Pre Market Analysis & Global Cues | 03 July, 2026

Global cues are mostly positive this morning. US markets closed mixed. The Dow gained more than 1%, while the Nasdaq fell around 0.8% as technology stocks remained under pressure. The weakness in chip stocks continued to weigh on the Nasdaq, even though the broader US market stayed stable. European markets had a strong session, with major indices closing well in the green. Asian markets have also started the day on a positive note. South Korea is leading the gains with a rise of more than 3%, while Japan, Hong Kong, China and Indonesia are also trading higher. Gift Nifty is pointing to a strong start for Indian markets, indicating a gap-up opening of more than 200 points. Brent crude is trading around $72, which continues to remain comfortable for India. The rupee, however, is still around 95.4. Even though crude prices have cooled sharply over the past few weeks, the rupee has not improved much. It continues to be one of the important things to watch. Today's key domestic event is the S&P Global Services PMI. The previous reading was 57.3, and the market expects a similar number this month. Since India's economy is driven largely by the services sector, a stronger reading would be a positive sign for business activity. A weaker number may have some impact on sector-specific moves, but it is unlikely to change the broader market trend by itself. For today, the setup looks positive. The main question is whether Nifty can hold the gap-up opening and move towards fresh highs, or whether traders book profits after the early rise. After yesterday's strong close, follow-through buying will be more important than the size of the opening gap.