Pre Market Report and Global Cues | 21 September

Global setup is slightly positive this morning, but internally the market is still dealing with pressure from yields. US futures are mildly positive, but the key point again is bonds. US 10Y yield is back at 5%, and that level continues to act as a cap for equities. Every time yields hold here, markets struggle to build strong upside. Crude is giving some relief. Brent is down to $102.6 (-1.5%). This cooling helps, but the larger oil-related uncertainty is still not fully behind us, especially after recent supply disruptions. Asian markets are supportive. Most indices are in green, showing steady recovery across the region. Despite this, Gift Nifty is indicating a neutral opening, which tells you the market is still cautious after recent volatility. Now coming to India, mixed signals here. Short-term yields are rising, India 5Y at 6.77% (+0.27%), while long-term yields have cooled slightly. 10Y at 7.06% (-0.11%), 30Y at 7.60% (-0.21%). This shows one thing clearly, pressure is not gone, it is just shifting across the curve. Currency remains weak. USD/INR at 95.88 continues to stay at elevated levels, showing external pressure is still active. On the stock side: Lenskart will be in focus with a large ₹2,047 crore block deal at ₹682, which can create supply pressure in the counter. For today’s session: The market is trying to stabilise, but conviction is still missing. Crude is cooling → Slight positive but still at elevated levels. Asian markets are supportive → positive But US yields at 5% → major resistance for equities So, this is a balanced but fragile setup. Nifty is likely to open flat and then take direction based on how it reacts to early buying. If the market holds above opening levels, a gradual move up is possible. But if selling comes in, there is still enough pressure in the system to drag it down. This is not a trend day, it is a reaction day. Focus on how the market behaves after the first hour, not just the opening move.