Indian Markets Pre Market Report Today September 24: GIFT Nifty Below 23,300, Crude Near $102

The Indian Markets Pre Market Report Today starts with a difficult question: can Wednesday’s recovery survive another jump in crude oil?

Indian shares ended higher yesterday, and both foreign and domestic institutions bought equities. But the overnight picture weakened. US stocks fell, bond yields climbed, and Brent returned above $102.

September 23, 2026: Important Post-Market Summary

Indian markets recovered on Wednesday, with Nifty closing above 23,400. Midcaps and smallcaps also gained, while both FIIs and DIIs were net buyers.

Market takeaway: Wednesday’s recovery had healthy participation and institutional support. However, Nifty still needed to clear 23,500–23,600 to improve the short-term outlook. Options positioning indicates areas to watch, not guaranteed support or resistance.

Global Cues: US and European Markets Close Lower

The September 23 US session ended in the red, with technology shares suffering the largest decline among the three headline benchmarks.

The provider marks some readings as derived; these are closing references rather than direct exchange-certified settlement records.

Why Wall Street declined

• Higher oil: Renewed supply concerns brought inflation back into focus.
• Rising bond yields: Strong US business activity increased expectations of further Federal Reserve tightening.
• Technology pressure: Alphabet and Amazon weighed on the market.
• Diplomatic uncertainty: Investors remained sensitive to developments involving Iran and the US.

Reuters reported that US business activity reached its strongest pace in more than five years. That supports demand, but also complicates the interest-rate outlook.

For Indian investors, higher global borrowing costs can make richly valued shares harder to justify, particularly when earnings expectations are already demanding.

Reuters — Global Cues: Wall Street, Crude Oil and Bond Yields

Asian Markets and GIFT Nifty:

Asian Markets and GIFT Nifty — September 24, 2026

Latest check: 7:45 AM IST. GIFT Nifty has a newer reading; the retrieved Asian and commodity pages still show the same snapshots as the previous update.

GIFT Nifty’s updated quote replaces the earlier 23,235 reading from 7:33 AM. Asian quotes may be delayed; the provider marks Nikkei and Hang Seng as derived readings. 

Commodities — Latest Available Prices

International prices are the latest displayed snapshots retrieved, not synchronised 7:45 AM ticks.  MCX pages currently display invalid timestamps, so their figures are carried-forward references, not live morning prices. 

Market takeaway: GIFT Nifty remains weak despite recovering slightly from the earlier snapshot. Asian markets are mixed, while crude has eased but remains above $102—keeping the Indian opening outlook cautious.

Indian ADR and GDR Update

These are September 23 regular-session closes, quoted in US dollars per depositary receipt.

US-listed ADRs

• Infosys ADR: $10.75, down 0.09%. The displayed after-hours quote was $10.82 at 6:01 PM EDT.
• HDFC Bank ADR: $22.79, down 2.65%. After-hours trading showed $22.97 at 7:30 PM EDT.
• ICICI Bank ADR: $27.91, down 0.46%. The 7:30 PM EDT after-hours quote remained $27.91.

London-listed GDRs

• Reliance Industries GDR, RIGD: $51.30, down 0.58%, displayed September 23 at 4:35 PM BST.
• State Bank of India GDR, SBID: $103.00, up 0.19%, displayed September 23 at 4:39 PM BST.

HDFC Bank’s ADR decline deserves attention when Indian banks open. But overseas receipt changes do not translate one-for-one into domestic returns. Trading hours, currencies and receipt ratios differ.

Nifty, Bank Nifty and Sensex Support and Resistance

These levels are reference zones, not guaranteed turning points.

Nifty 50

• Support: 23,376, 23,349 and 23,304.
• Resistance: 23,466, 23,494 and 23,538.
• Wider recovery hurdle: 23,500–23,600.

Bank Nifty

• Support: 56,303, 56,205 and 56,047.
• Resistance: 56,619, 56,717 and 56,875.

These are published pivot references for September 24.

SENSEX Expiry Watch — September 24, 2026

Today is the September monthly expiry for SENSEX derivatives.

