Pre-Market 23 July 2026: GIFT Nifty Stays Below 24,000; What To Expect From Nifty Today

Dalal Street closed sharply lower on Wednesday, marking its biggest single-day decline in two weeks. Brent crude moved higher during the session, adding to concerns over the situation in West Asia.

The Sensex fell 715.06 points to 76,755.05, and the Nifty 50 finished at 23,996.25, down 191.45 points. It was the third straight session of losses for both benchmark indices.

What Triggered Wednesday's Market Sell-Off?

The weakness was visible across the broader market. The Nifty Midcap 100 index declined 1.1%, while the Nifty Smallcap 100 index fell 1.5%.

Banking, IT and pharma stocks were among the biggest drags. Auto and FMCG shares, however, resisted the broader trend after strong quarterly results from Bajaj Auto, TVS Motor and Nestle India.

Brent crude climbed above $95 a barrel, raising concerns about inflation, corporate costs and India's import bill. The rise in oil prices followed fresh tensions in the Middle East, keeping risk appetite subdued through the session.

The rupee also weakened, ending 34 paise lower at 96.59 against the US dollar.

Global Markets

At the closing bell on 23 July, the Dow Jones Industrial Average shed 6.06 points to 52,218.58. The S&P 500 slipped 10.24 points to 7,498.96, while the Nasdaq Composite declined 146.30 points to 25,690.90.

In European markets, the FTSE 100 rose 131.06 points to 10,716.97, while France's CAC 40 gained 74.75 points to 8,437.89.

In Asia, Japan's Nikkei 225 closed 116.59 points (0.18%) lower at 66,115.60.

GIFT Nifty Update

On 23 July, at 7:32 am, GIFT Nifty was trading at 23,878.50, down 83 points (0.35%). The indicator remained below Nifty's closing level of 23,996.25, pointing to a weak start for Thursday unless global sentiment improves before the opening bell.

Nifty Outlook: Key Levels To Watch

• Support: 23,800-23,780
• Resistance: 24,100-24,200

What Could Influence Today's Market Outlook?

Corporate earnings remain one of the biggest domestic triggers, with more companies scheduled to report their June-quarter results. Stock-specific action is likely as investors react to earnings and management commentary.

Crude oil prices will continue to be watched after Brent crossed the $95-a-barrel mark.

Foreign investor activity and the rupee will also remain in focus after both reflected the pressure seen in domestic equities on Wednesday.

Also Read - HFCL Q1 FY 2026-27 Results