 "Nifty holds 8,500 amid rangebound trades")
Benchmark indices erased intra-day gains to end marginally lower weighed down by index heavyweight Reliance Industries and select IT shares. Further, weak cues from Asia and Europe, amid the ongoing developments in Greece, also dampened sentiment.
The 30-share Sensex ended at 28,172, down by 37 points and the 50-share Nifty ended at 8,511, down by 11 points. The broader markets outperformed their larger peers with BSE Midcap and Smallcap indices ending at 0.5% and 0.6% respectively. The overall health of the market was positive with 1,672 advances against 1,147 declines on the BSE.
According to Kunal Bothra, Head Advisory, LKP Shares & Securities, “8,500 yet again became an important support for Nifty. The advance decline ratio was also healthy. I believe that the indices may enter into a period of consolidation for the next few days.”
Investors would be wary ahead of the first quarter earnings season, which will kick off with Tata Consultancy Services (TCS) announcing its April-June results on Thursday. Also, Index of Industrial Production (IIP) data for the month of May is scheduled to be released on Friday.
Meanwhile, all eyes would be in Brussels where Greek Prime Minister Alexis Tsipras would present a set of new proposals to an emergency euro zone summit in a last bid to stay in the euro zone.
After plunging around 6% overnight, prices of crude oil rose in anticipation of a last minute solution to the Greek crisis ahead of an emergency euro zone summit later in the day today.
On the currency front, rupee has appreciated by 5 paise and is quoting at 63.44 against the American dollar.
Further, Foreign Portfolio Investors (FPIs) were the net buyers on Monday to the tune of Rs.149.37 Cr as per the provisional stock exchange data.
SECTORS & STOCKS
On the sectoral front, BSE Power, BSE IT, BSE Auto indices finished 0.3% lower while BSE Consumer Durables gained 0.7%
Index heavyweight Reliance Industries slid 1.2% on the Sensex as global crude prices plunged overnight. Also, the company announced BSE that it is planning to sell Rs.3.25 crores shares of Network 18 to scale down its promoter shareholding to 75% in a bid to comply with rules related to public ownership in a listed firm.
The banking shares ended largely in the positive zone on hopes of a rate cut by the RBI on the back of above-normal monsoons and a pickup in the economy. HDFC ended with 1.47% gains while SBI, Axis Bank, and HDFC Bank gained between 0.76-0.27% each on the Sensex. ICICI Bank finished 0.6% down.
Coal India rallied 2%, finishing as the top gainer on the Sensex and was among the other 143 stocks including BPCL, and Britannia Industries to hit their respective 52-week highs on the Bombay Stock Exchange (BSE) today intraday.
NTPC slipped 2.65% on the Sensex after some media reports suggest that the government is appointing legal advisors for divesting stakes.
From the IT space, ahead of the Q1 results on Thursday, TCS finished 0.45% down while Infosys finished 0.21% lower and Wipro ended with 0.5% gains.
Auto shares finished lower post their June sales numbers. Tata Motors, Maruti, M&M and Hero Motocorp ended down between 0.1-1.9%.
State-owned oil marketing companies finished mixed after global crude oil prices rose in global markets ahead of the emergency euro zone summit in Brussels today. HPCL surged 3% while BPCL and IOC were marginally flat with positive gains. ONGC dipped 1.15%
Aviation shares rose on hopes that state-owned oil companies may lower aviation turbine fuel prices. Jet Airways and SpiceJet ended up between 4-8% each.
Other major losers on the Sensex are Vedanta, Hindalco, Lupin, Cipla and Bharti Airtel, all ending lower between 0.6-2.7% each on the Sensex
Among other shares, Unity Infraprojects surged 13% on the BSE after the company issued equity shares at a premium to the current stock price to lenders and promoteres in lieu of the debt.
Shares of tea makers surged on the expectations that drought in Kenya may benefit the tea growers locally. On the BSE, Jay Shree Tea & Industries zoomed around 20% , Tata Global Beverages rallied over 2.5%, and Warren Tea surged over 5.6%.
