Indian benchmark indices are poised for a positive start on July 2, taking cues from GIFT Nifty, which was trading around 24,181.50 in early trade.

Track the latest updates on GIFT Nifty right here on Moneycontrol

Indian benchmark indices snapped a two-day losing streak to end with healthy gains on July 1, supported by broad-based buying in auto, FMCG, realty, and financial stocks, while IT shares remained under pressure following weaker-than-expected Q1 guidance from KPIT Technologies.

After opening on a positive note in the first session of the July series, the benchmarks extended their gains throughout the day, with the Nifty hitting an intraday high of 24,049.90 before settling near the day's high. Positive global cues, strong monthly auto sales, and gains in heavyweight FMCG stocks further supported market sentiment, although losses in IT stocks capped the upside.

At close, the Sensex was up 443.97 points or 0.58 percent at 76,922.64, and the Nifty was up 140.10 points or 0.59 percent at 24,005.85.

Here is how financial markets across the globe fared overnight:

GIFT Nifty (Gains)

GIFT Nifty was trading at around 24,181.50 in early trade, signalling a positive start for the domestic benchmark indices.

Asian Equities (Slip)

Asian stocks fell for the first time in four days after a selloff in chipmakers revived concerns that the

artificial intelligence-driven rally may have gone too far, too fast.

US equities (Down)

US stocks finished slightly ​lower on Wednesday as technology shares fell, but gains in Meta Platforms limited the decline in the S&P ‌500 and Nasdaq.

The Dow Jones Industrial Average fell 13.96 points, ​or 0.03%, to 52,305.24, the S&P 500 lost 16.13 points, or 0.22%, to 7,483.23 and the Nasdaq Composite lost 173.69 points, or ​0.66%, to 26,040.03.

Dollar Index (Flat)

The dollar held steady on Thursday as markets awaited key U.S. non-farm payrolls data, while the yen's slide to 40-year lows against the greenback and thin trading ahead of a U.S. holiday kept traders on high alert for intervention.

US Bond Yield (Flat)

The yield on 10-year Treasuries and 2-year Treasuries were little changed at 4.47% and 4.17%, respectively.

Asian Currencies (Mixed)

A mixed-to-negative trend across Asian currencies, with six of the nine currencies weakening against the US dollar.

The South Korean won (-0.289%) and Indonesian rupiah (-0.251%) led the losses, while the Malaysian ringgit (+0.135%) and Thai baht (+0.114%) outperformed. The Japanese yen also posted a marginal gain (+0.025%), whereas the Philippine peso and Singapore dollar remained largely unchanged.

Crude (Slips)

Oil prices dropped in early trade on Thursday after Qatar said Iran and the U.S. had made "positive progress" in indirect talks that concluded on Wednesday, focused on the Strait of Hormuz, which handled one-fifth of global oil supply before the war.

Gold (Gains)

Gold held a rebound after a speech by US Federal Reserve Chairman Kevin Warsh dampened speculation the central bank may hike interest rates this year to tackle inflation.

Fund Flow Action

Foreign Institutional Investors (FIIs) remained net sellers for the third consecutive session on July 1, offloading equities worth ₹1,140 crore. Meanwhile, Domestic Institutional Investors (DIIs) extended their buying streak to the seventh straight session, purchasing equities worth ₹3,159 crore.

Hope you're all set for today's trade. We wish you a profitable day ahead.

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