Pre Market Report & Global Cues| 23 September, 2026

Global cues are mixed to slightly cautious this morning, with no strong directional trigger but the pressure is quietly building again from bond yields and dollar strength. US markets closed largely flat with a slight negative bias. S&P ended flat, Nasdaq gained 0.45%, while Dow slipped 0.36%. The divergence shows that buying is still concentrated in select tech names, not broad-based. The bigger concern is again coming from bonds. The US 10Y yield has moved back up to 4.97% (+0.28%), inching closer to the critical 5% mark. This reversal is critical because whenever yields start rising again, equity valuations come under pressure. Dollar is also firming up. DXY at 100.62 indicates strength, which is generally negative for emerging markets like India as it pressures capital flows and currency stability. Crude is the only slight relief. Brent is at $98.9, slipping below the $100 mark. But this is not a sharp fall, just mild cooling. So, inflation risk is reduced slightly, not eliminated. Now coming to India, bond yields have cooled, which is a positive shift. India 10Y at 7.04% (-0.42%) India 30Y at 7.56% (-0.25%) India 5Y at 6.69% (-1.11%) This is important. Unlike previous sessions where yields were rising, today we are seeing some easing in domestic yields, which can support equities if sustained. However, currency is still weak. USD/INR at 95.59 is not showing meaningful strength, indicating underlying pressure remains. Asian markets are not giving a clear direction, mixed performance. This reflects uncertainty rather than conviction. Gift Nifty is indicating a flat opening, suggesting Nifty may start without a strong gap and will take direction intraday. For Today’s Session: The setup is neutral with a cautious undertone. Rising US yields + strong dollar = negative Cooling Indian yields + crude below $100 = positive This creates a balanced but fragile setup Nifty is unlikely to see a strong trending move at open.