Gift Nifty, July 2, 2026: Markets set for Cautious Positive Open on Thursday; Doha Talks, Softer Oil Lift Mood

Mumbai, July 2: Domestic equity markets look set for a cautious but positive start on Thursday, with Gift Nifty futures signalling a firmer open even as the Iran war casts a long shadow over sentiment. Wednesday’s inconclusive round of US-Iran talks in Doha offered no breakthrough, yet Qatar’s description of “positive progress” on the Strait of Hormuz and funds unfreezing has been enough to keep risk appetite intact. Adding to the mildly upbeat mood, oil prices have slipped further, easing a key input cost worry for India even as the region’s underlying tensions remain unresolved. 

Gift Nifty futures for the July 28 series were trading at 24,194.50, up 42.50 points or 0.18%, as of 7:12 am IST on Thursday, according to the latest quote. The level stands well above Wednesday’s Nifty 50 close of 24,005.85, pointing to a gap-up start for the domestic benchmark when trade begins. 

Middle East Conflict 

Iran and the United States wrapped up two days of indirect talks in Doha on Wednesday without a breakthrough on a lasting peace, focusing instead on the Strait of Hormuz and unfreezing Iranian funds. The next round will be held only after funeral processions for Iran’s late Supreme Leader Ayatollah Ali Khamenei, due to be buried on July 9. President Donald Trump said discussions on limiting Iran’s nuclear programme were moving along well, though sources said the issue did not actually come up in the technical talks. Tehran has said it will start charging tolls on shipping through the strait from mid-August once the current toll-free window lapses. 

Oil Prices 

Oil prices extended their decline on Thursday, with Brent crude down 73 cents, or 1.02%, to $70.84 a barrel, while U.S. West Texas Intermediate fell 83 cents, or 1.21%, to $67.75 a barrel. Both benchmarks had already dropped more than 1% in the previous session to their lowest levels in four months. The retreat came after Qatar flagged progress in the Doha talks on the Strait of Hormuz, a route that carries a fifth of the world’s oil and gas trade. Traders are treating the de-escalation as a reason to pare the war-risk premium built into crude. 

Asian Markets on Thursday Morning 

Asian markets were mixed on Thursday morning, with Hong Kong’s Hang Seng jumping 1.86% to 23,306.53 and Pakistan’s KSE 100 surging 2.08% to 184,050.10. Indonesia’s Jakarta Composite rose 0.92% to 5,695.12 and Vietnam’s HNX 30 added 1.00% to 518.58, while Malaysia’s FTSE Bursa KLCI edged up 0.07% to 1,665.30. On the downside, Japan’s Nikkei 225 dropped 0.96% to 69,799.47 and China’s Shanghai Composite slipped 0.85% to 4,077.46, while Thailand’s SET index eased 0.19% to 1,588.23. 

Wall Street 

Wall Street ended mixed on Wednesday, with the Dow Jones Industrial Average slipping 0.03% to 52,305.24 and the Nasdaq Composite down 0.66% at 26,040.03. The S&P 500 fell 0.22% to 7,483.23 and the NYSE Composite lost 0.41% to close at 23,737.18, even as Canada’s S&P/TSX Composite bucked the trend with a 0.10% gain. 

Sensex & Nifty on Wednesday 

Back home, the Sensex and Nifty snapped a two-session losing streak on Wednesday, with the Sensex rising 443.97 points, or 0.58%, to 76,922.64 and the Nifty 50 gaining 140.10 points, or 0.59%, to reclaim the 24,000 mark at 24,005.85. Broad-based buying in realty, FMCG, financial and auto stocks powered the rally, with the Nifty Realty index surging 3.6% and FMCG and Media gaining around 2% each. Information technology stocks bucked the trend, with the Nifty IT index falling 2% after KPIT Technologies warned of weaker June-quarter revenue and profit. Market breadth stayed positive, with 2,158 stocks advancing against 1,935 decliners and 165 unchanged on the BSE.

Source

• nseindia.com