Sensex Today | Stock Market LIVE Updates: GIFT Nifty signals muted start; Asia shares tumble

• Current government appears stable
• Expect more of policy continuity and less of disruptions
• 60%+ of the ministers are in the current cabinet and thus provide a sense of continuity
• Year-end Nifty target of 24,860
• No change in portfolio: Remain constructive
• Constructive on domestic sectors
• Prefer manufacturing/investment themes over consumption
• Within defensives, we prefer IT Services, Healthcare over Consumption
• Overweight on Financials, Infrastructure, Oil and Gas, Telecom and Power
• Also positive on Capital Goods/Defense but will watch out for some risk on government spending on defense

In the Nifty50 pack, five stocks' close prices crossed above their 200 DMA (Daily Moving Averages) on June 7, according to stockedge.com's technical scan data. The 200-day DMA is used as a key indicator by traders for determining the overall trend in a particular stock.

Indian government bond yields are forecasted to increase during early trading at the beginning of the week, mirroring a surge in U.S. Treasury yields. This uptick follows robust economic data that dampened expectations of interest rate cuts in the world's largest economy.

According to a trader from a state-run bank, India's benchmark 10-year yield is anticipated to fluctuate within a range of 7.01% to 7.06% on Monday, following its previous close of 7.0168%. Last week, the yield experienced a weekly ascent after six consecutive weeks of decline.

Domestic equities ended the past week near all time highs despite the big directional moves either side due to election-related volatility.

Gift Nifty (Earlier SGX Nifty) signals a negative start.

Nifty futures on the Gift Nifty traded 62 pts lower at 23,267.

On Monday, the euro experienced a decline after French President Emmanuel Macron announced a surprise election following a significant defeat in the European Union vote against the far-right. Meanwhile, the dollar remained stable in anticipation of the Federal Reserve meeting scheduled later in the week.

During early trading in Asia, the euro dropped to $1.0764, its lowest level since May 9. It subsequently decreased by 0.24% to $1.0776 as investors assessed the impact of renewed political uncertainty in the euro zone's second-largest economy ahead of a crucial election.

On Monday, Asian stocks experienced a decline as traders scaled back their expectations for Federal Reserve rate cuts this year due to a resilient U.S. labor market. Additionally, concerns over broader political issues were triggered by a snap election announcement in France, which put pressure on the euro.

Trading activity was subdued in Asia due to public holidays observed in Australia, China, Hong Kong, and Taiwan. Nevertheless, MSCI's broadest index of Asia-Pacific shares outside Japan recorded a 0.46% slump.

Investors will be closely monitoring next week's inflation figures and the Federal Reserve meeting to assess whether the optimism for a smooth economic transition, which propelled stocks to unprecedented levels, remains valid.

The S&P 500 has surged over 12% year-to-date, driven by the belief that the Fed can rein in inflation without adversely affecting growth. However, recent economic indicators have presented mixed signals: while Friday's U.S. employment data exceeded expectations, earlier reports indicated a slowdown in manufacturing activity and a downward revision of first-quarter growth rates.

For a second consecutive session on Monday, oil prices edged downwards, influenced by a stronger dollar, as the anticipation of interest rate reductions was postponed following robust U.S. employment figures released on Friday. Brent crude futures and U.S. West Texas Intermediate crude futures both declined by 4 cents, reaching $79.58 and $75.49 per barrel, respectively, as of 0036 GMT.

On Friday, the Nifty50 and Sensex, leading equity indices, achieved historic highs, rebounding from losses incurred on election day. This surge was fueled by expectations of political stability and an outlook for accelerated economic expansion.

The Nifty50 closed 2.05% higher at 23,290 points, while the S&P BSE Sensex concluded with a 2.16% gain at 76,693. Throughout the week, the Nifty surged by 3.4%, and the Sensex by 3.7%,