The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a positive note on Thursday, July 2, taking overnight cues from global markets.

Asian markets traded mostly lower, while the US stock market ended on a largely flat note overnight.

Moreover, on Wednesday, the Indian stock market attracted strong buying interest, with benchmark indices ending higher, supported by easing crude oil prices despite mixed global market signals.

Domestic Market Recap

On Wednesday, Indian indices ended green:

• Sensex gained by 444 points (0.58%) to close at 76,922.64.
• Nifty 50 moved up by 140 points (0.59%) to settle at 24,005.85

Gift Nifty

Gift Nifty was trading near 24,187, around 95 points higher than the previous Nifty futures close, hinting at a positive start for Indian markets.

Overnight Wall Street Performance

The US stock market closed slightly lower on Wednesday as a sell-off in technology stocks dampened investor sentiment. However, gains in Meta Platforms helped limit the losses in the S&P 500 and Nasdaq.

• The Dow Jones Industrial Average slipped by 13.96 points (0.3%) to close at 52,305.24.
• S&P 500 was down by 16.13 points (0.22%), ending at 7.483.23.
• The Nasdaq Composite was lower by 173.69 points (0.66%), finishing at 26,040.03.

Crude Oil Prices

Oil prices fell for a third straight session as higher crude shipments through the Strait of Hormuz eased supply concerns and progress in indirect US-Iran talks improved market sentiment.

West Texas Intermediate (WTI) hovered near $68 a barrel after declining 3% over the previous two sessions, while Brent crude settled below $72 on Wednesday.

Overnight Major Global Events Driving Sentiment

1. US-Iran Talks: US President Donald Trump said on Wednesday that indirect talks between the US and Iran in Qatar were making progress, signaling that diplomatic efforts to ease tensions in the Middle East remained on track despite recent hostilities. After the discussions, Iran’s Deputy Foreign Minister Kazem Gharibabadi, who led Tehran’s delegation, confirmed that the talks had concluded. He said both sides agreed to establish a communication channel by Thursday to report and document any violations of their initial memorandum of understanding. Iran reiterated that it would not hold direct negotiations in Doha. Instead, both sides focused on developing a framework to end the conflict sparked by the US-Israeli strikes on Iran in late February.

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