Live Market updates : 4th July
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On Tuesday, the GIFT Nifty is expected to have a flat start with a loss of 7.50 points. In the US markets, Wall Street's main indices closed with modest gains in a shortened session on Monday. Tesla experienced a surge, while bank shares displayed strength, setting a subdued tone for the beginning of the second half of the year. The Dow Jones Industrial Average rose by 10.87 points or 0.03 percent to reach 34,418.47. The S&P 500 gained 5.21 points or 0.12 percent, closing at 4,455.59. Meanwhile, the Nasdaq Composite added 28.85 points or 0.21 percent, reaching 13,816.77.
In Asian markets, economists surveyed by Reuters anticipate the Reserve Bank of Australia to increase its benchmark interest rate by another 25 basis points to 4.35 percent. If implemented, this would be the highest level since December 2011. Australia's S&P/ASX 200 opened with a flatline on Tuesday. Japan's Nikkei 225 retraced from its newly achieved 33-year high on Monday, experiencing a decline of 0.72 percent, while the Topix recorded a smaller loss of 0.45 percent.
South Korea's Kospi saw a marginal fall, while the Kosdaq defied the trend and climbed by 0.13 percent. The country's consumer price index grew at a slower rate of 2.7 percent in June, marking the fifth consecutive month of decline. Hong Kong's Hang Seng index is expected to decline after a 2 percent gain on Monday, with futures at 19,176 in comparison to the HSI's previous close of 19,306.59.
Oil prices remained stable on Tuesday as the market weighed concerns about supply due to production cuts by top exporters Saudi Arabia and Russia against economic data indicating weak crude demand. Brent crude futures saw an increase of 22 cents or 0.3 percent, reaching $74.87 per barrel by 0033 GMT. Meanwhile, US West Texas Intermediate crude stood at $70.06, rising by 27 cents or 0.3 percent.
According to provisional data from the National Stock Exchange, foreign institutional investors (FII) bought shares worth Rs 1,995.92 crore, while domestic institutional investors (DII) sold shares worth Rs 337.80 crore on July 3.
