Pre Market Analysis & Global Cues | 02 July, 2026

Global cues are mixed this morning. US markets opened weak, recovered during the session, but couldn't hold those gains and finally closed in the red. After several strong sessions, this looks more like normal profit booking than any major negative change in the market. Asian markets are also giving mixed signals. Hong Kong, Singapore and Indonesia are trading higher, while Japan, South Korea, Taiwan and China are under some pressure. One stock that could be in focus today is Wipro. Wipro ADR fell nearly 17% in the US market after the company gave a weaker than expected revenue outlook. That could keep the entire IT sector under pressure in today's session, even though the broader market setup remains stable. The positive for India continues to be crude oil. Brent has cooled further to around $71, which remains supportive for the economy. However, the rupee is still trading around 95.2. Even with crude at these levels, the currency has not shown much improvement, and that remains a concern. Gift Nifty is pointing to a strong start of around 150 points, suggesting Nifty may open well above yesterday's close. There are no major domestic events today. Tomorrow, the Services PMI data will be released. Since the services sector contributes a large share of India's economy, a strong reading would be positive, while a weaker number could influence market expectations. For today, the key question is whether Nifty can build on the positive opening and stay above recent highs. At the same time, keep an eye on IT stocks, as Wipro's sharp fall in the US could weigh on the sector despite supportive global cues elsewhere.