 "Markets remain range-bound; Realty stocks outperform")
Markets continue its winning streak for the third straight session as investors believe the damage to the Indian equities should be less, even if Greece exits from the euro zone due to limited exposure to Greece.
At 11:55 AM, the Sensex was at 28,374, higher by 74 points and the Nifty was at 8,543, up 21 points. The broader markets are outperforming the larger peers. BSE Midcap and Smallcap indices and are up 0.8% each.
At 11:55 AM, the Sensex was at 28,374, higher by 74 points and the Nifty was at 8,543, up 21 points. The broader markets are outperforming the larger peers. BSE Midcap and Smallcap indices and are up 0.8% each.
Meanwhile, a further decline in crude oil prices and a strong rupee have buoyed the trading sentiments. All eyes are set on the corporate earnings season which will kick off on Thursday with TCS announcing its Q1 result.
STOCK TRENDS
All sectoral indices barring BSE Auto index are trading in the positive territory with BSE Realty index leading the rally up 1%.
On the back of ongoing economic developments, progress of monsoons and a possibility of a rate cut, realty stocks are trading higher in today’s trade. Sobha Realty, Unitech, DLF, HDIL, NBCC are trading higher between 1-3%.
Oil marketing companies, including HPCL and IOC have rallied further after crude oil prices plunged 6% to trade near 2-month lows on Monday, amid Chinese crisis and Greece debt crisis. BPCL, HPCL and IOC are trading higher between 0.5-2%.
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Coal India, Bajaj Finance, Bharat Petroleum Corporation (BPCL), Dabur India, Britannia Industries, BEML and SRF are among 143 stocks that touches their respective 52-week highs on the Bombay Stock Exchange (BSE) today.
According to media reports, government is in the process of appointing legal advisors for divesting stakes in Engineers India, Oil India, NTPC and Hindustan Copper. The stocks are trading lower between 1-3%.
TCS is trading with marginal gains ahead of the quarterly results due on Thursday. Following the tandem, its peers, Infosys and Wipro are trading higher between 0.5-2%.
Supreme Court has initiated probe into roles of Reliance Power and Hindalco regarding their involvement in coal allocation cases. Hindalco has lost 1%.
The auto stocks are losing sheen in today’s trade. Tata Motors, Maruti Suzuki and Hero Motocorp have lost between 0.5-1%.
Shares of Indian companies with exposure to Europe fell following Greeks' rejection of rescue package from creditors.
Motherson Sumi Systems has lost 1% and Tata Motors was down 0.7% on the BSE.
The market breadth is strong on the BSE with 1,650 advances versus 748 declines.