First Tick: Here are the top global cues for today’s trade

Tesla shares sank after CEO Elon Musk said he was forming a new US political party.

Indian benchmark indices Sensex and Nifty are likely to see a muted opening on July 8, tracking cues from GIFT Nifty trading around 25,523 a short while ago this morning.

Track the latest updates on GIFT Nifty right here on Moneycontrol.

Benchmark indices ended flat with Nifty hovering around 25,450 as investors turned cautious ahead of likely development around the US-India trade deal expected later this evening.

At close, the Sensex was up 193.42 points or 0.23 percent at 83,432.89, and the Nifty was up 55.7 points or 0.22 percent at 25,461. Broader indices underperformed the main indices with Nifty Midcap index down 0.27 percent, while smallcap index shed 0.4 percent.

Here is how financial markets across the globe fared overnight:

GIFT Nifty (Flat)

The GIFT Nifty is trading flat at around 25,523, indicating a muted start for the day.

Asian Equities (Up)

Asian shares edged higher as President Donald Trump left the door open for additional negotiations
after imposing new tariff rates on partners including Japan and South Korea.

US Equities (Down)

Wall Street's major indexes closed sharply lower on Monday, after U.S. President Donald Trump announced hefty tariffs against Japan, South Korea and other trading partners while Tesla shares sank after CEO Elon Musk said he was forming a new U.S. political party.

Indexes added to losses after Trump announced the tariff rates against Japanese and South Korean imports, due to take effect on August 1. Stocks wobbled further in the late afternoon when he announced hefty tariffs on Malaysia, Kazakhstan, South Africa, Laos and Myanmar.

The Dow Jones Industrial Average fell 422.17 points, or 0.94%, to 44,406.36, the S&P 500 lost 49.37 points, or 0.79%, to 6,229.98 and the Nasdaq Composite lost 188.59 points, or 0.91%, to 20,412.52.

US Bond Yield (Flat)

The yields on the 10-year Treasury were up marginally at 4.39 percent, while the 2-year Treasury yields were down marginally at 3.89 percent.

Dollar Index (Up)

The dollar steadied against its Group-of-10 peers, holding onto the bulk of its overnight gains, as
investors mulled how the latest tariffs would impact the US economy and those of its trading partners.

Asian currencies (Mixed)

Asian currencies were trading mixed in the early Tuesday trade with Taiwan Dollar, Indonesian Rupiah, China Renminbi, Malaysian Ringgit were trading lower, while Thai Baht, South Korean Won, Philippines Peso, Singapore Dollar, were trading in the green.

Crude (Down)

Oil prices eased on Tuesday after rising almost 2% in the previous session, as investors assessed new developments on U.S. tariffs and a higher-than-expected OPEC+ output hike for August.

Gold (Flat)

Gold steadied after reversing losses in the previous session when President Donald Trump began informing a suite of nations of their latest tariff rates, with concerns about a growing US-led trade war bolstering haven demand.

Fund Flow Action

After remaining net sellers for the last five days, the Foreign institutional investors (FIIs) bought equities worth Rs 321 crore on July 7. On the other hand, Domestic institutional investors (DIIs) also purchased equities worth Rs 1853 crore on the same day.

Hope you're all set for today's trade. We wish you a profitable day ahead.

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