Gift Nifty signals positive opening; eyes on US-India trade deal, US tax bill, and Wall Street tech sell-off
July-2, 2025: The Indian stock market is poised for a cautious start on Wednesday, July 2, 2025, following mixed global cues. While domestic benchmarks Sensex and Nifty 50 posted modest gains on Tuesday, investors are watching key global developments including the US tax and spending bill, the India-US trade deal, and signals from Asian and US markets.
Here are the 8 major overnight developments influencing Indian equity indices today:
Also Read: Trump Signals Breakthrough in India Trade Deal with Promise of ‘Much Less Tariffs’
1. Gift Nifty Indicates Positive Opening
Gift Nifty was trading around 25,680, a premium of nearly 37 points to the previous close of Nifty futures, signaling a positive start for Indian markets.
2. Sensex and Nifty Close Higher on Tuesday
On Tuesday, Sensex rose 90.83 points (0.11%) to close at 83,697.29, while Nifty 50 gained 24.75 points (0.10%) to end at 25,541.80. Analysts at Religare Broking advise a ‘buy on dips’ strategy with selective stock picking, citing overbought conditions in some sectors.
Also Read: “Infosys Unveils ‘Work-Life Balance’ Policy After Murthy’s 70‑Hour Week Proposal”
3. Asian Markets Trade Mostly Lower
Asian shares were largely in the red early Wednesday.
- Nikkei 225 dropped 1.32%
- Topix declined 0.64%
- Kospi fell 0.42%
- Kosdaq was flat
- Hang Seng futures hinted at a positive open
4. US Markets Mixed; Tech Stocks Drop
Also Read: “Tesla Tumbles: Is Trump-Musk Feud Fueling the Crash?”
Wall Street closed mixed on Tuesday:
- Dow Jones gained 400.17 points (+0.91%)
- S&P 500 slipped 6.94 points (-0.11%)
- Nasdaq Composite dropped 166.84 points (-0.82%)
Major losers included:
- Tesla (-5.4%)
- Nvidia (-2.97%)
- AMD (-4.08%)
Gainers: - Apple (+1.29%)
5. US Passes $3.3 Trillion Tax and Spending Bill
The US Senate passed a landmark tax and spending bill backed by President Trump, locking in key policies and potentially impacting market liquidity. The bill now moves to the House.
6. India-US Trade Deal Nears Finalization
US Treasury Secretary Scott Bessent indicated that India and the US are close to a deal that could prevent Trump’s proposed 26% tariff on Indian goods and reduce levies on US imports. Negotiators are racing to finalise the deal before the July 9 tariff deadline.
7. US Job Openings Unexpectedly Rise
The JOLTS report showed job openings rose by 374,000 to 7.77 million in May — higher than expectations — reflecting resilience in the US labor market. There were 1.07 jobs for every unemployed person, up from 1.03 in April.
8. US Manufacturing Still Contracting
The US ISM Manufacturing PMI rose slightly to 49.0 in June, up from 48.5, but stayed below the key 50 mark for the fourth straight month — indicating ongoing contraction in manufacturing.
Bonus: Gold Prices Steady
Gold prices remained stable ahead of US payroll data:
- Spot gold: $3,338.22/oz
- US gold futures: $3,347.80/oz
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Stock Market Today, Indian Market News, Nifty 50, Sensex, Gift Nifty, US-India Trade Deal, Trump Tariffs, Global Markets, Nasdaq, Tax Bill, Asian Markets, Gold Prices, ISM PMI, JOLTS Report