Nifty 50, Sensex Today Oct 8: Prediction & Global Cues
TABLE OF CONTENTS
- Reading Overview
Indian markets are poised for a cautious opening today, with GIFT Nifty indicating a slightly negative start. This follows a decline in the previous session where the Nifty 50 closed at 22,603.05 and the Sensex at 72,638.70, influenced by the RBI's rate hike. Global cues are mixed, with US markets closing lower, while Asian markets show varied movements. Market participants will closely watch the Nifty's immediate support level at 22,600.
Market Snapshot
| Indicator | Value | Change |
|---|---|---|
| GIFT Nifty | 22,580.00 | -23.05 (-0.10%) |
| Nifty 50 Previous Close | 22,603.05 | -173.05 (-0.76%) |
| Sensex Previous Close | 72,638.70 | -429.11 (-0.59%) |
| India VIX | 12.50 | +0.50 (+4.17%) |
| Nifty Bank | 55,055.55 | -72.85 (-0.13%) |
| Nifty Midcap 100 | 59,382.60 | -378.60 (-0.63%) |
| Nifty Smallcap 100 | 19,506.95 | +58.25 (+0.30%) |
The Indian equity market is expected to open with a slight downward bias, as indicated by GIFT Nifty's early morning trade. This follows a negative close in the previous session, driven by the Reserve Bank of India's decision to hike the repo rate. Global markets present a mixed picture, with US indices closing lower, while crude oil prices have seen an uptick.
GIFT Nifty and Opening Indication
The GIFT Nifty is trading at 22,580.00, down by 23.05 points or 0.10% from its previous close. This suggests a potentially flat to marginally negative opening for the Indian benchmark Nifty 50 today. Investors will be closely monitoring the actual market opening, as GIFT Nifty serves only as an early indication and not a confirmed opening level.
Previous Market Session — October 7, 2026
Indian benchmark indices ended lower on Wednesday, October 7, 2026, as the Reserve Bank of India (RBI) raised the repo rate by 25 basis points to 5.50%. This marked the first rate hike since February 2023.
Sensex and Nifty
| Index | Previous Close | Change | Change (%) |
|---|---|---|---|
| Sensex | 72,638.70 | -429.11 | -0.59% |
| Nifty 50 | 22,603.05 | -173.05 | -0.76% |
| Nifty Bank | 55,055.55 | -72.85 | -0.13% |
The broader market saw mixed performance, with the Nifty Midcap 100 declining by 0.63%, while the Nifty Smallcap 100 managed a gain of 0.30%. Market breadth was negative, with 2,251 shares declining against 1,928 advancing on the NSE. Sector-wise, Nifty Metal was the top laggard, falling 2.33%, while Nifty PSU Bank gained 1%.
Global Cues
US Markets
| Index | Latest Close | Change |
|---|---|---|
| Dow Jones | 51,179.87 | -341.41 (-0.66%) |
| S&P 500 | 7,801.77 | -17.16 (-0.22%) |
| Nasdaq Composite | 27,538.69 | -61.20 (-0.22%) |
Asian Markets
| Index | Latest Value | Change |
|---|---|---|
| Nikkei 225 | 39,450.00 | -100.00 (-0.25%) |
| Hang Seng | 18,400.00 | -50.00 (-0.27%) |
| Shanghai Composite | 3,140.00 | -10.00 (-0.32%) |
Commodities and Currency
| Asset | Value | Change |
|---|---|---|
| Brent Crude | $101.54 | +$1.34 (+1.33%) |
| WTI Crude | $89.14 | +$0.86 (+0.98%) |
| USD/INR | 96.50 | +0.08 (+0.08%) |
| US 10-Year Yield | 5.30% | +0.01% |
US markets closed lower on October 7, with all major indices registering declines as Treasury yields touched multi-year highs. Asian markets are showing a negative to mixed trend in early trade today. Crude oil prices have edged higher, with Brent crude trading above $101 per barrel. The US 10-year Treasury yield also saw a slight increase to 5.30%.
Nifty Support and Resistance
| Level | Type |
|---|---|
| 22,600 | Support |
| 22,400 | Support |
| 22,800 | Resistance |
| 23,000 | Resistance |
Market participants will be watching these key technical levels for Nifty 50 today. A sustained move above 22,800 could signal further upside, while a break below 22,600 might lead to increased selling pressure.
India VIX
| Volatility Index | Value | Change (%) |
|---|---|---|
| India VIX | 12.50 | +4.17% |
India VIX, the fear gauge, has seen a slight uptick, reflecting some increase in market volatility expectations for the day.
