Pre Market Report & Global Cues| 29 September, 2026

Global markets are again under pressure, and this time the signal is very clear - bond yields are the main problem. US markets corrected further. S&P down 0.77%, Nasdaq 0.92%, Dow 0.67%. But more importantly, US 10Y yield is now at 5.24%. This is not a normal level. When yields stay above 5%, equity markets globally struggle to hold any bounce. Money keeps moving towards bonds instead of equities. At the same time, Dollar Index is at 101.22, staying firm. That continues to put pressure on emerging markets. Crude is also not giving relief. Brent is near $99.3 and still holding high levels, which means cost pressure across sectors is not going away. Now coming to India, the situation here is even more critical today. India 10Y yield has jumped to 7.18% (+1.00%) India 30Y at 7.69% (+1.05%) This is a sharp move. When Indian yields rise like this, it directly tightens liquidity and increases borrowing costs. That usually leads to pressure on banks, NBFCs, infra and rate-sensitive sectors. Currency is also not helping. USD/INR at 95.98 continues to stay weak, and with high crude + strong dollar, pressure remains. Despite all these negatives, Gift Nifty is indicating a flat opening. This is important, after a 1.56% fall in Nifty yesterday, markets are not showing another big gap down. That means some short-term stabilisation attempt can happen. But look at global confirmation, Asian markets are broadly negative across the board. There is no strong support coming from outside. For today’s session: The structure of the market is weak. The key issue is not price, it is cost of money. With US yields at 5.24% and India yields sharply higher, markets will find it difficult to sustain rallies. Even if the market opens flat or slightly positive, upside is likely to face selling. Expect volatile moves and stock-specific action, not a clean trend.