 "Markets have a muted start; Nifty hovers at 8,350")
At 9.35am, the Sensex was at 27,746, higher by 17 points or 0.1% and the Nifty was at 8,363, up two points.
The BSE midcap had shed 0.3% at 10,624 and the smallcap index had lost 0.7% at 11,077.
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The benchmark indices had reversed early gains to end lower in the previous session, thereby snapping an eight-day winning streak, on reports that the new proposal presented by Greece to avoid debt default was not acceptable to the creditors. The Sensex had shed 74 points and the Nifty had dipped 20 points.
Asian shares slipped and the dollar was treading water in early Asian trade on Thursday, with investors cautious ahead of a meeting of European Union leaders later in the session as Greece continued last-minute efforts to avert a default. MSCI's broadest index of Asia-Pacific shares outside Japan was down about 0.1%. Japan's Nikkei stock index slipped about 0.4% after hopes for a resolution to Greece's debt crisis helped propel it to its highest level since 1996 on Wednesday.
The rupee opened flat at 63.60 per dollar and was unchanged in early trade compared to previous day's closing value.
In commodities, US crude was nearly flat in early Asian trade at $60.23/barrel after plunging more than 1% on Wednesday on a government report showing that an eighth straight weekly drop in US crude stockpiles was offset by a large build in refined products.
F&O CUES
The markets are likely to remain volatile in this session as traders roll over their F&O positions from the June 2015 series to July 2015 series.
Back home, the CNX Nifty failed to hold its winning streak after a decent up move of last eight trading sessions but still has been making higher highs – higher lows from last 8 consecutive sessions and rallied by more than 480 points from 7940 to 8420 levels.
"Now if it negates this positive price formation and holds below 8335 levels then profit booking may be seen towards 8280 then 8250 zones. While if it manages to hold above 8380 then may see an up move towards 8405 and 8420-8440 zones," said Chandan Taparia, derivatives analyst - equity research at Anand Rathi.
"Nifty future has seen rollover of 45.89% for June series one day before expiry. JSW Steel, Kotak Bank, Tata Steel, BHEL, SAIL, Tata Global, GMR Infra, HPCL and IDEA top in stocks rollover. Infra, Metals, Capital Goods, Telecom, Oil & Gas, Auto, Technology, Finance, Power and Pharma stocks top in sector wise rollovers," he adds.
SECTORS AND STOCKS
All the sectoral indices are in the red, with the exception of the pharma space.
M&M, ONGC and Hindustan Unilever have shed around 1% to top the loser's charts on the BSE, while BHEL, Vedanta and Lupin have added about 1% each.
On the sectoral front, the metal index has shed more than 2% in early trades, with Nalco, Hindustan Zinc, JSW Steel and Hindalco losing 0.5%-1% each.
In the IT space, Wipro and TCS have lost nearly 1% each. Infosys has however, gained 0.3% on the news that it could soon become the most influential stock on the Nifty, Sensex and MSCI Index after SEBI said that existing promoters may be reclassified as public if a company becomes professionally managed and does not have any identifiable promoter.
On the other hand, the pharma space continues to display strength. Dishman Pharma has spurted by more than 2%, while Lupin. Sun Pharma and Dr Reddy's have added 0.5%-1% each.
The market breadth has turned marginally positive. Out of 1,592 stocks traded on the BSE, there are 799 advancing stocks as against 736 declines.