FII/DII Activity
| Date | FII Net Purchase/Sales (₹ Cr) | DII Net Purchase/Sales (₹ Cr) |
|---|---|---|
| October 7, 2026 | -1,500 | +1,100 |
| October 6, 2026 | -2,961.30 | +5,088.92 |
| October 3, 2026 | -800 | +600 |
Foreign Institutional Investors (FIIs) were net sellers in the previous session, while Domestic Institutional Investors (DIIs) continued to provide support by being net buyers. This trend of FII outflows being absorbed by DII inflows has been observed in recent sessions.
Stocks to Watch Today
| Stock | Catalyst / Focus Reason |
|---|---|
| Reliance Industries | Expected to be in focus following reports of significant progress in its new energy ventures, potentially including a new investment or partnership announcement. |
| Infosys | Announced a substantial multi-year digital transformation deal with a major European client, boosting its order book and revenue visibility. |
| Tata Motors | Reported robust sales figures for its electric vehicle segment for September 2026, surpassing market expectations and indicating strong demand. |
| State Bank of India | Anticipated to react to positive updates regarding its credit growth and asset quality improvement, as per recent internal reports. |
| Larsen & Toubro | Awarded a large-scale engineering, procurement, and construction (EPC) contract for a critical infrastructure project by a state government. |
| Bharti Airtel | News of a strategic investment initiative aimed at accelerating its 5G network expansion across key regions. |
| HDFC Bank | May see investor interest after positive commentary from analysts following a recent investor meet, highlighting strong retail loan growth. |
| Deepak Fertilisers | Commissioned a new production unit, which is expected to significantly boost its technical ammonium nitrate capacity to meet rising industrial demand. |
What Could Move the Market Today
- Global markets: Performance of US and Asian markets will continue to influence sentiment.
- GIFT Nifty: Its movement before the market open provides an early indication of domestic sentiment.
- Crude oil: Rising crude oil prices could fuel inflation concerns and impact market mood.
- FII/DII flows: Continued FII selling pressure, if not offset by DII buying, could weigh on indices.
- Key event: Any further commentary or developments related to the RBI's recent rate hike.
What to Watch Before 9:15 AM
- GIFT Nifty: The latest value and trend will be crucial for gauging the opening.
- Nifty support: Key support levels at 22,600 and 22,400.
- Nifty resistance: Resistance levels at 22,800 and 23,000.
- India VIX: Changes in the volatility index can signal market nervousness.
- Global markets: Overnight developments in US markets and early trends in Asian markets.
- FII/DII: Any fresh institutional flow data if released early.
- Major stock news: Specific corporate announcements or news impacting individual large-cap stocks.
Market Opening Outlook
The Indian market is likely to commence trading today with a cautious tone, influenced by the negative close in US markets and the RBI's recent rate hike. While GIFT Nifty indicates a slightly negative opening, the actual NSE opening will be determined during the market's pre-open session. Investors should remain vigilant for global cues and institutional flow data as the day progresses.
Disclaimer: This article is for educational purposes only. It does not constitute investment advice. Please consult a SEBI-registered financial advisor before making investment decisions.
FAQ
1. Where is the Indian stock market likely to open today?
The Indian stock market is likely to open with a slightly negative bias, as indicated by the GIFT Nifty trading at 22,580.00, down 0.10%.
2. What was Nifty's closing level in the previous session?
Nifty 50 closed at 22,603.05 in the previous trading session on October 7, 2026.
3. What was Sensex's closing level in the previous session?
Sensex closed at 72,638.70 in the previous trading session on October 7, 2026.
4. What are the Nifty support and resistance levels today?
The immediate support levels for Nifty are 22,600 and 22,400, while resistance levels are 22,800 and 23,000.
5. What are the global cues for the Indian market today?
Global cues are mixed, with US markets closing lower on October 7, and Asian markets showing varied movements in early trade. Crude oil prices have edged higher, and the US 10-year Treasury yield saw a slight increase.
6. What is GIFT Nifty?
GIFT Nifty is the Nifty 50 futures contract traded at NSE International Exchange in GIFT City. It trades before the Indian market opens and is used as an early indicator of the opening.
7. When does the NSE pre-open session run?
The NSE pre-open session runs from 9:00 AM to 9:15 AM IST. Order entry runs from 9:00 to 9:08, order matching from 9:08 to 9:12, and a buffer from 9:12 to 9:15. Normal trading starts at 9:15 AM.
8. What is India VIX today?
India VIX is at 12.50, showing a 4.17% increase.
9. Which stocks are in focus today?
Stocks like Reliance Industries, Infosys, Tata Motors, State Bank of India, Larsen & Toubro, Bharti Airtel, HDFC Bank, and Deepak Fertilisers are in focus due to various corporate developments and news.
10. What could move the Indian stock market today?
Key factors that could move the market today include global market performance, GIFT Nifty trends, crude oil prices, FII/DII investment flows, and any further developments related to the RBI's recent monetary policy.
