Pre Market Analysis & Global Cues | 24 July, 2026

Global markets are under heavy pressure this morning as tensions in the Middle East continue to rise. Over the last 24 hours, the US reportedly carried out another round of strikes on Iranian military sites, while Iran is said to have targeted oil tankers passing through the Strait of Hormuz. Shipping movement in the region has also been disrupted, increasing worries about global crude oil supply. Because of this, Brent crude briefly moved above $102 before cooling to around $100.5 per barrel. That's nearly 45% higher from the levels seen before the recent escalation. For India, this remains the biggest concern, as expensive crude can increase import costs and put pressure on both inflation and the rupee. The impact was visible across global markets. US indices ended lower, with the Nasdaq losing more than 2%, while the S&P 500 and Dow Jones also closed in the red. Selling has continued in Asia this morning, with South Korea down over 5% and Japan falling more than 3%. The weak global mood is also showing up in Gift Nifty, which is indicating a gap-down opening of around 200 points for the Indian market. The rupee is trading near 96.6 against the US dollar, staying close to its weakest levels. If crude remains around $100, pressure on the rupee could continue over the next few sessions. Among Indian stocks listed overseas, Dr. Reddy's ADR gained around 3.7%, while Infosys and Axis Bank ADRs ended lower. These stocks are likely to remain in focus. On the domestic side, Manufacturing PMI and Services PMI data for July will be released at 10:30 AM. Later in the evening, the Forex Reserves data will also be announced, especially important at a time when the rupee is under pressure. For today's trade: Global cues are clearly negative, and crude oil is now the biggest factor driving sentiment. After Nifty slipped below 24,000 in the previous session, traders should watch whether the index finds support at lower levels or if the selling continues through the day.