Indian Market Pre-Open Report: Key Things To Watch Today | 8 October 2026
Indian equity markets are poised for a significant session, looking to find footing after the recent post-policy slump. The focus shifts squarely to corporate earnings as the Q2 results season commences today with IT bellwether TCS. Trader sentiment will be shaped by the Reserve Bank of India's hawkish outlook and ongoing concerns about foreign fund outflows.
Market Setup
The domestic market setup is dominated by the start of the September quarter (Q2) earnings season and the overhang of a hawkish monetary policy. With TCS reporting its numbers today, the trajectory for the IT sector will be closely watched. The market continues to digest the implications of the RBI's stance, with economists at SBI now projecting a potential 0.50% repo rate hike in the future. Adding to the liquidity dynamics, the RBI will conduct a 29-day Variable Rate Reverse Repo (VRRR) auction for ₹2 lakh crore today. Meanwhile, persistent selling by Foreign Portfolio Investors (FPIs) remains a key headwind for the bulls.
Global Market Snapshot
Asian markets opened on a subdued note this morning as investors weighed various macro-economic pressures. However, a significant positive cue comes from South Korea, where Samsung Electronics forecasted a record third-quarter profit, citing a boom in demand for AI chips. In the United States, markets are assessing a combination of factors including interest rate trajectory, rising oil prices, and a strong dollar. Post-market, Levi Strauss & Co. provided its FY2026 earnings per share guidance between $1.54-$1.56.
Commodities
Oil prices registered gains in overnight trade. The primary driver for the increase was escalating hostilities in the Middle East, which has stoked concerns over potential supply disruptions from the critical oil-producing region.
Stocks In Focus Today
- TCS: The IT major will be the first Nifty company to announce its Q2 FY27 results today. Street expectations point towards a modest revenue growth, with profit after tax projected to rise by about 3.3%. Management commentary on deal pipeline, client spending, and margin outlook will be critical.
- Ola Electric: The company's board has approved a plan to raise up to ₹1,000 crore via a rights issue. The issue is priced at ₹27 per share, representing a 26% discount to its market price. The funds are expected to be raised in two tranches.
- Adani Enterprises: The flagship Adani Group firm received a rating upgrade from CARE Ratings. The agency upgraded its long-term bank facilities to 'CARE AA' from 'CARE AA-', with the outlook revised to 'Stable'.
- Tata Steel: The company released its Q2 business update, reporting a 10% year-on-year increase in India's crude steel production. Deliveries in the domestic market rose by 8% YoY during the same period.
- Other Stocks: HCL Technologies, Tata Power, and Varun Beverages are also in the news and likely to see trading activity.
FII Activity
Foreign Portfolio Investors (FPIs) intensified their selling pressure in the Indian cash market. According to exchange data, FPIs sold equities worth a substantial ₹21,745 crore in the second half of September. The most significant outflows were witnessed in the oil & gas, auto, and financials sectors.
Corporate Actions
- Ola Electric: The board has approved a rights issue to raise ₹1,000 crore. The issue price is fixed at ₹27 per share. Shareholders will be required to pay the amount in two separate calls.
Economic Calendar
- India: RBI to conduct 29-day Variable Rate Reverse Repo auction for ₹2 lakh crore.
Sector Watch
- Information Technology: In focus as TCS kicks off the Q2 earnings season. The results will set the tone for the entire sector.
- Financials: Banking and NBFC stocks will react to the RBI's VRRR auction and broader concerns about rising interest rates and FPI outflows.
- Automobiles: The sector remains on the watch-list due to being one of the top sectors for FPI outflows in the previous fortnight.
- Steel: Positive momentum could be seen following Tata Steel's strong Q2 production and delivery update.
- Regulatory: SEBI has introduced a new six-tier 'credit risk-o-meter' for debt securities to better inform investors about risk. The regulator also relaxed private placement norms for debt issues.
Technical Levels
For the Nifty 50, the immediate support level is placed at 22,500, with a more critical support zone near 22,440. On the upside, the index faces a hurdle in the 22,800 zone. A decisive move above this resistance is needed to trigger a meaningful pullback rally.
Today's Watchlist
- TCS: Q2 FY27 earnings results and management commentary.
- Ola Electric: Price action following the announcement of its ₹1,000 crore rights issue at a discounted price.
- Adani Enterprises: In focus after CARE Ratings upgraded its long-term banking facilities to 'AA' with a stable outlook.
- Tata Steel: Following a positive Q2 business update showing a 10% rise in India production.
- Banking Stocks: Will be sensitive to the RBI's planned ₹2 lakh crore VRRR auction and broader interest rate expectations.