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Markets are likely to remain in a range today. Developments in euro-zone (Greece) and the futures & options (F&O) expiry on Thursday for the June series is likely to cap gains.
Asia shares rallied for a sixth straight session on Wednesday as investors chose to be optimistic on the chances of a Greek debt deal. Japan's Nikkei led the way as a gain of 0.4%, while MSCI's index of Asia-Pacific shares outside Japan edged up 0.1% to bring its gins over the past six sessions to 2.9%.
Overnight, the Dow ended Tuesday up 0.13%, while the S&P 500 added 0.06% and the NASDAQ 0.12%. Risk appetite were whetted after Greece's government expressed confidence that parliament would approve a debt deal with lenders, despite an angry reaction from some of its own lawmakers.
EU finance ministers meet on Wednesday to discuss whether or not to put the plan to Eurozone state heads. If it goes ahead, the Greek parliament could vote as early as this weekend.
F&O WATCH
Back home, the CNX Nifty has been making higher highs – higher lows from last seven consecutive sessions and has rallied over 450 points from 7940 to 8,400 levels.
"Now till it doesn’t negative this positive price formation, momentum may continue towards 8440-8460 zones, while if it fails to cross 8400 zones and slips below 8335 levels then only momentum would fizzle out and profit booking may be seen towards 8,280 then 8,250 zones," said Chandan Taparia, derivatives analyst, Anand Rathi Research.
"Nifty future has seen rollover of 36.40% for June series two days before expiry. JSW Steel, BHEL, Reliance Industries, SAIL, Kotak Mahindra Bank, IDFC, HCL Tech, Tata Global and Tata Motors are top in stocks rollover. Infrastructure, Capital Goods, Metals, Technology, Oil & Gas, Finance, Telecom and Power sector are top in sector-wise rollover," he adds.
SEBI ACTION
Meanwhile, Securities and Exchange Board of India (Sebi) on Tuesday halved the time required between listing and closing of an initial public offering (IPO) to six days.The stock market regulator also eased the framework for start-ups to raise capital from the stock market.
“E-IPO will bring down the time to list the company substantially. New Start up platform will ensure that the Indian start-ups prefer to list on Indian exchanges instead of going to foreign exchanges,” said Ashishkumar Chauhan, MD & CEO, BSE.
STOCKS TO WATCH
Jubilant Life Sciences may hog the spotlight after reportedly receiving approval from the US health regulator to market generic levofloxacin tablets, used to treat various infections including pneumonia.
Talwalkars Better Value Fitness may see action after announcing that its QIP issue opened on June 17 and closed on June 19, as per reports.
Media reports suggest that the state-owned Punjab National Bank has reduced the interest rate on fixed deposits by up to 0.25% on select maturities. Keep a watch on this counter!
Drug major Lupin is in the news as its Board of Directors has given an in-principle approval for raising funds of up to Rs. 7,500 crore.
Crompton Greaves may see action on reports that it has signed a long-term alliance pact with Spanish European consumer appliances company SOGO to sell kitchen appliances in India.
Hindustan Unilever is likely to see investor interest as the company is in advanced discussions with Mosons Extractions Pvt. Ltd to buy the Indulekha brand of hair care products, including an ayurvedic hair grooming oil and shampoo, for around Rs.500 crore, media reports suggest.
