Market cheers Greece debt deal, Nifty jumps 99 pts

Indian market gave the Greece debt deal a big thumbs-up with the NSE Nifty rising 99.10 points to 8,459.65 driven by across-the-board buying activity and tracking upbeat global stocks.
Though the rally was largely sentiment driven in line with upbeat global cues, hopes of a rate cut by the Reserve Bank on the back of lower-than-expected IIP numbers, buoyed the overall trading sentiment.
A healthy growth in indirect tax revenues, which grew 37.5 per cent to nearly Rs 1.54 lakh crore in the first quarter of the fiscal, further boosted trading sentiment, traders said.
Despite a firm start, key indices gave up all its initial gains in the early session to slip below the key 8,400 mark briefly before rebounding smartly after the much awaited breakthrough in Greece debt crisis talks.

The 50-share Nifty fluctuated between a high of 8,471.65 and a low of 8,355.40 before ending at 8,459.65, showing a healthy gain of 99.10 points or 1.19 per cent.
Among sectoral indices, media topped its peers, surging by 3.12 per cent, followed by IT 1.86 per cent, auto 1.66 per cent, pharma, 1.28 per cent, FMCG 1.23 per cent, bank 0.93 per cent, energy 0.88 per cent and metal 0.43 per cent.

Biggest index stock movers included HDFC, Infosys, ITC, HCL Tech, ICICI Bank, IndusInd, Maruti, Sun Pharma, Bosch, ZEE, HDFC Bank, SBI, Asian Paints, Reliance, M&M, HUL, Wipro, BPCL, Cipla, NTPC, Asix Bank and Bharti Airtel.

L&T, ONGC, Bank of Baroda and PNB were among the losers.
On stocks specific, most PSU banking stocks too were in keen demand on news that the finance ministry is planning to infuse an additional Rs 12,000 crore in to state-owned banks with high bad debt.
Turnover in the cash segment fell to Rs 14,257.15 crore compared with Rs 15,285.72 crore last Friday.
A total of 7,234.74 lakh shares changed hands in 67,80,947 trades and the total market capitalisation of the Nifty stood at Rs 1,00,31,338 crore.