Pre-Market 9 July 2026: What To Expect After Sensex Crashed 1,677 Points, Nifty Slipped Below 24,000

After four sessions of gains, Dalal Street saw a sharp reversal on Wednesday. Selling intensified in the final hour after fresh geopolitical tensions in West Asia rattled global markets and pushed crude oil prices sharply higher.

The Sensex tumbled 1,677.12 points to close at 76,503.60, while the Nifty 50 dropped 516.65 points to settle at 23,882.05. The fall pulled the Nifty back below the 24,000 mark.

Why Did Markets Fall So Sharply?

The sell-off gathered pace after US President Donald Trump said negotiations with Iran had effectively ended and confirmed fresh US strikes on Iranian targets.

The remarks raised fears of another escalation in West Asia and renewed concerns over global oil supplies.

Brent crude climbed nearly 4% to around $76.71 per barrel, reviving worries over inflation and higher import costs for oil-consuming countries such as India.

Selling was broad-based across sectors. Financial and PSU banking stocks were among the biggest drags on the benchmarks.

Market volatility also surged. India VIX jumped more than 26%, reflecting a sharp rise in nervousness among traders.

How Did Global Markets Perform After Indian Market Hours?

Wall Street traded mixed after renewed concerns over the Middle East.

On Wednesday:

• Dow Jones Industrial Average fell 576.76 points to 52,348.39

• S&P 500 declined 21.14 points to 7,482.71

• Nasdaq Composite gained 51.96 points to 25,870.65

Asian markets also traded mixed.

• Nikkei 225 dropped 1,437.91 points to 66,819.05

• Hang Seng jumped 702.57 points to 24,199.46

• Singapore's Straits Times Index gained 27.33 points to 5,369.57

European markets also ended in red.

• FTSE stood at 10,489.04, down 176.84 points

• CAC closed at 8,252.66, down by 183.58 points

GIFT Nifty Update

By 21:06 IST on 8 July, GIFT Nifty was trading at 23,910.00, up 32 points, or 0.13%. The futures contract remained slightly above Wednesday's Nifty close of 23,882.05, suggesting a steady-to-positive opening despite the previous session's sharp decline.

Key Levels To Watch For Nifty

Support Level: 23,800–23,500

Resistance Level: 24,000–24,300

Weekly options data shows the highest Put open interest in the 23,800-23,500 zone. This area is expected to provide support if selling pressure continues. The highest Call open interest has accumulated between 24,000 and 24,300, making this the immediate resistance zone.

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What Could Drive Markets On Thursday?

Developments in West Asia are expected to remain the biggest trigger after the latest escalation between the US and Iran.

Oil prices are back on investors' radar after Brent climbed close to $77 a barrel. Markets will react to any fresh developments that affect crude supplies.

Wednesday's jump in India VIX has also put volatility back in focus. For traders, the immediate question is whether Nifty can reclaim the 24,000 mark.