GIFT Nifty jumped past 24,400 on Friday morning, rising over 150 points, and signalling a strong start for benchmark indices Sensex and Nifty. Easing US Fed rate hike fears and lower crude oil prices supported market sentiment, offsetting the global weakness in semiconductor stocks.
GIFT Nifty jumps 150 points, signals strong start for domestic equity markets- Daily Market Update 3rd July 2026
Overview and Outlook
Global Stock Market Today
- The US equity markets settled on a mix note.
- European equity markets ended sharply higher in range 1.62% to 2.11%.
- Asian equity markets are trading higher.
- GIFT Nifty is up by 150 points, Nifty futures is likely to open around 24400 levels.
The benchmark Nifty index ended higher at 24176 spot levels after adding 170 points to its previous closing values.
Performance on the broader front was mix. Mid cap index traded in line with the benchmark, on the other hand, Small cap index outperformed the benchmark, rose 1.25%.
All sectoral indices, barring PSU Banks, settled higher. Among them, Nifty IT index was the best performer, rose over 4.5% followed by Auto, Realty, Consumer Durables, Chemicals and Cement index that rose over 1% each.
Nifty index is rising gradually towards its upper band of past 13-days’ consolidation range (23800-24260 spot zone). A decisive close above 24260 spot levels could lead it towards 24500-24600 spot levels. Conversely, sustained trading below 24000 spot levels will again drag it towards its lower band of the range which is 23800 spot levels.
Derivatives Overview & Outlook
Yesterday, long buildup was seen in Finnifty and Midcapnifty futures with an increase in open interest by 8.7% and 17.5% respectively, along with some short covering in Nifty futures that shed 3% of open interest. On the other hand, no significant change was observed in Banknifty futures on price as well as on open interest front.
Majority of the F&O sectors settled higher. Amongst them, Automobile, New-age and Oil & Gas stocks witnessed maximum addition of long positions whereas some short buildup was seen among PSU Banks and Telecom stocks.
On options front, put writing along with some call addition was seen at multiple OTM strikes with maximum positions at 25000 CE followed by 24500 CE and 24000 PE closely followed by 24100 PE.
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 312 Cr in the cash segment, bought index futures worth Rs 472 Cr and also bought stocks futures worth Rs 1427 Cr. DIIs were net buyers in the cash segment to the tune of Rs 1784 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24350-24500; Supports 24100-24000
Banknifty – Resistances 58700-59000; Supports 58000-57700
Finnifty – Resistances 27200-27300; Supports 26800- 26700
F&O stocks in ban today: Nil
Disclosure
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