Pre Market Report & Global Cues | 06 October, 2026

Today’s setup looks positive, but the underlying pressure hasn’t really gone anywhere. US markets closed strong. Nasdaq up 1.05%, S&P up 0.66%, mainly led by tech buying. But Infosys ADR was down 2.5%, so that strength is not fully translating to our IT space. Now look at the bigger picture. US 10Y yield is at 5.32%, this is the real issue. It keeps moving higher slowly, and at these levels, it becomes difficult for global equities to sustain rallies. Money keeps getting attracted towards bonds. Crude is trying to cool off. Brent is around $100.8 after falling yesterday, but still not at comfortable levels. Until it moves clearly lower, cost pressure across sectors stays. Asian markets are giving mixed signals. Some strength in Hang Seng and Nikkei, but weakness in Korea and Singapore. So, no strong global direction. Gift Nifty is indicating a mild positive start, not a strong gap. That means market is opening stable, but conviction is still missing. Now focus on India. India 10Y yield is at 7.21%. Even though short-term yields cooled, long-term yields are not coming down. That tells you borrowing cost pressure is still there. And then the currency, USD/INR at 96.29. This is the biggest warning sign. Even when crude corrected yesterday, rupee didn’t improve. That means underlying weakness is strong. If crude moves up again, currency can weaken further quickly. This is something FIIs watch very closely. Event to watch: Services PMI at 10:30 AM, expected at 55.8. Any surprise here can move the market intraday. For today’s session: Don’t read today as a simple “positive day”. Yes, global markets were up & we may open slightly higher. But the structure is not strong. Yields,Crude & Rupee. That combination usually limits upside. So, the real trade is not at the open, it’s after the open. This is a selective market, not a broad rally market. Focus on where money is moving, not just where the index opens.