Gift Nifty, July 7, 2026: Markets Likely to Open Muted-to-Positive, Follow Wall Street Gains

Mumbai, July 7: Indian equity indices are set to open in muted-to-positive territory on Tuesday with Gift Nifty indicating a flat start. Strong US markets overnight and a mixed bunch of Asian peers indicate a positive global setup for Indian markets. Oil prices too are ticking higher on hopes of recovering supply rather than fears of a fresh war-related disruption, which indicates that markets aren’t exactly pricing in a glut.

Gift Nifty futures for July 28 delivery were trading at 24,574.50, down 13.50 points or 0.05% as of 7:26 am on Tuesday. The slightly negative reading indicates the benchmarks will open largely flat on Tuesday with limited conviction building upon Monday’s close. The small downward move also points more to profit-taking after four consecutive winning sessions rather than any fresh negative development.

Asian Markets on Tuesday Morning

Asian stocks were mixed on Tuesday morning. Hong Kong’s Hang Seng gained 0.36%, Indonesia’s JSX Composite rose 0.69% and Pakistan’s KSE 100 jumped 1.12%, while Australia’s All Ordinaries and Malaysia’s KLCI were little changed. Japan’s Nikkei 225 declined 1.02%, Vietnam’s HNX 30 fell 2.32% and China’s Shanghai Composite slipped 0.43%. Asian benchmarks are pointing higher on average, and in better shape than Gift Nifty’s flat reading, despite the gains being uneven across the region.

US Markets on Monday Close

US stocks closed higher on Monday, with the Nasdaq Composite surging 1.12% and the S&P 500 adding 0.72%, pushing Wall Street deeper into positive territory for the year so far. The Dow Jones Industrial Average climbed 0.29% and the NYSE Composite advanced 0.49%. Canada’s S&P/TSX Composite bucked the positive trend lower by 0.18%. Compared to most Asian and Indian peers, Wall Street will be arriving at Tuesday’s session from a better position.

Oil Prices

Oil prices edged higher on Tuesday, with Brent crude futures rising 0.39% to $72.29 a barrel and US WTI crude gaining 0.26% to $68.84. Both benchmark crude contracts settled around 1% higher on Monday after snapping four-day losing streaks. Prices had fallen to their lowest in nearly three weeks on Monday as geopolitical risks eased somewhat after the UAE brought output above 3.8 million barrels per day last month, the highest in nearly 15 months. Saudi Arabia also cut its official selling price for Arab Light crude by the most in more than two decades, stoking concerns over demand. Despite the increases to supply, prices are rising rather than falling, which suggests the market isn’t necessarily worried about a glut just yet.

Iran War

Iranians were said to have attended the funeral of slain Supreme Leader Ayatollah Ali Khamenei en masse in Tehran on Sunday, indicating strength during wartime rather than a show of weakness. Iran aims to turn wartime pain into political gain by seizing control of the Strait of Hormuz. According to analysts, Tehran has priced control of the Strait higher than sanctions relief, and is purposely delaying nuclear talks until it has gained maximum benefit from its stranglehold over global oil supply. US President Donald Trump said on Monday that America would “make a deal or not make a deal” with Iran but wouldn’t rule out military action, ramping up talk of war once again. Whether or not Iran and the US can successfully implement the fragile ceasefire brokered last week has now become a battle of its own. Talks are not heading towards swift resolution anytime soon.

Sensex & Nifty on Monday

On the homefront, the Sensex and Nifty notched up their fourth straight session of gains on Monday led by banks, autos and realty stocks after strong June- quarter numbers from large lenders and further decline in crude prices. The Sensex climbed 521.16 points or 0.67% to close at 78,285.07 and the Nifty 50 rose 159.50 points or 0.66% to end at 24,430.35. HDFC Bank surged 3.6% to become the top gainer on the Nifty after it posted double-digit growth in advances and deposits. Breadth remained mixed with 2,226 stocks declining on the BSE vs 1,924 advancing ones. Meanwhile, the broader markets outperformed the frontline indices with the Nifty Smallcap 100 index gaining 0.7% and the Nifty Midcap 100 adding 0.4%.

Source: nseindia.com