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After a firm start that saw the S&P BSE Sensex and the CNX Nifty move up 0.4% and 0.3% at 27,830 and 8,376 levels, respectively, the benchmark indices slipped into the red by 920am.
Among individual stocks on the Sensex, Infosys lost nearly 1.6% to Rs 1,008 levels. GAIL India, ICICI Bank, Maruti Suzuki, Wipro, BHEL, NTPC, Vedanta and HDFC lost 0.4% - 1.1%.
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However, Bharti Airtel, Hindalco, Reliance Industries (RIL), State Bank of India (SBI) and Coal India moved up 0.6% - 1.3% at 920am. CLICK FOR TOP GAINERS
On Monday, Nifty surged 128 points to end at 8,353 levels. The market breadth remained positive as there were 1,724 stocks advancing against 981 stocks declining. All the sectors ended in green and the main gainers were Realty and Banking which closed up around 5.05% and 2.62% respectively. The mid-cap and small cap index closed up around 1.49% and 1.40% respectively. The Nifty volatility index, India VIX stood at 15.4875 up around 2.66%.
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“The Nifty has now closed around our mentioned resistance zone of 8,350-8,370. Going forward, a sustainable move beyond this resistance zone can push the index higher to test 8450 – 8500 levels; which would then probably negate our recent negative view on the market,” suggests a morning note from Angel Broking.
“On the flipside, if the Nifty fails to sustain beyond this important resistance level then we would wait for a reversal sign on charts to go short on the market. Yesterday’s low of 8257 would now be seen as an immediate support level,” it adds.
A note from IIFL suggests that Buying in cash segment by local funds and HNI clients along with major short covering by the proprietary desk clients powered indices higher. If FII short positions are trimmed and cash-based buying resumes, the market is likely to continue the uptrend.
Also Read: Monsoon blessing for rate-sensitive stocks
"Going ahead, apart from the progress of monsoons, markets will focus on the fiscal initiatives of the Government, more specifically on the GST and Land acquisition bills. Markets will also be enthused once the recent Government initiatives start having a positive rub-off impact at the ground level and the same starts getting reflected in management commentaries,” said Dipen Shah, head of private client group research at Kotak Securities.
Meanwhile, foreign institutional investors (FIIs)/ Foreign Portfolio Investors (FPIs) bought shares worth a net Rs 651.31 crore on 22nd June 2015, provisional figure reports suggest. Domestic institutional investors sold shares worth Rs 94.03 crore on that day.
GLOBAL MARKETS
Equities have been largely driven by the situation in Greece of late, with investors concerned that if the country defaults on its loans, it may have to leave the euro or the European Union, potentially shaking the region's economic foundations.
ALSO READ: Asian shares bolstered by hopes for Greek deal
Japan's Nikkei share average rose to a fresh 15-year high on Tuesday morning as hopes grew that a deal would be reached to avoid Greece defaulting on loans. The Nikkei share average was up 1.4% at 20,715.54 in midmorning trade after rising earlier to 20,739 levels, the highest since 2000.
Oil prices fell in Asian trade on Tuesday on renewed worries over a global glut of oil and lacklustre demand ahead of preliminary manufacturing figures from China and Japan later on Tuesday. But a forecast drawdown in US crude stocks put a floor under prices. Brent crude for August delivery was down 16 cents at $63.18 a barrel as of 0110 GMT, after closing the previous session up 32 cents.
With Reuters inputs
