Indian benchmark indices are set for a positive opening on July 7, tracking firm cues from GIFT Nifty, which was trading around 24,574.50 in early trade.

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Indian equity markets extended their winning streak for the fourth consecutive session, supported by broad-based buying amid improving monsoon prospects, renewed FII inflows, easing geopolitical concerns, and softer crude oil prices.

After a positive opening, the benchmarks extended their gains through the session. Although some profit booking emerged during the afternoon, strong buying in the final hour helped the indices recover and close near the day's high.

At close, the Sensex was up 521.16 points or 0.67 percent at 78,285.07, and the Nifty was up 159.50 points or 0.66 percent at 24,430.35.

Here is how financial markets across the globe fared overnight:

GIFT Nifty (Up)

GIFT Nifty was trading higher at around 24,574.50 in early trade, indicating a firm start for the domestic equity markets.

Asian Equities (Mixed)

Asian equities dropped as technology shares came under renewed selling pressure, with Samsung Electronics Co. falling after its earnings report.

The MSCI Asia Pacific Index slipped 0.6% with decliners slightly outnumbering gainers. Technology stocks led losses, with Samsung falling more than 6% even after quarterly profit surged 19-fold. That weighed on the Kospi index, which retreated 4.6%.

The chip sector remained in focus with SK Hynix Inc. shares dropping 4.2% after kicking off the formal marketing process for its US listing.

US equities (Gain)

The S&P 500 and Nasdaq ended sharply higher ​on Monday, with Broadcom and other chip stocks rallying as investors bought shares in companies related to artificial intelligence that ‌are expected to drive a strong second-quarter earnings season.

The Nasdaq gained 1.12% to 26,121.16 points, while the Dow Jones Industrial Average rose 0.29% to 53,055.91 points. The S&P 500 climbed 0.72% to ‌end the ⁠session at 7,537.43 points.

Dollar Index (Up)

In the broader market, the dollar was on shaky ground as investors continued to pare back expectations of U.S. rate hikes this year following an underwhelming jobs report that came in far below expectations.

Against a basket of currencies, the dollar was last at 100.89.

US Bond Yield (Up)

The yield on 10-year Treasuries and 2-year Treasuries were up 1 basis point each at 4.48% and 4.12%, respectively.

Asian Currencies (Mixed)

Asian currencies traded mixed against the US dollar in early trade on July 7. The Indonesian rupiah emerged as the worst performer, declining 0.18 percent, followed by the Chinese renminbi, which slipped 0.20 percent. The Thai baht also weakened 0.14 percent, while the Taiwan dollar fell 0.08 percent. The South Korean won and Japanese yen were largely flat, trading lower by 0.02 percent and 0.01 percent, respectively.

On the other hand, the Philippine peso outperformed its regional peers, gaining 0.11 percent. The Malaysian ringgit rose 0.09 percent, while the Singapore dollar edged up 0.03 percent against the greenback.

Crude (Up)

Oil prices edged higher on Tuesday, but gains were limited as traders looked beyond easing geopolitical tensions in the Middle East and turned their attention to supply increases and demand prospects.

Gold (Slips)

Gold was little changed as traders awaited minutes from the Federal Reserve’s last meeting for fresh

insights into the path for US interest rates.

Fund Flow Action

Foreign institutional investors (FIIs) extended their buying for the second consecutive session on July 6, purchasing equities worth Rs 243 crore. Domestic institutional investors (DIIs) also remained supportive of the market, turning net buyers with equity purchases worth Rs 3,791 crore.

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