India and Japan are set to advance plans for a local-currency settlement framework that would allow direct yen-rupee transactions for bilateral trade and reduce reliance on the US dollar, according to a Nikkei Asia report ahead of Japanese Prime Minister Sanae Takaichi’s visit to New Delhi today.
India, Japan eye direct yen-rupee trade settlement to cut reliance on US dollar- Daily Market Update 1st July 2026
Overview and Outlook
Global Stock Market Today
- The US equity markets settled higher in range 0.26% to1.52%.
- European equity markets ended on a flat to positive note.
- Majority of Asian equity markets are trading in green.
- GIFT Nifty is little changed, Nifty futures is likely to open around 24000 levels.
The benchmark Nifty index ended marginally lower at 23866 spot levels, down 80 points from its previous closing values.
The broader markets outperformed the benchmark as Mid and Small cap index gained 0.37% & 1% respectively.
Performance on the sectoral front was mix. Among them, Nifty IT was the worst performer, down 2.73% followed by Media, PSU Banks and FMCG index that fell over 0.5% each. On the flip side, Realty, Consumer Durables and Chemicals were the best performers, rose over 1% each.
Technically, Nifty index ended around the lower band supports of past 11-days’ consolidation range (23800-24260 spot levels). Going ahead, a decisive fall below 23800 spot levels could drag it towards the 23600-23500 spot levels. Conversely, crossing and sustaining above 24000 spot levels might lead it back to the upper band of the consolidation range that is 24260 spot levels.
Derivatives Overview & Outlook
Yesterday, Finnifty and Midcapnifty futures moved north on short covering, shed around 57% and 20% of open interest respectively. Nifty and Banknifty futures shed around 7% & 18% of open interest respectively as long unwinding.
Nifty and Banknifty futures rolled 80% and 77% of open interest into next contracts which is higher than previous month rollovers of 70% and 75% respectively.
On options front, Nifty will start the first weekly series of July contract with maximum positions at 24000 CE and 24000 PE.
Institutional Trading Activity
Yesterday, FIIs sold stocks worth Rs 2557 Cr in the cash segment, sold index futures worth Rs 6812 Cr and also sold stocks futures worth Rs 1576 Cr. DIIs were net buyers in the cash segment to the tune of Rs 6842 Cr.
Nifty Futures, Banknifty Futures and Finnifty Futures Key Levels
Nifty – Resistances 24150-24250; Supports 23800-23700
Banknifty – Resistances 58400-58800; Supports 57500-57200
Finnifty – Resistances 27000-27100; Supports 26750- 26600
F&O stocks in ban today: Nil
Disclosure
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