We are starting August on a positive note, given that global markets have now rebounded very sharply from the 2023 lows. 

Most global equity markets managed to end July with strong gains. US indices too ended July with strong gains on Monday. When it comes to the US markets, the outperformance of midc and smallcap index has been quite stark. For instance, the smallcap index Russell 2000 ended July with more than 6 percent gains, indicating sharp outperformance against a benchmarking index.

European markets too are along a similar trajectory, with largely positive cues. 

However, crude oil prices remain the joker in the pack, as they have gained further traction and are now trading near fresh three-month highs. Brent futures are up by over 1.2 percent to $85.4 a barrel, while WTI futures are up 1.5 percent to $81.8 a barrel.

The rising crude oil prices have gone ahead and forced the government to increase the windfall tax as far as oil refineries are concerned.

On another note, Indian markets ended a rangebound session with marginal gains on Monday. However, the story continues to remain that the broader end of the markets are relative to outperformers, with the midcap index at a fresh record level. 

Escorts Kubota, PVR Inox, Thermax will be delivering their quarterly results today. Most auto maker are also expected to report their sales data today.

Asian markets as well as the GIFT Nifty are indicating a positive start to our own markets for today';s trading session. 

Tune in to Marketbuzz Podcast for more cues ahead of today’s trading session