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Benchmark shares indices staged a recovery in late trades, shrugging off the developments in Greece, led by index heavyweights and pharma shares while TCS gained ahead of its first quarter results this week.
The 30-share Sensex ended up 135 points at 28,228 and the Nifty ended up 39 points at 8,523.
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(Updated at 2:30PM)
Markets staged a recovery as demand for defensive pharma shares helped offset most of the intra-day losses. Meanwhile, the possibility of Greek exiting the euro zone after they rejected the tough austerity measures proposed by creditors continued to weigh on investor sentiment
At 2:30PM, the 30-share Sensex was up 29 points at 28,122 and the Nifty was up 12 points at 8,497.
The broader market outperformed the benchmarks. The BSE Midcap and Smallcap indices were trading with marginal gains up 0.4-0.6% each.
Market breadth was strong with 1,517 gainers and 1,142 losers on the BSE.
The Indian rupee was trading lower at 63.51 against the US dollar on fresh dollar demand from banks and importers and weakness in domestic equities.
EVENTS OF THE WEEK
The first quarter earnings season will kick off with Tata Consultancy Services announcing it April-June results on Thursday.
Index of Industrial Production (IIP) data for the month of May is scheduled to be released on Friday.
GLOBAL TRENDS
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
China's benchmark Shanghai Composite ended up 2.4% after market participants such as brokerages and fund managers offeres to buy huge quantities of stocks to bring out stability.
SECTORS & STOCKS
BSE Consumer Durbales and Metal indices were the top losers down over 1.2% each followed by IT, Auto and Bankex among others. However, Healthcare index was up 1.2% followed by Realty, Oil and Gas indices.
Metal stocks witnessed selling as softening commodity prices compounding worries about oversupply, after Greece rejected terms for a bailout. Vedanta and Hindalco are down between 1.8-4.7% each.
In the IT space, Infosys was down 1.1% and Wipro eased 0.2%. TCS was trading with marginal losses ahead of its Q1 results due on Thursday.
Pharma shares gained on the back of defensive buying. Dr Reddy's Labs, Cipla, Sun Pharma and Lupin were up 0.2-3.3% each.
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%.
Shares of Arvind Remedies were locked in 20% upper circuit on the Bombay Stock Exchange after the board said it would meet on July 11 to consider proposal for investment in the company by a potential investor to make the unit viable.
