Indian equity markets are set for a subdued to slightly positive opening on Tuesday, with GIFT Nifty trading at 25,642, up 10 points or 0.04 per cent, as of 8:28 AM IST. Investors are expected to tread cautiously, tracking a mix of global economic signals, key central bank commentary, and a bustling domestic IPO calendar.

What to Watch Today

Focus will be on the final manufacturing PMI readings for June from India and China, as well as a crucial speech by US Federal Reserve Chair Jerome Powell at the 2025 European Central Bank Forum in Portugal — both of which could shape investor sentiment and rate expectations.

Global Market Setup: Caution vs. Record Highs

Asian markets were mixed in early trade. Japan’s Nikkei slipped 0.87 per cent after recently hitting an 11-month high, while Topix fell 0.52 per cent. Investors remained cautious ahead of the expiration of President Trump’s 90-day tariff reprieve. In contrast, South Korea’s Kospi surged 1.83 per cent, and Australia’s ASX 200 rose 0.15 per cent. Hong Kong markets remained closed for a holiday.

US markets continued to rally. The Dow Jones rose 0.63 per cent, the S&P 500 gained 0.52 per cent, and the Nasdaq added 0.47 per cent, supported by Canada’s move to scrap its planned digital services tax, easing trade friction with the US.

Domestic Highlights: IPO Wave & Institutional Moves

India’s primary market remains red-hot, with several mainboard and SME IPOs debuting or opening for subscription today, including Ellenbarrie Industrial Gases, Kalpataru, and Vandan Foods. Raymond Realty, the demerged entity of Raymond Ltd, will also list today.

Institutional flows were mixed on June 30. FIIs net sold ₹787.62 crore, while DIIs bought ₹3,383.01 crore, reflecting strong domestic support.

Commodities & Macroeconomy

Gold climbed 0.6 per cent to $3,293.55 per ounce as the dollar weakened. Crude oil declined slightly, with Brent at $67.61 and WTI at $65.11, amid easing tensions and OPEC+ supply expectations.

India’s industrial output grew just 1.2 per cent in May, dragged down by power and mining declines and a high base from last year.

With a cautious global setup and packed domestic calendar, Indian equities may open flat with stock-specific action in focus.