Gift Nifty, July 6, 2026: Muted-to-Positive Open on Monday; Asian Markets Firm, Oil Edges Lower as Iran Mourning Extends

Mumbai, July 6: Indian equity markets are poised to open in a muted-to-positive range on Monday after Gift Nifty futures pointed to a tentative open through the day’s first trade, even as Asian markets moved broadly higher. Oil prices are edging lower after OPEC+ struck a deal to raise output targets, capped gains. Iran enters a week of mass mourning for supreme leader Ayatollah Ali Khamenei that may weigh on sentiment even as a fragile ceasefire remains in place. 

Gift Nifty futures traded at 24,323.50 as of 7: 37 am on Monday, July 6, down 26.00 points or 0.11%. With the level holding above Nifty 50’s Friday close of 24,270.85, markets are expected to open with a muted positive bias. 

Oil Prices 

Brent crude futures fell 24 cents, or 0.33%, to $71.88 a barrel, while West Texas Intermediate crude declined 11 cents, or 0.16%, to $68.58 a barrel after trading flat; there was no official Friday settlement for WTI as US markets were closed for Independence Day holiday. The decline followed an announcement Sunday that OPEC+ had agreed to raise output targets by an additional 188,000 barrels per day beginning in August. That comes on top of coordinated increases to production targets for June and July. Both benchmarks were set to end little changed on the week as traders look to US-Iranian negotiations over Strait of Hormuz shipping and the speed of recovery in Gulf exports. 

Asian Markets 

Most Asian markets were higher Monday morning. Indonesia’s Jakarta Composite spiked 2.28% to 5,875.78, while Hong Kong’s Hang Seng gained 0.90% to 23,559.61 and Malaysia’s FTSE Bursa Malaysia KLCI advanced 1.31% to 1,683.61. Thailand’s SET index climbed 1.11% and Pakistan’s KSE 100 rose 0.46%, while Australia’s S&P ASX All Ordinaries held flat with a mere 0.02% gain. Japan’s Nikkei 225 bucked the uptrend, tumbling 0.95% to 69,078.45. 

US Markets 

US markets closed mixed on Thursday ahead of shutdown Friday through Monday for the Independence Day holiday. The Dow Jones Industrial Average jumped 594.83 points, or 1.14%, to close at 52,900.07 and the NYSE Composite added 0.93% to 23,957.08, while the Nasdaq Composite lost 0.80% to 25,832.67. The S&P 500 dipped fractionally lower, finishing up just 0.01 point at 7,483.24. 

Iran War 

Iran’s hardline ruling clerics pressed ahead with Sunday’s opening session of a week of mass mourning for Khamenei even as three of his seven sons joined other family members at his funeral. Mostafa, Meysam and Masoud Khamenei were seen praying beside the coffins of four other family members inside Tehran’s Imam Khomeini Grand Mosalla during ceremonies that will continue throughout the week. Mojtaba, who succeeded his father as supreme leader after the latter’s death, was notably absent again from public view following rumors he was injured alongside his father in last month’s strike. Tens of thousands of Iranians including soldiers and seminary students filed through the vast domed complex to pay their respects to Khamenei. 

Iran enters a week-long mourning period for slain supreme leader Ayatollah Ali Khamenei even as signs point to a fragile US-Iran ceasefire holding and Gulf shipping through the Strait of Hormuz returning towards pre-attack levels. 

Indian Markets on Friday 

At home, the Sensex and Nifty both extended winning streaks to three straight sessions on Friday after rallying through Thursday’s session. The Sensex gained 261.79 points, or 0.34%, at 77,763.91 while the Nifty 50 added 95.15 points, or 0.39%, to close at 24,270.85. The benchmarks were led by strong buying interest in IT, pharma and realty stocks, while the Nifty IT index jumped 1.8% as investors dipped into heavily beaten-down technology names. Some selective banking and energy stocks have weakened.

Source: nseindia.com