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Developments relating to Greece and the expiry of future & options contracts for June series are likely to impact sentiment today.
Markets ended lower on Wednesday, snapping their eight-day winning streak, amid profit taking in late trades on reports that the new proposal presented by Greece to avoid debt default was not acceptable to the creditors.
The 30-share Sensex ended lower by 74.70 points at 27,729.67 and the 50-share Nifty dipped 20.70 points at 8,360.85 after hitting an intra-day high of 8,421.35. In the broader markets, the BSE Mid-cap and Small-cap indices ended lower, down 0.4-1% each. Market breadth was weak with 1,502 losers and 1,211 gainers on the BSE.
Asian shares slipped and the dollar was treading water in early Asian trade on Thursday, with investors cautious ahead of a meeting of European Union leaders later in the session as Greece continued last-minute efforts to avert a default.
MSCI's broadest index of Asia-Pacific shares outside Japan was down about 0.1%. Japan's Nikkei stock index slipped about 0.4% after hopes for a resolution to Greece's debt crisis helped propel it to its highest level since 1996 on Wednesday.
In commodities, US crude was nearly flat in early Asian trade at $60.23/barrel after plunging more than 1% on Wednesday on a government report showing that an eighth straight weekly drop in US crude stockpiles was offset by a large build in refined products.
F&O CUES
Back home, the CNX Nifty failed to hold its winning streak after a decent up move of last eight trading sessions but still has been making higher highs – higher lows from last 8 consecutive sessions and rallied by more than 480 points from 7940 to 8420 levels.
"Now if it negates this positive price formation and holds below 8335 levels then profit booking may be seen towards 8280 then 8250 zones. While if it manages to hold above 8380 then may see an up move towards 8405 and 8420-8440 zones," said Chandan Taparia, derivatives analyst - equity research at Anand Rathi.
"Nifty future has seen rollover of 45.89% for June series one day before expiry. JSW Steel, Kotak Bank, Tata Steel, BHEL, SAIL, Tata Global, GMR Infra, HPCL and IDEA top in stocks rollover. Infra, Metals, Capital Goods, Telecom, Oil & Gas, Auto, Technology, Finance, Power and Pharma stocks top in sector wise rollovers," he adds.
STOCKS TO WATCH
Dena Bank is likely to be in focus after it signed a general refinance agreement with MUDRA Bank to finance new entrepreneurs and small businesses, according to media reports.
Adani Enterprises may witness some selling pressure after its plans to export Australian coal from a port near the Great Barrier Reef to feed power-hungry households in India has reportedly suffered a setback due to delay in securing crucial clearances.
According to reports, Bajaj Corp is seeking shareholders' nod to raise Rs 1,000 crore by issuing equity shares to institutional buyers through QIP.
NTPC has embarked on a near Rs 1,000 crore research and development exercise that will involve groundbreaking work in areas of new and renewable energy, waste management, efficiency improvement and cost reduction. Keep a watch onm this counter.
Infosys will see action as it could soon become the most influential stock on the Nifty, Sensex and MSCI Index after SEBI said that existing promoters may be reclassified as public if a company becomes professionally managed and does not have any identifiable promoter.
Shriram Transport Finance said its board of directors will meet on June 26 to discuss the proposal of merger of Shriram Equipment Finance Company, a wholly owned subsidiary of Shriram Transport, with the former.
With Reuters inputs
