Pre-Market Update: GIFT Nifty Trades Higher by Over 150 Points on July 3; Sensex, Nifty 50 Set for Positive Open

The Indian stock market is expected to open on a positive note on Friday, July 3, supported by firm domestic cues despite mixed global markets. As of 7:28 a.m., GIFT Nifty was trading around 24,414, a premium of nearly 156 points over the previous close of Nifty 50 futures, indicating a strong start for the benchmark indices.

Asian markets traded lower in early deals, while U.S. equities ended on a mixed note overnight. The Dow Jones Industrial Average extended its winning streak to four consecutive weeks, marking its longest run since October 2024.

Crude oil prices eased as shipping activity through the Strait of Hormuz continued to normalise, reducing concerns over supply disruptions. Brent crude declined 0.31 per cent to USD 71.58 per barrel, while U.S. West Texas Intermediate (WTI) crude fell 0.35 per cent to USD 68.45 per barrel.

Fresh labour market data from the U.S. pointed to slowing job creation. Nonfarm payrolls increased by 57,000 in June, while payroll gains for the previous two months were revised lower, signalling a gradual cooling of the labour market and influencing expectations around future interest rate decisions.

Geopolitical developments also remain in focus. Iranian Foreign Minister Abbas Araghchi criticised the U.S. Central Command (CENTCOM) after it hosted a regional security conference in Bahrain, stating that lasting peace in West Asia requires an end to foreign intervention. Meanwhile, Russia launched another wave of drone and missile attacks on Kyiv overnight, killing 27 people. Ukrainian President Volodymyr Zelenskyy vowed retaliation following the strikes.

Japan's services sector returned to expansion in June, with the S&P Global Japan Services PMI rising to 52.2 from 50.0 in May, indicating renewed growth in business activity.

From the derivatives market, the Put-Call Ratio (PCR) stands at 1.32. On the put side, the highest open interest addition and concentration were seen at the 24,000 strike. On the call side, the highest fresh open interest addition was recorded at the 24,400 strike, while the highest overall open interest remains at the 25,000 and 24,600 strikes.

Technically, Nifty 50 faces immediate resistance in the 24,200-24,300 zone, with pivot resistance levels at 24,195, 24,227 and 24,279. On the downside, 24,000 remains the key support level, while pivot supports are placed at 24,091, 24,059 and 24,007. A sustained move above 24,300 could open the way towards 24,400-24,600, whereas a fall below 24,000 may trigger fresh consolidation.

Several stocks are expected to remain in focus after business updates. Hindustan Zinc reported record first-quarter mined metal production along with higher saleable metal output and improved refined zinc production. Coal India reported a 3.5 per cent year-on-year rise in first-quarter coal supplies. Tata Motors said Jaguar Land Rover's first-quarter wholesale and retail volumes declined due to supply chain disruptions and the Jaguar transition, although the premium model mix improved.

PC Jeweller posted about 21 per cent year-on-year growth in first-quarter consolidated revenue while reducing debt by 24 per cent and expects to become debt-free this quarter. Bajaj Housing Finance reported healthy growth in disbursements and assets under management, while Bajaj Finance recorded 33.1 per cent growth in disbursements, 24 per cent growth in assets under management and a 20 per cent increase in new loans booked.

Central Bank of India reported strong growth in deposits, advances and CASA deposits, with advances rising nearly 29 per cent year-on-year. Ujjivan Small Finance Bank posted healthy loan and deposit growth along with improved asset quality. Marico reported strong double-digit domestic volume growth, supported by the Parachute brand and lower input costs. Avenue Supermarts (D-Mart) reported a 15.13 per cent year-on-year rise in first-quarter standalone revenue while continuing store expansion. Lenskart approved the merger of subsidiaries and announced a manufacturing joint venture for metal spectacle frames in India. BPCL's subsidiary acquired the remaining stake in IBV Brasil Petroleo, making it a wholly owned subsidiary.

No stock is under the F&O ban list for July 3.

Foreign Institutional Investors (FIIs) remained net sellers on July 2, offloading equities worth Rs 311.82 crore. Domestic Institutional Investors (DIIs), however, bought equities worth Rs 1,784.40 crore during the session.

The Indian stock market ended higher on Thursday, supported by broad-based buying. The Sensex gained 579.48 points, or 0.75 per cent, to close at 77,502.12, while the Nifty 50 advanced 169.85 points, or 0.71 per cent, to settle at 24,175.70.

U.S. markets ended mixed overnight. The Dow Jones Industrial Average climbed 594.83 points, or 1.14 per cent, to close at a record 52,900.07. The S&P 500 ended nearly unchanged at 7,483.24, while the Nasdaq Composite fell 207.36 points, or 0.80 per cent, to 25,832.67. Among major technology stocks, Nvidia, AMD, Meta Platforms and Tesla declined, while Microsoft and Apple ended higher.

Overall, domestic markets are expected to remain driven by global developments, crude oil prices, institutional flows, derivatives positioning and stock-specific corporate updates.

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