Pre Market Analysis & Global Cues| 23 July, 2026

Global markets are giving a slightly negative start to the day. US markets closed mixed. Technology stocks continued to see selling, dragging the Nasdaq lower, while the Dow ended almost flat. Bond yields cooled a little, but the Middle East situation is still keeping global markets on edge. For India, crude oil remains the biggest concern. Brent is trading close to $96 per barrel, and that's not good news for an oil-importing country like ours. If crude stays at these levels for long, it can put pressure on both the economy and the rupee. Asian markets are trading mixed this morning. Japan, South Korea and Hong Kong are in the green, but Gift Nifty is pointing to nearly a 130-point gap-down, which indicates a weak start for our market. The rupee is also under pressure, trading around 96.6 against the US dollar, close to its weakest levels. Along with expensive crude oil, this remains one of the key factors the market will be watching. Among Indian stocks listed in the US, Dr. Reddy's ADR saw sharp selling, while HDFC Bank, ICICI Bank and Infosys ADRs also closed lower. This may keep Banking, Pharma and IT stocks under some pressure at the opening. On the domestic side, tomorrow's important trigger will be the S&P Global Manufacturing and Services PMI data, scheduled at 10:30 AM. These numbers will give an early indication of how business activity is shaping up in July. Later in the day, Forex Reserves data will also be released, especially important at a time when the rupee remains weak. For today's session: The overall setup looks slightly negative. Rising crude oil prices, a weak rupee and soft ADRs are pointing towards a cautious start. After yesterday's fall below the 24,000 mark, the focus will be on whether Nifty can move back above this level or if sellers continue to dominate.