Important expiry-day signals

• Above 75,000: Watch whether price holds and Call OI unwinds before assuming a stronger recovery.
• Below 74,628: Watch for sustained selling towards the next calculated support.
• Around 74,800: Avoid assuming Max Pain will pull the index back to this strike.
• After the opening: Refresh OI and PCR; overnight moves can make yesterday’s positioning less useful.
• Option premiums: Time decay and sharp price sensitivity can cause rapid losses, even when the index moves only modestly.

Educational information only. Verify live exchange or broker data before trading; expiry-day options carry substantial risk.

Open Interest, PCR and India VIX

The September 23 monthly Nifty options summary showed:

• Largest Call OI: 23,500.
• Largest Put OI: 23,000.
• Strongest fresh Put addition: 23,400.
• Strongest fresh Call addition: 23,900.
• Nifty PCR: 1.03, versus 0.94 previously.
• India VIX: 10.34, as reported in the late-evening trade setup.

Absolute OI counts are omitted because their lot-versus-quantity basis was not independently confirmed. These are previous-session positions, not live morning readings.

PCR compares Put open interest with Call open interest. It cannot, by itself, tell us whether participants are bullish: every outstanding contract has both a buyer and a seller.

Heavy Put OI does not guarantee support. Hedging and changes in positioning can alter the picture quickly.

Similarly, a low VIX reflects lower implied volatility, not protection against a surprise overnight gap.

Moneycontrol — Trade Setup for September 24, 2026

FII and DII Data: Both Turned Buyers

September 23 provisional cash-market activity showed:

• FII net buying: ₹1,617.45 crore.
• DII net buying: ₹2,341.46 crore.
• Combined net buying: ₹3,958.91 crore.

Foreign buying followed net selling of ₹3,809.99 crore on September 22.

This improvement supports the domestic picture. Even so, one positive day is not enough to establish a lasting change in foreign sentiment.

Watch whether buying continues when oil rises and overseas markets weaken. That would provide stronger evidence of demand than Wednesday’s number alone.

Crude Oil, Gold, Silver and Currency Update

International figures are the latest displayed overnight references retrieved for this edition. MCX figures are September 23, 11:29 PM IST last-traded prices, not live September 24 morning quotes.

Sources: international commodity quotes, MCX contract pages and the rupee closing report.

The key number for Indian equities is Brent. Sustained expensive crude can raise costs for transport and fuel-intensive businesses while adding pressure to the import bill.

Gold does not always rise when geopolitical tension increases. A stronger dollar and higher bond yields can work against it.

MCX futures should also not be confused with jewellery-shop prices. Contract expiry, taxes and local charges make those prices different.

Global News and Geopolitical Developments

Iranian President Masoud Pezeshkian’s statement that Tehran would not surrender to US pressure unsettled markets after earlier hopes of diplomatic progress. Oil rose as investors reassessed the chances of a quick easing in tensions.

For traders, the useful distinction is between a headline and a confirmed change in supply. A diplomatic statement can move prices immediately, but sustained relief needs visible progress.

Keep watching:

• Confirmed developments affecting Gulf energy supply.
• US–Iran diplomatic statements and responses.
• US–China trade discussions.
• Oil’s reaction alongside bond yields, rather than either price alone.

SEBI Updates and Their Market Impact

The listed circular directly concerns commodity-derivatives participants. Traders should check the applicable exchange implementation notice before increasing positions.

Also distinguish between consultation papers, final circulars and company-specific enforcement orders. A proposal does not become an operating trading rule merely because it appears in the news.

Two Different Stocks to Watch After Q1 FY27 Results

Today’s research watchlist features Polycab India and APL Apollo Tubes. They offer different ways to study domestic investment and construction demand. Neither is an automatic buy at the current price.

1. Polycab India: Strong Sales Growth, Valuation Still Matters

Polycab’s official Q1 FY27 figures show:

• Revenue: ₹8,209.7 crore, about 39% higher year-on-year.
• EBITDA: ₹1,136.2 crore, about 32.5% higher.
• PAT: ₹796.7 crore, about 32.9% higher.
• Calculated EBITDA margin: Approximately 13.8%.

