Indian benchmark indices are likely to open on a flat note on July 1, tracking muted cues from GIFT Nifty, which was trading around 23,987 during early trade.

Track the latest updates on GIFT Nifty right here on Moneycontrol

Indian benchmark indices ended lower in a volatile session on the June derivatives expiry day, with the Nifty closing below the 23,900 mark amid broad-based selling across sectors, barring pharma, realty and consumer durables.

After opening on a firm note, the benchmarks erased their early gains within the first hour of trade and oscillated between gains and losses for most of the session. Selling pressure intensified in the final hour, dragging the Nifty to an intraday low of 23,829.20 and extending losses for a second straight session, as investors booked profits across heavyweight stocks.

At close, the Sensex was down 249.70 points or 0.33 percent at 76,478.67, and the Nifty was down 80.50 points or 0.34 percent at 23,865.75.

Here is how financial markets across the globe fared overnight:

GIFT Nifty (Up)

GIFT Nifty is trading marginally higher at around 23,987, indicating a muted start for the domestic benchmark indices.

Asian Equities (Rise)

Asian equities rose Wednesday after capping their best quarter in 17 years, as a rally in chipmakers and signs of US economic resilience fueled optimism about corporate earnings.

US equities (Gain)

The S&P 500 and Nasdaq finished June on ​Tuesday with their biggest quarterly gains since 2020 as investors remained upbeat about economic and earnings growth even amid the Middle East conflict.

The Dow had its biggest quarterly jump since 2022.

The Dow ⁠Jones Industrial Average rose 136.46 points, or 0.26%, to 52,319.20, the S&P 500 gained 58.93 points, or 0.79%, to 7,499.36, and the Nasdaq Composite gained 393.58 points, or 1.52%, to 26,213.72

Dollar Index (Up)

The dollar got a boost from a sharp rise in Treasury yields and pushed the yen to a 40-year trough on Wednesday, as traders braced for a crucial U.S. jobs report and ramped up bets on an imminent Federal Reserve rate hike.

The dollar rose to a fresh top of 162.77 yen in the early Asian session, well above levels that prompted Japanese authorities to intervene a few months ago to shore up the ailing currency.

US Bond Yield (Down)

The yield on 10-year Treasuries and 2-year Treasuries declined one basis point each at 4.45% and 4.16%, respectively.

Asian Currencies (Mixed)

Asian currencies traded mostly lower against the US dollar. The South Korean Won was the biggest underperformer, falling 0.531%, followed by the Philippine Peso, which declined by 0.393%, while the Indonesian Rupiah and Thai Baht lost 0.313% and 0.300%, respectively. The Japanese Yen slipped 0.074%, and the Singapore Dollar shed 0.100% against the US dollar.

Among the gainers, the Chinese Renminbi rose 0.124%, the Malaysian Ringgit gained 0.118%, and the Taiwan Dollar edged up 0.009%.

Crude (Gains)

Oil prices rose in early trade on Wednesday as investors responded to news that Iran will not be meeting with U.S. envoys, a further strain on the interim ceasefire agreed between the two in the four-month-long war.

Gold (Down)

Gold was steady, with traders assessing peace talks between the US and Iran and weighing a fresh slew of US economic data for clues on the Federal Reserve’s next move on interest rates.

Fund Flow Action

Foreign Institutional Investors (FIIs) extended their selling streak on June 30, offloading equities worth ₹2,556 crore. Meanwhile, Domestic Institutional Investors (DIIs) continued to provide support to the market for the sixth consecutive session, purchasing equities worth ₹6,842 crore.

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