Nifty Set for Weak Open Before Gandhi Jayanti Market Holiday

The Nifty 50 was headed for a lower start on Thursday, 1 October 2026, with Gift Nifty down 79 points at 22,576.50, as elevated crude and the US-Iran war weighed on sentiment before Friday's Gandhi Jayanti market holiday.

Gift Nifty Points to a Gap-Down Start

Gift Nifty is a Nifty 50 futures contract traded at NSE International Exchange in GIFT City, and traders use it as an early signal for the Indian market's opening. The contract expiring on 27 October was quoted at 22,576.50 at 7.51 AM IST on Thursday, down 79 points or 0.35% from its previous close, according to HDFC Sky.

That level sits below 22,600, while the Nifty 50 closed at 22,620.45 on Wednesday. Measured against that close, the quote implies an opening about 44 points, or 0.19%, lower. The gap is smaller than the contract's own 0.35% fall because Gift Nifty had closed above the Nifty's cash close the day before. A gap-down opening means the index starts the session below the previous day's close. Business Standard's market live blog at 8.16 AM IST also reported that Gift Nifty signalled a negative open. These are pre-open indications, so Thursday's actual opening and closing levels may differ.

How Wednesday's Session Ended

Both benchmarks closed lower on Wednesday, 30 September 2026, after failing to hold early gains in a volatile session.

Metal and pharmaceutical stocks fell more than 1% each and pulled the Nifty down. Buying in PSU banks, private banks, realty and media stocks softened the fall. Market breadth on the NSE was marginally negative, with 2,051 shares advancing against 2,135 declining. Breadth simply counts how many stocks rose against how many fell, and it shows whether a move was broad or confined to a few names.

The Nifty Midcap index ended flat, while the Nifty Smallcap index added 0.2%. ICICI Bank, Kotak Mahindra Bank, InterGlobe Aviation, Wipro and Tech Mahindra were the top Nifty gainers. Max Healthcare, Apollo Hospitals, SBI Life Insurance, Eternal and ONGC were the biggest losers. Angel One's market wrap noted that Apollo Hospitals dropped over 5%.

The week has been choppy. On Monday, 28 September, Business Standard reported that the Sensex slumped 1,124 points and the Nifty settled at 22,780. Wednesday's close of 22,620.45 is therefore about 160 points below Monday's level, and Wednesday's fall of 95.75 points means the Nifty closed Tuesday at 22,716.20.

Crude Oil and the US-Iran War

Brent crude, the global oil benchmark, was quoted at about $97.90 a barrel on Thursday morning, down 0.13% on Intercontinental Exchange according to Business Standard. HDFC Sky put West Texas Intermediate (WTI) crude at $90.07, down 0.40%.

Oil matters because India imports more than 85% of the crude oil it needs, as HDFC Sky points out. Higher crude prices widen the import bill, can pressure the rupee and can add to inflation, all of which can weigh on company earnings and investor sentiment.

Traders remain worried about prolonged supply disruption from West Asia, Business Standard reported. HDFC Sky, citing Reuters, said the US-Iran war has stretched into its eighth month and that shipping through the Strait of Hormuz has picked up in recent weeks, though flows of crude, refined products and natural gas remain substantially disrupted. It also reported that Iran said on Wednesday it had received a US response to its latest proposal to revive the collapsed Gulf ceasefire, while the two sides still disagree on the sequencing of steps.

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What the Market Holiday Means

The NSE and BSE will be closed on Friday, 2 October 2026, for Mahatma Gandhi Jayanti. Regular trading resumes on Monday, 5 October, so Thursday is the last trading session before a three-day break that includes the weekend. The next weekday closure on the NSE calendar is Tuesday, 20 October, for Dussehra.

Regular equity trading on the exchanges runs from 9.15 AM to 3.30 PM IST, with the pre-open session from 9.00 AM to 9.15 AM IST. Global markets and crude oil will keep trading on Friday while Indian exchanges are shut. Any move in those markets will therefore reach the Indian market only when trading restarts on Monday.

Traders and investors who hold positions over a long weekend remain exposed to news that arrives while the exchanges are closed. Whether the Nifty holds above Wednesday's close of 22,620.45 or slips below it by the end of Thursday's session will be known only after the market closes.

This content is for information only and is not investment advice. Investments are subject to market risks. Please do your own research before investing.