Figures are converted from the company’s published ₹ million data.

Fundamental view: Revenue and profit both expanded strongly. But profit growth trailed sales growth, so investors should watch margins as closely as the headline revenue number.

Technical view: The September 23 closing reference was ₹8,417, up 0.80%. The day’s reported range was ₹8,367–₹8,454. That gives a near-term support reference around ₹8,365–₹8,370 and an initial hurdle around ₹8,455.

These are our observations from the session range, not price targets.

Outlook: Watch whether earnings growth continues without a significant squeeze in margins or cash generation. A good business can still deliver disappointing returns if bought at an excessive valuation.

Polycab India — Official Quarterly Results and Investor Updates

2. APL Apollo Tubes: Profitability Holds Up, Volumes Need Recovery

The company’s Q1 FY27 consolidated filing reported approximately:

• Revenue from operations: ₹5,606.56 crore.
• Net profit: ₹263.07 crore.

Management described a mixed quarter. Sales volume was around 7.45 lakh tonnes, while EBITDA per tonne stayed above ₹5,500.

It cited disruptions in UAE operations and softer construction purchasing among the pressures on volumes. Management’s expectation of roughly 20% full-year EBITDA growth is guidance, not an assured result.

Technical view: The reported NSE closing reference was ₹2,195. The September 23 range suggests support near ₹2,178 and an immediate hurdle around ₹2,204. A sustained move beyond the range would be more useful than a brief intraday spike.

Outlook: This is a volume-recovery candidate to research, rather than a clean story of growth across every measure. Track sales tonnage, profit per tonne and working capital together.

APL Apollo Tubes — Official Q1 FY27 Financial Results

IPO Updates: New Issues and Ongoing Offers

Zerodha’s calendar lists the following mainboard offers.

Opening September 24

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

Already open

• Varmora Granito: Closes September 24; ₹140–₹148.
• Elevate Campuses: Closes September 25; ₹343–₹362.
• ArMee Infotech: Closes September 25; ₹350–₹375.
• Swastika Infra: Closes September 25; ₹175–₹185.
• Adroit Industries: Closes September 25; ₹126–₹134.

Before applying, compare the valuation with listed peers and read how the company plans to use the funds. Check whether the offer mainly raises money for the business or allows existing shareholders to sell.

Grey-market premiums are unofficial and can change sharply. They do not guarantee listing gains.

Zerodha — Latest and Upcoming IPO Updates

Short-Term Trading and Long-Term Investing

For short-term participants

Let the first part of the session establish a range. A weak gap can lead either to further selling or a recovery, and the opening print alone cannot distinguish the two.

Keep position sizes consistent with the amount you can afford to lose. With overnight headlines moving oil, a tight-looking chart setup can still carry substantial gap risk.

For long-term investors

Separate the company’s operating performance from daily market noise.

For Polycab, examine margins and cash conversion. For APL Apollo, examine the volume recovery and profitability per tonne. For both, compare the current valuation with realistic earnings expectations.

Spreading planned purchases across dates reduces dependence on one entry point, although it does not remove the risk of losses.

Indian Markets Pre Market Report Today, Market Forecast: Five Points to Watch

• Opening bias is cautious to negative: Overnight GIFT weakness and the US decline could pressure the start.
• Nifty 23,300 is the immediate test: A sustained move below this area would weaken Wednesday’s recovery.
• Recovery needs follow-through: The 23,500–23,600 zone remains an overhead hurdle.
• Banks need close attention: HDFC Bank’s ADR decline may affect sentiment despite yesterday’s domestic banking gains.
• Oil may decide the tone: Brent above $103 is a headwind; sustained cooling would improve the opening setup.

Further Reading

Indian Markets Weekly View: Nifty, Bank Nifty and Sensex Outlook for Sept 21–25, 2026

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

RBI Repo Rate 2026 Explained: Impact on Home Loan EMI, FD Returns

Disclaimer

This report is for educational and informational purposes, not personalised investment advice or a recommendation to buy or sell securities. Prices and positions can change quickly, and losses are possible. Verify exchange data before acting 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 24, 2026