Pre-Market Update: Nifty Likely to Open Flat on July 6; OPEC Output Hike, Bank Q1 Updates, Global Cues in Focus

The Indian stock market is expected to witness a muted start on Monday, July 6, with benchmark indices Sensex and Nifty 50 likely to open on a flat note amid mixed global cues. While Asian markets traded on a mixed note, U.S. stock futures moved higher. Meanwhile, crude oil prices eased after OPEC announced another production increase for August.

At around 7:28 AM, GIFT Nifty was trading near 24,329, about 26 points below the previous close of Nifty futures, indicating a subdued opening for domestic equities.

OPEC has approved another increase in crude oil production for August. During its virtual meeting, the oil-producing alliance decided to raise output quotas by 188,000 barrels per day, following similar production increases announced for June and July. The move weighed on global crude oil prices.

Several private sector Banks released their business updates for the quarter ended June 2026. HDFC Bank reported a 15.4 per cent year-on-year rise in gross advances, while deposits increased 14.7 per cent. Axis Bank posted 18.8 per cent growth in gross advances and an 18.2 per cent increase in total deposits. Kotak Mahindra Bank reported a 15.1 per cent rise in net advances, while deposits grew 11.7 per cent. IndusInd Bank saw net advances decline 2.3 per cent year-on-year, although deposits rose 4.5 per cent.

Gold prices remained close to a two-week high after softer-than-expected U.S. economic data eased concerns about near-term interest rate hikes by the Federal Reserve. Spot gold was steady at USD 4,175.02 per ounce, while August gold futures gained 1.5 per cent to USD 4,186.80 per ounce. Spot silver edged 0.1 per cent higher to USD 62.47 per ounce.

Oil prices slipped after OPEC's decision to increase production from August. Brent crude fell 0.33 per cent to USD 71.88 per barrel, while WTI crude declined 0.16 per cent to USD 68.58 per barrel. The U.S. dollar hovered near a two-week low as expectations of an immediate Federal Reserve rate hike softened, with the Dollar Index standing at 100.9.

Derivatives positioning indicates a balanced market setup, with the Put-Call Ratio (PCR) at 0.99. On the put side, the highest open interest addition was recorded at the 24,200 strike, while the highest open interest remained concentrated at the 24,000 strike. On the call side, the highest open interest addition was seen at the 24,300 strike, with the highest open interest at the 25,000 and 24,500 strike prices.

Technically, Nifty 50 continues to maintain a positive structure as long as it holds above the 24,200-24,100 support zone, while the key support remains at 24,000. On the upside, immediate resistance is placed in the 24,349-24,400 range. A sustained move above 24,400 could pave the way for an advance towards the 24,500-24,600 zone. According to pivot point analysis, support levels are placed at 24,252, 24,223 and 24,175, while resistance levels are seen at 24,349, 24,378 and 24,426. Despite some profit booking near 24,400 in the previous session, the broader technical outlook remains constructive with momentum indicators staying supportive.

Several stocks are expected to remain in focus following key corporate announcements. GK Energy received a Letter of Empanelment from Maharashtra State Electricity Distribution Company Limited (MSEDCL) for the supply of 10,000 off-grid Solar water pumping systems under the Magel Tyala Saur Krushi Pump Yojana. The order is valued at Rs 235.92 crore and is scheduled for execution within 60 days of the work order or Notice to Proceed. Shakti Pumps (India) secured a similar Letter of Empanelment from MSEDCL for 15,000 off-grid solar water pumping systems worth about Rs 353.89 crore.

Rubicon Research informed that the U.S. Food and Drug Administration completed an unannounced inspection of its Pithampur manufacturing facility and issued Form 483 with two observations. Prestige Estates Projects entered into an investment agreement to acquire a 50 per cent stake in Advent Convention and Hotels International, which is developing a commercial project in Mumbai. ICICI Prudential Life Insurance plans to seek approval from the Insurance Regulatory and Development Authority of India (IRDAI) for the reclassification of Prudential Corporation Holdings from promoter to investor.

Innovision received a Letter of Award worth Rs 102.27 crore from the National Highways Authority of India (NHAI) for user fee collection at the Sirohi Bahali Fee Plaza. NBCC (India) secured three orders worth Rs 132.28 crore from the Navodaya Vidyalaya Samiti and the Government of Odisha. PTC India signed a Power Purchase Agreement with NTPC Renewable Energy to procure 1,200 MW of solar power under a bilateral arrangement, while NTPC Green Energy remained in focus after its subsidiary entered into the same agreement.

Supriya Lifescience disclosed that customs authorities have initiated an investigation involving its General Manager (Sales and Marketing), who has been placed under judicial custody until July 17. Bliss GVS Pharma appointed Rahul Adakmol as Chief Executive Officer with effect from July 15, while the outgoing CEO will continue as Managing Director. Fortis Healthcare signed an operations and management agreement for a 300-bed greenfield multi-specialty hospital in Cuttack, Odisha. Manappuram Finance announced that CEO Deepak Reddy has resigned to pursue personal and professional interests, with his resignation taking effect from December 31, 2026. Enviro Infra Engineers secured two sewage treatment plant projects worth Rs 256.92 crore from Uttar Pradesh Jal Nigam.

No stock has been placed under the F&O ban for July 6.

Foreign Institutional Investors (FIIs) remained net buyers on July 3, purchasing equities worth Rs 1,355.33 crore. Domestic Institutional Investors (DIIs), however, were net sellers, offloading shares worth Rs 1,953.89 crore.

The domestic market extended gains for the third consecutive session on Friday. The Sensex rose 261.79 points, or 0.34 per cent, to close at 77,763.91, while the Nifty 50 gained 95.15 points, or 0.39 per cent, to settle at 24,270.85.

U.S. stock futures traded higher at the start of the week, supported by expectations of a strong corporate earnings season and softer crude oil prices. S&P 500 futures gained 0.5 per cent, while Nasdaq futures advanced 1.4 per cent. The U.S. equity market remained closed on Friday on account of the Independence Day holiday.

Disclaimer: The article is for informational purposes only and not investment advice.