 "Sensex reclaims 28,000; pharma shares gain")
After having a weak start, markets have trimmed losses in the noon trades as the exposure of Indian equities to Greece is limited stated by the RBI governor last week. Depreciation of rupee coupled with slow advancement of monsoons is capping the gains on the upside.
At 1:15 PM, the Sensex was at 28,004 down 89 points and the Nifty was at 8,465, down 20 points. However, the broader markets are outperforming the larger peers. BSE Midcap and Smallcap indices are trading higher between 0.2-0.6%.
Meanwhile, investors remained edgy as Greece voted decisively against the terms of a Eurozone bailout deal raising the fear of Grexit from the Euro zone.
LOCAL CURRENCY
The rupee is trading 12 paise down at 63.56 against the US dollar on fresh dollar demand from banks and importers amid weakness in the local equities.
DOMESTIC EVENTS TO SHAPE THE WEEK
More From This Section
All eyes will be set on the quarterly earnings as Tata Consultancy Services kicks off the earnings season by announcing it Q1 results on Thursday.
Index of Industrial Production (IIP) data for the month of May is scheduled to be unveiled on Friday.
GLOBAL EVENTS
Post the announcement of the referendum results, Greece's Finance Minister Yanis Varoufakis said he was resigning, in a shock announcement despite the government having secured a resounding victory for the 'No' vote in the country's referendum on bailout conditions
Chinese stocks jumped 2.4% after Beijing unleashed an unprecedented series of support measures over the weekend to stave off the prospect of a full-blown crash that was threatening to destabilise the world's second-biggest economy.
STOCK TRENDS
On the sectoral front, BSE Consumer Durables, Metal, Auto, Bankex, Capital Goods, Power and Teck indices are trading lower between 0.5-1.6%. However, BSE Healthcare, Oil & Gas shares indices are trading higher up to 1%.
Decline in commodity prices compounding worries about oversupply, after Greece rejected terms for a bailout have affedted the metal pack. Vedanta Hindalco and Tata Steel are down between 2-5% .
In the IT space, TCS is trading 0.3% down on caution ahead of the Q1 results due on Thursday. Among, its peers Infosys and Wipro are trading lower up to 1%.
Shares of Indian companies with exposure are losing sheen in today’s trade. Tata Steel, Motherson Sumi Systems, Bharat Forge, Tata Motors, Tech Mahindra and Cox and Kings are trading lower between 1-2%.
However, pharma shares have firmed up in today’s session,. Dr Reddy’s Lab, Cipla and Sun Pharma are trading higher between 0.2-3.5%.
The market breadth is firm on the BSE with 1,474 shares advancing and 1,139 shares declining.