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Market Review

US: US stocks gained on Monday in a holiday-shortened session. The markets were lifted by a rally in Tesla and strength in bank shares.The Dow Jones Industrial Average rose 10.87 points, or 0.03%, at 34,418.47. The S&P 500 gained 5.21 points, or 0.12%, at 4,455.59. The Nasdaq Composite added 28.85 points, or 0.21%, at 13,816.77.

Asia: Asia-Pacific markets largely fell ahead of Australia’s central bank rate decision. Japan’s Nikkei share average fell on Tuesday as investors exited some bullish positions after the benchmark index closed at a 33-year high in the previous session

India: The market remained on a strong footing on July 3, as the benchmark indices have consistently been hitting new record highs day-after-day. The rally was backed by banking & financial Services, FMCG, metal and oil & gas stocks.

Market is likely to open on a flattish note and likely to witness positive move during the day.

Global Economy: South Korea's consumer inflation slowed more than expected and hit a 21-month low, official data showed on Tuesday, weighed by falling oil and agricultural product prices. The consumer price index rose 2.7% in June from a year earlier, compared with an increase of 3.3% in May and a median forecast of 2.85%. It softened for a fifth consecutive month and marked the weakest annual increase since September 2021, according to Statistics Korea. Core inflation, which excludes volatile food and energy prices, slowed to 3.5% from 3.9% a month before, marking the slowest annual rise since May, 2022

A widely watched section of the U.S. Treasury yield curve hit its deepest inversion on Monday since the high inflation era of Fed Chairman Paul Volcker, reflecting financial markets' concerns that an extended Federal Reserve rate hiking cycle will tip the United States into recession. The closely-watched spread between the 2-year and 10-year U.S. Treasury note yields hit the widest since 1981 at -109.50 in early trade, a deeper inversion than in March during the U.S. regional banking crisis.

Commodities: Oil prices moved in a tight range on Tuesday, steadying after a volatile session as markets weighed more supply cuts from Saudi Arabia and Russia against signs of worsening economic activity across the globe.

Gold prices steadied further above key support levels on Tuesday, but the yellow metal still remained under pressure as markets awaited more cues on monetary policy from the Federal Reserve this week.

Currency: The yen nudged up on Tuesday but remained vulnerable to more weakness, hovering near the key 145 per dollar level as markets were on alert for signs of intervention.

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