Pre-Market Report & Global Cues| 04 November 2026

Crude oil prices have fallen nearly 9% over the last three sessions and are now around $103. However, the US has carried out fresh limited strikes on Iranian targets near the Strait of Hormuz. US officials have described them as defensive strikes, but Iran has rejected hopes of an immediate peace agreement. This keeps tensions in the region alive. For India, lower crude prices are a relief. They can help reduce the import bill, inflation pressure and costs for businesses. However, oil at $103 is still expensive for India. A further and sustained fall would be more helpful. US midterm election results are coming in, with Democrats gaining in some important races. The elections will decide the balance of power in Congress and could influence the government's future decisions. The Iran conflict is also an important issue in American politics. Global Markets US futures are trading higher, with Nasdaq futures leading the gains, while Dow futures are slightly lower. Asian markets are weak. Japan is seeing a sharp decline, and South Korea and Taiwan are also trading lower. So, the positive trend in US futures is not reflected across Asian markets. Concerns over the Iran conflict and global trade are keeping markets under pressure. Domestic Updates The rupee is trading around ₹94.74. Indian government bond yields have eased across maturities, while the US 10-year yield remains below 5%. India's Services PMI will be released at 10:30 AM. The previous reading was 55.2, and the forecast is 56.2. Both indicate growth in the services sector. Market View: Nifty closed strongly in the previous session, but global markets are giving mixed signals. GIFT Nifty indicates a gap-down opening of around 70–100 points. If crude continues to fall despite the latest tensions, it could provide further support to Indian markets. For now, avoid assuming that lower oil prices alone will lead to a strong market recovery.