Pre Market Report & Global Cues | 18 September, 2026

After the recent pressure, global markets are finally showing some relief but the situation is still not fully comfortable. US markets bounced back strongly. S&P up 1.14%, Nasdaq 1.69%, Dow 0.61%. The main reason is clear. US 10Y yield has cooled down to 4.94%, slipping below the 5% mark. This is important. The moment yields moved below 5%, equity markets got breathing space, especially tech stocks. That’s why Nasdaq outperformed. Crude has also cooled slightly. Brent is around $103.7. But don’t get too comfortable here, the bigger issue is still active. Saudi Aramco has stopped crude supplies to Indian refiners, and at the same time, the East-West pipeline shutdown adds another layer of uncertainty. Remember, Aramco contributes roughly 9% of India’s crude imports. So even if prices cool temporarily, supply-side risk is still very real. Asian markets are clearly reacting to the US bounce, most indices are in green. Gift Nifty is indicating a mild gap-up of 50–70 points, suggesting a positive start for Nifty. Now coming to India, this is where things need attention. India 10Y yield is at 7.07% (+0.11%). So even though US yields cooled, Indian yields are still elevated. This means the pressure on liquidity and cost of capital has not gone away locally. That’s why rallies may not be very smooth. Currency is still not helping. USD/INR at 95.93 remains weak, showing that external pressure is still there. For today’s session: The market is getting a short-term relief, mainly because US yields cooled below 5% and tech bounced. But the bigger picture is still mixed: • Indian yields are still high (7%+) • Crude supply risk is still active despite the price dip • Rupee remains weak So this is not a clean bullish setup. Today’s move can be positive in the first half, but sustainability will be the key question. If buying continues beyond the opening, then this bounce can extend. But if the market struggles at higher levels, it can again turn sideways to weak.