Pre-Market 23 September 2026: GIFT Nifty Hints At Weak Start; Global Cues In Focus

Indian equities head into Wednesday after the benchmarks ended lower on Tuesday, while crude prices fell below $100 on hopes of progress in US-Iran talks. Fresh US tariff powers targeting buyers of Russian oil added another concern for Indian markets.

Indian Markets Recap

The Nifty 50 fell 0.36% to close at 23,329, while the Sensex declined 0.44% to 74,529.08 on Tuesday.

14 of the 16 major sectors ended lower on Tuesday. The Nifty IT index fell 0.9%, while the Nifty Smallcap 100 and Nifty Midcap 100 indices declined 0.23% and 0.08%, respectively.

The rupee, meanwhile, gained around 20 paise to close at 95.58 against the US dollar. Lower oil prices and possible RBI intervention helped the currency, although traders remained cautious around the ₹96-per-dollar level.

Brent crude fell 1.5% to $98.9 a barrel after reports that Iran had offered to reopen the Strait of Hormuz within seven days if US military pressure was eased. President Donald Trump has also said he would be open to meeting Iranian President Masoud Pezeshkian during the UN General Assembly in New York.

Global Markets

In the US, the Dow Jones Industrial Average was down 0.36% at 51,863.69, while the S&P 500 was unchanged at 7,764.64. The Nasdaq Composite was up 0.45% at 27,244.28.

European markets ended mixed. The FTSE 100 fell 0.29% to 10,708.33, while France's CAC 40 gained 0.20% to 8,154.91.

Asian markets were largely steady. South Korea's Kospi closed 0.15% higher at 7,017.91, while the Hang Seng Index rose 0.18% to close at 25,087.75. Japan's Nikkei was closed for a holiday on Tuesday.

GIFT Nifty Today

At 7:47 am on 23 September, GIFT Nifty was trading at 23,345, down 55 points or 0.24%, hinting at a weaker opening for Indian equities today.

Nifty 50 Technical View

Nifty 50 faces immediate resistance at 23,400–23,500, while 23,300 is the first support level. The next support is placed at 23,200.

The Relative Strength Index (RSI) remains in the mid-30s, pointing to weak momentum. The Moving Average Convergence Divergence (MACD) histogram has shown some easing in selling pressure but remains in negative territory, keeping the short-term setup cautious.

What Could Shape Wednesday's Trade?

The US law allowing tariffs of up to 100% on countries buying Russian oil and gas is a fresh factor for Indian markets. India is still assessing the implications, while its Russian oil imports fell 16.5% in August to about 2.1 million barrels per day. The issue has already affected export-facing stocks.

For Wednesday, the next moves in crude and the latest developments around US-Iran diplomacy will remain important. The UN General Assembly is also bringing several geopolitical discussions into focus, while the upcoming Trump-Xi meeting could add another global trade cue.

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