Pre-Market Report & Global Cues | 02 November 2026

After last week's technology sell-off, US futures are trading higher this morning, with Nasdaq futures leading the gains. However, concerns over heavy AI spending continue. Investors want to see whether companies can turn these huge investments into actual revenue and profits. Results from Apple, AMD and Palantir this week will be important for the technology sector. Central-bank decisions and US economic data will also keep global markets busy. Brent crude has eased towards $111 following fresh diplomatic discussions involving Iran. OPEC+ has also kept its December production targets unchanged. This is positive for India, but oil prices are still high. A further fall in crude is needed to reduce pressure on India's import bill, inflation and rupee. Indian Market: Strong Gap-up Opening Expected GIFT Nifty is indicating a gap-up opening of around 170–200 points. Asian markets are mixed, with South Korea and Taiwan under pressure, while China and Hong Kong are trading higher. Indian bond yields have moved higher, so borrowing costs remain a concern. Today's Important Data India's Manufacturing PMI will be released at 10:30 AM. The previous reading was 54.9, while the forecast is 54.7. Both indicate expansion. A steady reading would support confidence in India's manufacturing activity despite higher energy costs. My Market View The setup looks cautiously positive for Indian markets, supported by lower crude prices, positive US futures and a strong opening indication from GIFT Nifty. However, global technology stocks are still facing pressure over AI spending, and crude remains expensive for India. Today's takeaway: Indian markets may get a positive start, but a sustained recovery will depend on domestic earnings, manufacturing activity and stability in crude and the rupee. Global technology stocks will continue to face pressure until companies show better returns from their AI investments.