Pre-Market 7 October 2026: GIFT Nifty Hints At Negative Start; RBI Policy, Global Cues And Crude Oil In Focus

Indian equities enter Wednesday’s session with the Reserve Bank of India’s policy decision at the centre of attention, after benchmarks rose for a second straight session on Tuesday as lower oil prices and positive quarterly business updates helped lift sentiment.

Indian Markets Recap

The Sensex rose 685.34 points, or 0.95%, to close at 73,067.81 on Tuesday. The Nifty 50 gained 220.35 points, or 0.98%, to settle at 22,776.10, extending the rebound for a second consecutive session.

Buying extended beyond the benchmark indices. Midcap and small-cap stocks also advanced, while private banking, consumer durables, pharma and energy shares were among the stronger sectors.

Easing crude prices helped sentiment, though foreign investor selling continued to weigh on the market. Brent crude hovered near $100 a barrel on Tuesday. However, attacks on shipping and continued tensions around the Strait of Hormuz remain risks for energy supplies.

The rupee, meanwhile, weakened 13 paise to close at ₹96.42 against the US dollar, its lowest level in more than two months.

Global Markets

On Wall Street, the S&P 500 and Nasdaq reached record highs on Tuesday as Treasury yields eased from recent multi-year peaks. The Dow Jones Industrial Average was up 0.49% at 51,521.28; the S&P 500 was up 0.58% at 7,818.93; and the Nasdaq Composite was up 0.45% at 27,599.89.

European markets also moved higher on Tuesday. The FTSE 100 was at 10,541.69, up 0.42%, while France’s CAC 40 stood at 7,865.07, up 0.40%.

Asian markets closed mixed. Japan’s Nikkei 225 rose 1.05% to 70,683.98, while South Korea’s Kospi fell 0.89% to 6,941.39.

GIFT Nifty Today

At 7:59 am on 7 October 2026, GIFT Nifty stood at 22,673.50, down 100.50 points, or 0.44%, indicating a negative opening for Indian equities on Wednesday.

Nifty 50 Technical View

The Nifty 50 needs to clear 22,800 to build on its recovery. A sustained move above that level could bring the 23,000–23,200 zone into view. A decisive move above 23,200 would be a stronger signal that the trend is turning. On the downside, 22,600 is the key support to watch.

What Could Move Markets On Wednesday?

Market expectations are centred on the RBI’s monetary policy decision on Wednesday, with market consensus pointing to a 25-basis-point rate hike. Investors will also assess whether domestic institutional buying can continue to offset foreign outflows, particularly as the rupee remains under pressure.

Overseas, crude prices and fresh developments involving Iran, the Strait of Hormuz and Russia’s oil infrastructure could affect sentiment. The direction of US Treasury yields may also matter after recent volatility.

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