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The article begins by forecasting a negative opening for Indian benchmark indices, Sensex and Nifty 50, based on the performance of GIFT Nifty, which is trading lower this morning. This sets the stage for a discussion of global market trends impacting the Indian markets.
The preceding trading day, July 29th, saw Indian markets achieve record highs, driven by robust earnings reported by banking stocks over the weekend. However, this positive momentum appears to be waning as global markets present a mixed picture.
Asian markets are trading lower on Tuesday, influenced by the Bank of Japan's two-day monetary policy meeting. The S&P 500, after a choppy session, closed slightly higher on Monday, but investors are cautious ahead of a flurry of major events this week. These include technology company earnings, the Federal Reserve's decision on interest rate cuts, and key US labor data. The Dow Jones Industrial Average, on the other hand, closed down slightly.
In terms of US treasury yields, the 10-year yield rose by 14 basis points to 4.18 percent, while the 2-year bond yield increased by 9 bps to 4.40 percent. The dollar remained within close ranges as traders anticipate key central bank decisions, starting with the Bank of Japan and Federal Reserve monetary policy meetings.
Asian currencies are trading mixed against the US dollar. Gold and silver prices are lower in early trade, while oil prices are slipping, extending losses from the previous session, on concerns about Chinese demand and the ongoing conflict in the Middle East. LME commodity prices are mostly lower, with aluminium and zinc down significantly.
Foreign institutional investors (FIIs) sold equities worth Rs 2474 crore on July 29th, while domestic institutional investors (DIIs) bought equities worth Rs 5665 crore. The article concludes by wishing readers a profitable day ahead, but with a disclaimer emphasizing the need for independent professional advice before making any investment decisions.