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

Asian stocks rose at the open after a wave of dip buying and optimism about interest-rate cuts helped the S&P 500 post its biggest rally since May.

Indian benchmark indices Sensex and Nifty are likely to see a negative start on August 5,  tracking cues from GIFT Nifty was trading around 24,726 a short while ago this morning.

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

Indian indices started the week on a positive note, snaping two-day losing streak with Nifty above 24,700 amid buying across the sectors. At close, the Sensex was up 418.81 points or 0.52 percent at 81,018.72, and the Nifty was up 157.40 points or 0.64 percent at 24,722.75.

Amid weak global markets, the domestic indices witnessed a volatility in the initial hours but traded higher for rest of the session with Nifty closing near day’s high on expectation of Fed rate cut post dismal US job reports.

GIFT Nifty (Down)

The GIFT Nifty is trading lower at around 24,726, indicating a weak start for the day.

Asian Equities (Gain)

Asian stocks rose at the open after a wave of dip buying and optimism about interest-rate cuts helped the S&P 500 post its biggest rally since May.

US Equities (Rise)

All three major U.S. stock indexes scored their biggest daily percentage increases since May 27 on Monday as investors sought bargains after the previous session's selloff and ramped up bets for a September interest rate cut after Friday's weaker-than-expected jobs data.

The Dow Jones Industrial Average rose 585.06 points, or 1.34%, to 44,173.64, the S&P 500 gained 91.93 points, or 1.47%, at 6,329.94 and the Nasdaq Composite climbed 403.45 points, or 1.95%, to 21,053.58.

US Bond Yield (Up)

The yield on 10-year Treasuries and 2-year Treasuries were trading with marginal gains at 4.19 percent and 3.68 percent in the early trade.

Dollar Index (Flat)

The U.S. dollar wavered on Tuesday as the rising odds of Federal Reserve rate cuts weighed on sentiment, while investors assessed the broader economic impact of U.S. tariffs unleashed last week.

Asian currencies (Gain)

Asian currencies were trading mostly higher with Indonesian Rupiah leading the gainers followed by Thai Baht, Philippines Peso, China Renminbi, Malaysian Ringgit. However, on year-to-date basis, except Indonesian Rupiah (down 1.6 percent), all other currencies were trading with a gain of between 1-9.5 percent.

Crude (Flat)

Oil prices were little changed on Tuesday after three days of declines on mounting oversupply concerns after OPEC+ agreed to another large output increase in September, though the potential for more Russian supply disruptions supported the market.

Gold (Up)

Gold held a small gain after traders became increasingly optimistic that the US Federal Reserve will cut rates at its next meeting in September.

Fund Flow Action

The Foreign institutional investors (FIIs) continued their selling on 11th consecutive session on August 4 as they sold equities worth Rs 2566 crore. On the other hand, Domestic institutional investors (DIIs) extended their buying on 21st day as they purchased equities worth Rs 4386 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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