The 30-share Sensex ended at 28,172, down by 37 points and the 50-share Nifty ended at 8,511, down by 11 points. The broader markets outperformed their larger peers with BSE Midcap and Smallcap indices ending at 0.5% and 0.6% respectively. The overall health of the market was positive with 1,672 advances against 1,147 declines on the BSE.
According to Kunal Bothra, Head Advisory, LKP Shares & Securities, “8,500 yet again became an important support for Nifty. The advance decline ratio was also healthy. I believe that the indices may enter into a period of consolidation for the next few days.”
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He further added, “Above 8,500, the next resistance for Nifty stands at 8,700 with support at 8,320.”
Investors would be wary ahead of the first quarter earnings season, which will kick off with Tata Consultancy Services (TCS) announcing its April-June results on Thursday. Also, Index of Industrial Production (IIP) data for the month of May is scheduled to be released on Friday.
Meanwhile, all eyes would be in Brussels where Greek Prime Minister Alexis Tsipras would present a set of new proposals to an emergency euro zone summit in a last bid to stay in the euro zone.
After plunging around 6% overnight, prices of crude oil rose in anticipation of a last minute solution to the Greek crisis ahead of an emergency euro zone summit later in the day today.
On the currency front, rupee has appreciated by 5 paise and is quoting at 63.44 against the American dollar.
Further, Foreign Portfolio Investors (FPIs) were the net buyers on Monday to the tune of Rs.149.37 Cr as per the provisional stock exchange data.
SECTORS & STOCKS
On the sectoral front, BSE Power, BSE IT, BSE Auto indices finished 0.3% lower while BSE Consumer Durables gained 0.7%
Index heavyweight Reliance Industries slid 1.2% on the Sensex as global crude prices plunged overnight. Also, the company announced BSE that it is planning to sell Rs.3.25 crores shares of Network 18 to scale down its promoter shareholding to 75% in a bid to comply with rules related to public ownership in a listed firm.
The banking shares ended largely in the positive zone on hopes of a rate cut by the RBI on the back of above-normal monsoons and a pickup in the economy. HDFC ended with 1.47% gains while SBI, Axis Bank, and HDFC Bank gained between 0.76-0.27% each on the Sensex. ICICI Bank finished 0.6% down.
Coal India rallied 2%, finishing as the top gainer on the Sensex and was among the other 143 stocks including BPCL, and Britannia Industries to hit their respective 52-week highs on the Bombay Stock Exchange (BSE) today intraday.
NTPC slipped 2.65% on the Sensex after some media reports suggest that the government is appointing legal advisors for divesting stakes.
From the IT space, ahead of the Q1 results on Thursday, TCS finished 0.45% down while Infosys finished 0.21% lower and Wipro ended with 0.5% gains.
Auto shares finished lower post their June sales numbers. Tata Motors, Maruti, M&M and Hero Motocorp ended down between 0.1-1.9%.
State-owned oil marketing companies finished mixed after global crude oil prices rose in global markets ahead of the emergency euro zone summit in Brussels today. HPCL surged 3% while BPCL and IOC were marginally flat with positive gains. ONGC dipped 1.15%
Aviation shares rose on hopes that state-owned oil companies may lower aviation turbine fuel prices. Jet Airways and SpiceJet ended up between 4-8% each.
Other major losers on the Sensex are Vedanta, Hindalco, Lupin, Cipla and Bharti Airtel, all ending lower between 0.6-2.7% each on the Sensex
Among other shares, Unity Infraprojects surged 13% on the BSE after the company issued equity shares at a premium to the current stock price to lenders and promoteres in lieu of the debt.
Shares of tea makers surged on the expectations that drought in Kenya may benefit the tea growers locally. On the BSE, Jay Shree Tea & Industries zoomed around 20% , Tata Global Beverages rallied over 2.5%, and Warren Tea surged over 5.6%.