The Prime Daily: 30 June 2026

Dow Crosses 52,000 as Tech Rebounds

U.S. equity markets saw a significant recovery yesterday, with the Nasdaq Composite climbing over 2% to break a five-day decline. The S&P 500 rose more than 1%, while the Dow Jones crossed the 52,000 threshold for the first time in its history. This broad rally was largely fueled by a resurgence in technology and artificial intelligence stocks following a volatile period of selling.

Alphabet officially debuted as a member of the Dow Jones Industrial Average this week, replacing Verizon in the blue-chip index. The stock’s inclusion helped propel the Dow to record highs amid a broader rally in mega-cap technology names.

The Federal Reserve held the federal funds rate steady at 3.50%-3.75% during its June 2026 meeting, but officials signalled a more aggressive stance for the remainder of the year. Updated projections show that a majority of policymakers now anticipate additional rate hikes rather than cuts due to persistent inflation concerns. This hawkish shift follows the first meeting under new Chairman Kevin Warsh, whose leadership has seen a removal of previous language hinting at future policy easing.

Asian markets opened higher today, tracking gains on Wall Street overnight. Last night in US, all three major indices closed on the higher end after a pause in hostilities between the U.S. and Iran lifted sentiment.

India’s industrial activity gathered pace, with industrial output growth accelerating to a five-month high of 5.1% YoY in May from 4.9% YoY in April. The improvement was led by the electricity and gas segment, which expanded 9.9%, compared with 4.6% in the previous month

The Union Cabinet approved an additional ₹30,000 crore investment in the National Investment and Infrastructure Fund (NIIF), doubling the Centre’s total commitment to ₹60,000 crore. The fresh capital will be deployed towards launching NIIF Infrastructure Fund II.

The rupee began the week on a weaker note, depreciating by 14 paise. The decline was driven by month-end dollar demand, elevated crude oil prices, and a risk-off sentiment amid rising geopolitical uncertainties.

The gains from the previous two sessions were reversed yesterday, the first day of the week, as the Nifty fell 109 points to close at 23,946. Nifty remains supported by the near-term averages clustered near the 23,800 level, while the recent swing low at 23,789 offers an additional near-term floor. On the upside, the key resistance remains at the swing high of 24,261; a decisive breakout above this level would restore the near-term bullish bias.

Indian markets are set to open on a mildly positive note amid encouraging global cues.