Asian shares fell on early Wednesday as U.S.-China trade truce was
overtaken by fresh concerns over Washington threat of tariffs on
additional European goods.
Oil prices edged higher on Wednesday after a steep fall in the previous session, supported by extended output cuts by OPEC and its allies despite concerns that a slowing global economy could crimp demand. Looking forward with excitement to table my first - and the new Government's first - Economic Survey in Parliament on Thursday. #EcoSurvey2019
— K V Subramanian (@SubramanianKri) July 2, 2019
Nirmala Sitharaman will present the first Budget of second term of the Modi government on July 5.
US has raised another concern of trade war between US-Europe. US has proposed $4bn tariff on European region. US stocks managed modest gains with S&P 500 closing at a record high. US Future declined 0.3%
Sensex Today LIVE : Benchmark indices Sensex and Nifty opened marginally
positive on Wednesday, buoyed over hopes from the Union Budget outcome,
scheduled for July 5, 2019, despite weak Asian peers. Sensex opened at
39,907.57 against yesterday's close of Rs 39,816.48,
while Nifty50 started today's trade at 11,932.15 against yesterday's
close of 11,913. 
On a net basis, foreign institutional investors sold equities worth Rs 512 crore, while domestic institutional investors purchased shares to the tune of Rs 141.09 crore, provisional data available with stock exchanges showed Tuesday.
Top gainers in the Sensex pack in early trade included Yes Bank, IndusInd Bank, Asian Paints, M&M, Axis Bank, NTPC and PowerGrid, while Vedanta, ONGC, HDFC, Tata Steel, ITC, TCS and HUL fell th emost in the early trading session.
India VIX has cooled down and moved to 14, at a loss of 1% over yesterday, depicting low volatility in the market.
Sectorally, Auto, IT, Metal and Pharma stocks are trading lower in today's trade, while highest gains were seen in PSU bank stocks, pressuring the index to a 0.75% growth, followed by 0.60% gain each in Infra, Media and Realty stocks.Morgan Stanley cuts long-term Brent price view after OPEC supply cuts https://t.co/tRJQSqwXl3 pic.twitter.com/0QCw1ur6qn
— Reuters Top News (@Reuters) July 3, 2019
On a weekly note, relative to commentary on the pre budget market expectations, Jimeet Modi, Founder & CEO, SAMCO Securities & StockNote, stated, "The lackluster vibe before the Budget can be the calm before the storm and markets are expected to remain muted and sideways but there is likelihood of downward pressure. The auto sector is at the tipping point. Depending on how the Government provides support, these stocks will either revive or fall off the cliff. Other sectors which are likely to benefit from the Budget would clearly be low cost housing, agriculture and infrastructure as the Government knows very well the multiplier effect to attain the growth and employment targets. Investors should still follow a wait and watch approach. "
The Nikkei/IHS Markit Services Purchasing Managers' Index fell to
49.6 last month from 50.2 in May, sliding below the 50-mark threshold
that separates contraction from growth after remaining in expansion
territory for the previous 12 months.
Read more: India's dominant services activity contracts in June for first time in more than a year
Shares of Tata Communications fell over 4% intraday as the firm disclosed to the exchanges about resignation of Managing Director & Group CEO, Vinod Kumar.
