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At 10:40AM, the 30-share Sensex was up 11 points at 27,972 and the 50-share Nifty was up 2 points at 8,462.
The broader markets are however, outperforming the benchmark indices- BSE Midcap and Smallcap indices are up almost 1% each.
The top gainers on the Sensex are Coal India, Dr Reddy’s Labs, Hero Moto, BHEL and Cipla.
On the losing side, Tata Motors, HDFC, Reliance Inds, Hindalco and SBI are down 1-2%.
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Updated at 9:40
The benchmark indices have started on a subdued note as they seek to consolidate the Greece-deal driven gains garnered on Monday. The mixed cues from the Asian Street and the WPI date due to be released later in the day are also adding a touch of caution to Dalal Street.
At 9.40am, the Sensex was at 27,904, lower by 56 points and the Nifty was at 8,442, down 16 points.
In the broader markets, the midcap index is virtually unchanged at 11,023 and the smallcap index is at 11,510, up 0.2%
The debt deal in Greece had brought cheer to Dalal Street on Monday, with the Sensex garnering almost 300 points or 1% to settle just short of the 28,000 mark at 27,961 and the Nifty surging past 8,400. One would have to wait and see if the recent momentum continues and catapults the Sensex beyond the 28,000 mark and the Nifty above 8,500.
On the economic front, the government is scheduled to release data inflation based on the wholesale price index (WPI) for June 2015 this afternoon. The WPI inflation stood at negative 2.4% in May 2015, compared with a negative 2.65% in April 2015. On the results front, DCB Bank and NIIT Technologies will announce their Q1 numbers during the day.
RUPEE
The rupee opened lower at 63.57 per dollar, down 7 paise, on Tuesday against the previous day's close of 63.50.
GLOBAL MARKETS
Asian shares were mixed this morning following the deals in Greece and Iran.
The Hang Seng Index eased 0.4% and South Korea's benchmark index erased gains after touched a one-week peak in early trade due to losses among large-cap stocks.
The Nikkei index hit a one-week high, rising for a second session, and Singapore stocks added 0.5% following the release of weak second-quarter gross-domestic product estimates.
Overnight, US stocks closed more than 1% higher in light volume trade on news of a bailout agreement between Greece and its creditors. Both the Dow and Nasdaq closed above their 50-day moving averages for the first time since June. The Dow Jones rose 217 points, or 1.2% to end at 17,977 and Nasdaq Composite added 73 points, or 1.4% to 5,071.
SECTORS AND STOCKS
All the sectoral indices are trading flat this morning. Among the index heavyweights, HDFC, Tata Motors, Sun Pharma, ONGC and RIL are leading the loser's list on the BSE, with losses of 0.5%-1% each. BHEL, Hindustan Unilever, SBI and Tata Motors are the other significant losers on the BSE.
On the other hand, Dr Reddy's Lab, Coal India and Cipla have gained around 1% each in early trades. Bajaj Auto, Axis Bank and L&T are the other important gainers on the BSE.
The banking index is subdued in line with the other indices, ahead of the WPI data to be released this afternoon. PNB, Yes Bank and IndusInd Bank have gained 0.5%-1% each, while ICICI Bank and SBI have shed about 0.2% each.
Amon the stocks in the news, Dr Reddy's Laboratories has gained 1% after reportedly launching the generic Memantine hydrochloride tablets used for treatment of dementia of the Alzheimer's type in the US market; this development seems to have driven the stock higher in early trades.
Lupin is trading flat at Rs 1,890 after turning ex-dividend for a dividend of Rs 7.50 per share for the year ended 31 March 2015.
The market breadth is strong. Out of 1446 stocks traded on the BSE, there are 963 advancing stocks as against 430 declines.
