Why are Indian IT stocks expected to be under pressure today?

Indian IT stocks are facing headwinds primarily due to a 17% overnight fall in Wipro's ADR in the US market. This was caused by concerns over AI pricing pressure and a weak outlook, which has created negative sentiment for the entire sector.

Which sectors are showing positive momentum before the market opens?

The Automobile and PSU sectors are showing positive momentum. Auto stocks are buoyed by strong June sales data from companies like Tata Motors and Ola Electric. PSUs are in focus due to a major solar project contract won by Coal India and a surge in iron ore production reported by NMDC.

What is the key takeaway from the currency market for today's session?

The Indian Rupee experienced a sharp fall, closing at a three-week low of 95.25 against the US dollar. This weakness could be a factor for foreign portfolio investor (FPI) flows and may impact import-heavy sectors.

Indian Market Pre-Open Report: Key Things To Watch Today | 2 July 2026

Indian equity benchmarks are set for a flat-to-positive opening, as indicated by GIFT Nifty futures which reportedly gained over 90 points in early trade. However, this optimism is tempered by significant headwinds from the global technology sector. A sharp 17% plunge in Wipro's ADR overnight, coupled with a rout in Asian chipmaker stocks, sets a challenging backdrop for the domestic IT index. Traders will be weighing positive local cues, including strong auto sales and PSU order wins, against international pressures and a weakening rupee.

Market Setup

The market opens today with a clear divergence between domestic sentiment and global tech trends. On one hand, strong business updates from companies like Tata Motors, NMDC, and Canara Bank provide fundamental support. On the other hand, a sell-off in technology stocks, highlighted by Wipro's ADR performance, is poised to create significant pressure. The Indian Rupee recorded its sharpest single-day fall since June 8, closing at a three-week low of 95.25 against the dollar, which could influence foreign investor activity.

Global Market Snapshot

While major index data is awaited, the primary global theme affecting Indian markets is the pronounced weakness in technology and semiconductor stocks. Wipro's American Depositary Receipts (ADRs) collapsed 17% following concerns over AI pricing pressure and a weak outlook. The contagion spread across Asia, with South Korean chip giants Samsung Electronics and SK Hynix tumbling over 7%. This global tech sell-off suggests a risk-off sentiment in the sector that will likely impact Indian IT services companies at the opening bell.

Commodities and Currency

Oil: Brent crude futures fell towards $70 per barrel. The decline comes amid reports that OPEC+ is likely to consider raising its oil output targets from August, potentially increasing global supply.
Currency: The Indian Rupee weakened substantially, depreciating 67 paise to close at 95.25 against the US dollar on Wednesday. This marks its lowest closing level in three weeks and follows broad strength in the greenback.

Stocks In Focus Today

Wipro: The stock will be in sharp focus after its ADR plummeted 17% in US trading. The fall was attributed to concerns around AI project pricing and a weaker-than-expected outlook, which could have implications for the entire Indian IT services sector.
Tata Motors: The company reported a near tripling of its electric vehicle (EV) sales for June. Overall passenger vehicle (PV) sales for the month saw a 69% year-on-year increase, signaling sustained demand.
Coal India: The state-run miner secured a major contract worth ₹2,831 crore to develop a 600 MW solar power project in Uttar Pradesh. The company also reported its e-auction allocation rate for June stood at 41%.
Canara Bank: The public sector lender provided a Q1 business update, reporting a 10% growth in domestic deposits. Its global business has reached the ₹29 lakh crore mark.
Bharti Airtel: The company's NBFC subsidiary, Airtel Money, has officially commenced commercial operations. This marks the telecom major's formal entry into the lending business.
NMDC: The mining PSU reported a 44% surge in its June iron ore production, driven by strong performance at its Chhattisgarh mines.
Lupin: The pharmaceutical company received approval from the European Union to expand the use of its rare disease drug, NaMuscla, to include children.
Ola Electric: The EV maker's Q1 registrations nearly doubled on a sequential basis. The company reported sales of 16,144 units for the month of June.
Godrej Agrovet: The company has set the record date for its ₹11 per share dividend, following a fiscal year where its revenue crossed the ₹10,200 crore mark.

Corporate Actions

Godrej Agrovet: The company has finalized the record date for its previously announced dividend of ₹11 per equity share.

Sector Watch

Information Technology: All eyes will be on the IT sector, which faces a challenging open. Wipro's ADR collapse and the global semiconductor stock rout are expected to trigger a negative reaction across Indian IT counters.
Automobiles: The auto sector is poised for a positive session, led by strong monthly sales figures. Tata Motors' impressive EV and PV numbers, along with Ola Electric's strong quarterly performance, will keep the sector in focus.
PSU: Public sector undertakings, particularly in the mining and power sectors, could see buying interest. Coal India's new solar contract and NMDC's robust production update are key positive triggers.
Banking & Financials: The sector presents a mixed picture. Canara Bank's strong business update is a positive for PSU banks. Bharti Airtel's NBFC arm commencing operations adds a new dynamic to the financial services space.