GIFT Nifty futures opened 34 points lower at 26,042, indicating a cautious tone for domestic equities. Market participants cited weak global risk appetite and uncertainty around the U.S.–China trade outlook. Crude oil’s recent volatility and lack of fresh cues from the Federal Reserve have added to hesitation. Analysts suggested near-term consolidation ahead of corporate results. Despite muted foreign inflows, broader technical structure remains supportive above 25,800 levels, with buying expected to re-emerge on dips if global conditions stabilize.