Gift Nifty And Market Highlights: Mixed Asian Trading, Record Highs In India, Tesla Surges

The stock markets in Asia displayed a mixed trading pattern on Tuesday, taking cues from marginal gains in Wall Street equities before the Independence Day holiday. Japan's Nikkei 225 and South Korea's Kospi experienced declines, while the Topix index and Kosdaq showed mixed performance. The Reserve Bank of Australia's rate decision kept the S&P/ASX 200 in Australia steady, with no significant changes observed.

Meanwhile, the Indian market is expected to open flat after the benchmark equity indices achieved record levels. The Sensex crossed the 65,000-mark, and the Nifty closed above 19,300, boosted by positive economic data, sustained foreign fund inflows, and favorable global cues.

In US, the Institute for Supply Management reported that manufacturing contracted for the eighth consecutive month, in June. However, US stocks ended the day higher in a shortened trading session. Dow Jones Industrial Average saw a little rise, accompanied by gains in S&P 500 and Nasdaq Composite. Excitingly, Tesla's stock price skyrocketed by 6.9%, following the announcement of their remarkable sales performance in second quarter. Major banks also saw increases after raising dividends and passing the Federal Reserve's annual health check.

European markets, on the other hand, mostly closed lower, with the pan-European STOXX 600 index falling by 0.2%. The FTSE 100 in the UK and the DAX in Germany declined, while France's CAC 40 experienced a slight decrease.

In the energy sector, crude oil prices remained steady as markets assessed supply concerns due to production cuts by top exporters Saudi Arabia and Russia. However, weak crude demand indicated by economic data limited the price gains.

Gold prices saw a slight decline in early Asian trade as traders awaited the release of the US Federal Reserve's minutes from the June meeting, which could provide insights into the future path of interest rate hikes.

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