Indian equity benchmarks look set for a positive start today, with GIFT Nifty futures trading at 25,589 — up 43 points as of 7:51 AM. Market participants are monitoring global and domestic triggers, including US President Donald Trump’s tariff move on Vietnam, India’s final June Services PMI, and key US economic indicators for May—trade balance and jobless claims. Institutional flows and a full slate of IPO action will also shape sentiment in the opening hours.

Asia-Pacific markets were subdued after President Trump announced a 20 per cent tariff on Vietnamese imports while Vietnam commits to zero tariffs on US goods. Regional indices were mixed—Nikkei flat, Topix down 0.12 per cent, Kospi up 0.85 per cent, and ASX 200 off 0.42 per cent—heading into more US economic releases. US futures remained steady after a mixed close overnight, with the Nasdaq and S&P 500 hitting record highs and the Dow slightly lower.

Institutional flows: FIIs trim, DIIs support market

Foreign institutional investors remained cautious, offloading shares worth Rs 1,970.03 crore on July 2. However, domestic institutional investors injected fresh optimism with net purchases of Rs 2,763.07 crore, providing counterbalance amid global uncertainty.

Today’s IPO calendar is bustling, with Indogulf Cropsciences (mainline) and Moving Media, Valencia India, Ace Alpha, and Pro FX (SMEs) making their exchanges debut. Happy Square Outsourcing and Cryogenic OGS (SMEs) open for subscription, while Crizac IPO moves into its second day. Allotment is anticipated for Vandan Foods, Marc Loire, Cedaar Textile, Pushpa Jewellers, and Silky Overseas issues.

Gold prices edged up 0.3 per cent, with spot gold at $3,348.60 per ounce and US futures at $3,359.70, driven by investor caution ahead of US data. Oil also gained amid geopolitical developments—Brent crude climbed 2.98 per cent to $69.11 per barrel and WTI rose 3.06 per cent to $67.45 per barrel, following Iran’s suspension of IAEA collaboration.

Investors remain on alert as global macro data—including trade and jobs figures from the US—joins domestic PMI readings and tariff headlines in driving market direction today. Sectoral moves, IPO performance, and institutional trading trends will shape intraday momentum.