What changed for the market while you were sleeping? Top 10 things to know

The market extended last week's uptrend with benchmark indices gaining 0.7 percent on July 1. The rally was driven by positive global cues after US-China said both countries will not levy any new tariffs on each other.

The BSE Sensex gained 291.86 points to 39,686.50 while the Nifty 50 rose 76.70 points to 11,865.60 forming a bullish candle on daily charts.

The overall market breadth was not impressive, despite the Nifty Midcap index rising 0.17 percent and Smallcap index 0.6 percent. On the sectoral front, the Nifty Auto, Financial Service, and Pharma indices gained more than 1 percent, followed by Bank Nifty (up 0.86 percent).

Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies.

US Markets:

U.S. stocks climbed but finished off earlier highs, led by gains in technology stocks on optimism for progress in U.S.-China trade talks and signs of a likely reprieve for Chinese telecom company Huawei.

Despite losing some of its initial steam, the S&P 500 still managed to close at a record high after the United States and China agreed on Saturday to resume trade talks.

Asian Markets:

Asian markets were trading mixed. The Shanghai Composite was trading 0.25 percent lower. Hong Kong’s Hang Seng index, which returned to trade after a holiday on Monday, jumped 1.04 percent. The Nikkei 225 in Japan added 0.06 percent in morning trade, while the Topix rose 0.14 percent. In South Korea, however, the Kospi slipped 0.12 percent.

SGX Nifty:

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 20 points or 0.17 percent. Nifty futures were trading around 11,923-level on the Singaporean Exchange.

GST Collections:

Revenue collection from the Goods & Services Tax (GST) for June stood at Rs 99,939 crore. It slipped below Rs 1 lakh crore for the first time since February, when it totaled Rs 97,247 crore.

Gross collection in May and April stood at Rs 100,289 crore and Rs 113,865 crore, respectively.

Rupee settles 9 paise higher at 68.94 against US dollar:

The Indian rupee surrendered most of its early gains and settled for the day 9 paise higher at 68.94 against the US dollar on Monday as investor sentiments were revived by US-China trade truce. At the interbank foreign exchange (forex), the domestic currency opened at 68.96 a dollar and gained further strength to touch a high of 68.82 during the day.

The domestic currency, however, could not hold on to the gains and fell to 69.09. The rupee finally settled at 68.94 a dollar, higher by 9 paise over its previous close.

Steel ministry comes up with draft steel scrap policy:

The government has come out with draft steel scrap policy, which is aimed at curtailing import dependency and make India self-sufficient by producing high-quality ferrous scrap. The draft steel scrap policy, on which the Ministry of Steel has sought comments from the stakeholders by July 14, aims to promote resource efficiency in the steel sector.

"The policy envisages to set up an environmentally sound management system for ferrous scrap which can encourage processing and recycling of ferrous scraps through organised and scientific metal scrapping centres across India to minimise dependency on import of scrap and make India self-sufficient in scrap availability," said the draft steel scrap policy.

Unclaimed deposits in banks rise by 27% to Rs 14,578 cr in 2018:

Unclaimed deposits in the banking system have witnessed a jump of 26.8 percent to Rs 14,578 crore in 2018, Parliament was informed on July 1. The unclaimed deposits rose to Rs 11,494 crore in 2017 from Rs 8,928 crore in 2016, Finance Minister Nirmala Sitharaman said in a written reply to the Lok Sabha.

State Bank of India (SBI) alone had an unclaimed deposit of Rs 2,156.33 crore at the end of 2018, she said. With regard to the insurance sector, the minister said the life insurance sector reported unclaimed amounts of Rs 16,887.66 crore while non-life was Rs 989.62 crore at the end of September 2018.

Eight core sectors grow by 5.1% in May:

The eight core sector industries recorded a growth of 5.1 percent in May on the back of healthy output in steel and electricity. The eight core sector industries -coal, crude oil, natural gas, refinery products, fertiliser, steel, cement, and electricity - grew by 4.1 percent in May last year.

Steel and electricity output increased by 19.9 percent and 7.2 percent, respectively, during the month under review. However, crude oil, refinery products, and fertiliser were in the negative zone. During April-May, the eight sectors grew by 5.7 percent compared to 4.4 percent in the same period last year.

One stock under F&O ban period on NSE:

For July 2, DHFL is under the F&O ban period. Securities in ban period under the F&O segment include companies in which the security has crossed 95 percent of the market-wide position limit.

OPEC extends oil cut:

OPEC agreed on Monday to extend oil supply cuts until March 2020 as the group’s members overcame their differences in order to prop up the price of crude amid a weakening global economy and soaring U.S. production.

The move will likely anger U.S. President Donald Trump, who has demanded OPEC leader Saudi Arabia supply more oil and help reduce prices at the pump if Riyadh wants U.S. military support in its standoff with arch-rival Iran.

Benchmark Brent crude has climbed more than 25 percent so far this year after the White House tightened sanctions on OPEC members Venezuela and Iran, slashing their oil exports.