Wall Street ended Friday firmer and US stock futures are up this morning, but the single biggest driver for Dalal Street is a near 5% crash in crude oil after President Trump shelved a strike on Iran and said US–Iran talks begin today. GIFT Nifty points to a firm, gap-up open even as Asia's chip-heavy markets sell off.

US prior close (Friday)

The Dow rose 0.53% to about 52,485, the S&P 500 gained 0.70% to roughly 7,490, and the Nasdaq Composite led with +1.0% near 25,374 as chip names rallied (as reported by Business Standard and 24/7 Wall St.).

Asia now — chip-led retreat

Most Asian markets are lower this morning: South Korea's Kospi is down over 4% (leading losses), Japan's Nikkei 225 -1.84% and Hong Kong's Hang Seng -3.9%, dragged by a pullback in semiconductor and AI-linked stocks after a long rally (per Business Standard).

Europe (Friday close)

Europe eased off record highs: the STOXX 600 slipped 0.1% to 649, the Euro STOXX 50 held +0.2% near 6,360, while London's FTSE 100 fell 0.3% and the DAX dipped 0.15% (as reported by U.S. News/Reuters).

India lead — GIFT Nifty

GIFT Nifty was quoted around 24,630, up ~176 points near 8:24 AM IST, signalling a positive/gap-up start for the Nifty50 (per Business Standard).

Commodities, currency & yields

• Crude: US WTI August futures ~$83.70, down ~4.8%; Brent off ~5% — Trump dropped plans to strike Iran, said talks start today and a Strait of Hormuz deal is "imminent" (Iran has denied a reopening deal, so headline risk remains).
• Gold: futures firmer (~+0.2%), spot near the $4,050/oz zone (as reported).
• Rupee & dollar: USD/INR near 95.6 (latest reported, close to record lows); the Dollar Index (DXY) around 100.9.
• US 10Y yield: ~4.73% Friday, highest since Jan 2025; the Fed remains on hold at 3.50–3.75% (Trading Economics/FXStreet).

Global sentiment

Mixed: risk-on for India on cheaper oil, but risk-off in Asian tech. Lower crude deflates the war-risk premium that had built through late July.

Economic data due today

US: ISM Manufacturing PMI (July) at ~7:30 PM IST, prior 53.3 — a beat signals US industrial strength (mildly dollar-supportive); S&P Global US Manufacturing PMI (final) also today. India: S&P Global India Manufacturing PMI (July) is due today; a strong (>55) print underscores domestic demand and is a tailwind for cyclicals. Already on the tape: July GST at ₹2.11 trillion (+15.4% YoY), and monthly auto sales (Maruti, Tata Motors, M&M) digested over the weekend.

Headlines & movers

Iran rejected Trump's Hormuz-reopening claim (oil headline risk); India–China border trade via Shipki La resumed after six years. Q1 results today: CAMS, Escorts Kubota, GSK Pharma, JM Financial, KEI Industries. Muthoot Finance Q1 profit jumped 43% to ₹2,825 cr. Manipal Health lists today (IPO subscribed 5.12x); Juniper Green Energy's ₹1,800-cr IPO is live. Watch Maruti, ITC, Vodafone Idea and auto names.

What it means for the India open

Cheaper crude is an outright positive for India — a lighter import bill, softer inflation risk and relief for oil marketers, paints, aviation and the rupee — which is why GIFT Nifty leans to a gap-up despite Asia's tech-led weakness. Watch whether Nifty holds early gains against the regional risk-off, and any fresh Iran headlines that could snap oil's move. OMCs, paints and rate-sensitives look best placed; IT and chip-linked names may track Asia's caution.

As of ~8:46 AM IST, Aug 3, 2026. Sources: Business Standard, U.S. News/Reuters, Trading Economics, FXStreet, Investing.com. Automated pre-market brief for discussion and education only — not investment advice. Verify before acting.