term investors

A falling share price is a reason to review valuation, not automatic proof of value.

Check whether earnings are supported by cash flows, whether debt is manageable and whether the investment case depends on unusually favourable commodity prices.

Staggered purchases can spread entry timing, but they do not remove business risk. Keep money needed for near-term expenses separate from equity investments.

Today’s Market Forecast: Five Prints to Watch

• Nifty 23,000 remains the main reference: holding it would keep recovery attempts alive; a sustained break would weaken the setup.
• The 23,200–23,300 area needs attention: repeated rejection would suggest sellers still control rallies.
• Banks need follow-through: a stronger Bank Nifty move would make a broader recovery more convincing.
• Fresh oil and GIFT Nifty readings can change the opening view: Friday’s overseas close does not include every weekend development.
• Expect a selective session: give more weight to breadth, volume and price confirmation than to the first headline or opening move.

Further Reading

Indian Markets Weekly View: Can Nifty Hold 23,000? Sept 28–Oct 1, 2026

Trading Strategy 101 – Lesson 3: VWAP Intraday Trading Strategy

Strategy #2 – 20 EMA and 50 EMA Trend Trading Strategy for Beginners

Strategy #1 – Support and Resistance Breakout Strategy for Beginners

Large-Cap vs Mid-Cap vs Small-Cap Mutual Funds

Disclaimer

This report is for education and information, not personalised investment advice or a recommendation to buy or sell securities. Prices and positions can change quickly, and technical levels can fail. Verify exchange data and consult a SEBI-registered investment adviser for advice suited to your circumstances.

Article Information

Author: Kartalks Research Desk

Reviewed by: Kartalks Editorial Team

Content Type: Indian stock market pre-market report, global cues, GIFT Nifty update, Nifty 50 levels, Bank Nifty levels, Sensex view, FII/DII activity, IPO updates, commodity trends, currency movement, and investor education

Sources: NSE, BSE, SEBI, GIFT Nifty, global market data, Asian market updates, FII/DII data, IPO filings, commodity market data, currency market updates, company filings, and official public sources

Last Updated: September 28, 2026