Pre Market Report & Global Cues| 08 September

Global cues are mixed this morning. US markets were closed due to Labour Day, so there is no fresh direction from the US side. At the same time, US 10Y yield is around 4.79%, still on the higher side. Crude is the main concern. Brent is near $97 and holding at higher levels. This is negative for our market as it puts pressure on inflation and the rupee. Asian markets are mixed. Kospi is up nearly 2%, Shanghai and Nikkei are slightly positive, but Hang Seng and Straits Times are in red. Because of this, Gift Nifty is indicating a flat opening. On the domestic side: India 10Y yield is around 6.96% (slightly lower) Rupee is near 94.5, still weak overall Nifty closed at 23,779 in the last session and continues to look a bit weak. There will be stock-specific action today. 1. Adani Power is in focus after approval for a 330 MW hydro project. 2. GE Vernova T&D India may see interest as L1 bidder for a 6,000 MW HVDC project. 3. Garuda Construction has signed a deal with ₹1,800 Cr potential. 4. Defence stocks like BEL, BEML and Paras Defence may stay strong after approval of ₹1.1 lakh Cr defence deals. SBI and Bank of Baroda will also be watched due to developments around the expected NSE IPO. On the weaker side: 1. PVR Inox may see some reaction. 2. Mankind Pharma is in focus due to subsidiary-related news. From sector side: 1. Defence and power look strong 2. IT may stay under pressure 3. Aviation and paints may remain weak due to high crude Today's View: Market is likely to open flat. Crude near $97 is the key issue right now. If Nifty fails to move above 24,000, selling pressure can continue. For any stable move, we need support either from global markets or cooling crude prices.