This Article is From Jul 13, 2015

Sensex Surges 300 Points, Nifty Settles Above 8,450 as Greece Strikes Bailout Deal

Sensex Surges 300 Points, Nifty Settles Above 8,450 as Greece Strikes Bailout Deal
The Sensex advanced 300 points to close at 27,961 and the Nifty rose 99 points to settle at 8,460 after sentiment on the Street got a boost as Greece struck a bailout deal with its creditors.

In the first half of today's trading session, the Sensex and Nifty traded on a flat note as selling in capital goods, metals and banking stocks capped gains. However, in noon deals, the sentiment was boosted after Greece struck a bailout deal with its creditors hence ensuring that Greece would not fall out of eurozone.

Gains in the markets were broad-based as BSE 100, BSE 200 and BSE 500 indices advanced 1.2 per cent each. On the sectoral front, IT stocks were in high demand. The BSE IT index advanced 1.7 per cent. Pharma, auto, power, oil & gas and banking stocks also witnessed the buying interest.

The BSE mid-cap and small-cap indices closed in-line with the benchmark indices, up 1.4 and 1.3 per cent each respectively.

From the Nifty-50 basket of stocks, 46 stocks advanced while 4 stocks declined.

HCL Technologies was the top Nifty gainer, the stock jumped 3.8 per cent to close at Rs 961. Zee Entertainment, GAIL India, HDFC, BPCL and Asian Paints also advanced 2.8-3.5 per cent each.

IndusInd Bank kicked off the first quarter earnings season for the private sector banks. The bank posted strong set of numbers which led to buying in other private sector lenders such as Axis Bank, DCB Bank, Yes Bank, ICICI Bank and HDFC Bank.

IndusInd Bank shares jumped 3.5 per cent to close at Rs 924.

The overall breadth on BSE was extremely positive as 1,788 stocks gained while 1,009 stocks fell.

3:30 p.m.: The Sensex advanced 299 points to provisionally close at 27,960 and Nifty advanced 100 points to settle at 8,461.

3:20 p.m.: Independent market analyst, Sarvendra Shrivatava says that the CNX IT index is around strong resistance zone on medium to long term charts and I would like to stay away from IT stocks.

3:11 a.m.: Nifty is likely to trades in a range of 8,350-8,500, says independent market analyst Sarvendra Shrivastava.

3:00 p.m.: Technology stocks were in high demand in the late noon deals. The BSE IT index was up 1.9 per cent; HCL Technologies, Infosys, Wipro, Tech Mahindra and TCS advanced 1.6-3.6 per cent each.

2:55 p.m.: Market expert Nippun Mehta says that market participants will keep an eye on corporate results, monsoon rains and a possible rate cut by the RBI.

2:46 p.m.: "It's important to see how the entire implementation will take place as far as Greece is concerned," Gaurang Shah, vice president at Geojit BNP Paribas told Reuters.

Mr Shah added corporate earnings and domestic data points would drive Indian markets hereafter.

2:39 p.m.: Suven Life Sciences jumped 8.6 per cent to hit intraday high of Rs 255.90 after the company said that it has got patents for their new chemical entities in China, Mexico and South Africa.

2:30 p.m.: The broader markets were in-line with the benchmark indices. The BSE mid-cap index advanced 1.35 per cent and the small-cap index was up 1.15 per cent. From the small-cap space, KSS Limited, ITI Limited, Huhtamaki PPL, Himatsingka Seide, Arvind Remedies, Lovable Lingerie and Unno Industries were among the gainers, up 9.5-20 per cent each.

2:00 p.m.: Gaurang Shah of Geojit BNP Paribas says that commercial vehicle loan portfolio may have done well in the recently concluded quarter for the IndusInd Bank.

1:55 p.m.: IndusInd Bank first quarter net profit at Rs 525 crore, against estimates of Rs 515 crore. Net non-performing assets flat at 0.3 per cent of total advances.

1:49 p.m.: The Sensex was up 300 points at 27,962 and the Nifty advanced 94 points to 8,454.

1:39 p.m.: Andrew Feris, CEO Ecognosis Advisory says that the terms of the bailout are, much harsher than the earlier deal which the Greeks had got before the referendum.

1:27 p.m.: European shares surged in early trading on Monday after European Council President Donald Tusk said euro zone leaders reached a unanimous agreement following all-night talks in Brussels to move forward with a bailout loan for Greece. (Click here for full report)

1:07 p.m.: Buying was visible across the sectors. IT, pharma, FMCG, banking and auto stocks were seen in high demand.

1:00 p.m.: The markets were trading on a strong note. The Sensex surged 275 points to 27,936 and Nifty advanced 83 points to 8,444.

12:56 p.m.: European markets were trading on a positive note. French CAC40 index advanced 1.7 per cent, Germany's DAX surged 1.42 per cent and Britain's FTSE100 was up 0.95 per cent.

12:53 p.m.: From the Nifty-50 basket of stocks, 44 stocks were advancing while 6 stocks were declining. GAIL India was the top Nifty gainer, up 3.2 per cent at Rs 372. Asian Paints, HCL Technologies, Cipla, Sun Pharma, Zee Entertainment, BPCL and Maruti Suzuki were also among the gainers.

12:50 p.m.: Eurozone leaders reached a unanimous agreement after all-night talks in Brussels to move forward with a bailout loan for Greece, European Council President Donald Tusk said on Monday. (Click here for full report)

12:47 p.m.: Jean Clude Juncker, ECB president said that Greece needs growth and jobs and for that ECB has accepted Greece's demand of 35 billion euro bailout.

12:35 p.m.: Buying resumed across the sectors. IT, pharma, auto, FMCG and oil & gas stocks were witnessing buying interest.

The BSE IT index jumped 1.15 per cent; HCL Technologies, Mindtree, TCS, Wipro, Cyient and Infosys were the top gainers from the IT space.

12:26 p.m.: The markets jumped in the noon deals after Greece reached a deal with its creditors at EU summit. The Sensex advanced 175 points to 27,835 and the Nifty jumped 56 points to move above 8,400.

Donald Tusk, president of European Council said that unanimous deal reached on Greece.

12:20 p.m.: Citi has maintained its buy rating on D B Corp for target price of Rs 415 per share. Meanwhile, Citi has lowered its target price by 4-5 per cent to Rs 415 and says that market condition will remain soft in the near term.

12:06 p.m.: IndusInd Bank shares on Monday gained as much as 1.5 per cent to an intraday high of Rs 907.55, ahead of its first-quarter earnings announcement later in the day.

The private sector lender is expected to report strong earnings growth for the quarter ended June 30, 2015. (Click here for full report)

12:00 p.m.: The Sensex and Nifty edged lower in the noon deals on the back of selling in banking, capital goods and metal stocks.

The Sensex was down 25 points at 27,636 and the Nifty slipped 3 points to 8,357.

11:56 a.m.: Rohit Srivastava, fund manager at Sharekhan told NDTV that the Nifty has been following a pattern of three weeks of gain followed by another two-three weeks of losses for last three months. So, the losses that we saw last week may get extended for another two weeks as well, he added. (Click here for full report)

11:48 a.m.: IndusInd Bank shares on Monday gained as much as 1.5 per cent to an intraday high of Rs 907.55, ahead of its first-quarter earnings announcement later in the day. (Read)

11:45 a.m.: Metal stocks were the worst hit in trades so far. The BSE metal index fell 0.88 per cent; SAIL, Hindalco, Vedanta, JSPL, NMDC, Hindustan Zinc and JSW Steel were the top losers from the metal pack, down 1-2 per cent each.

11:40 a.m.: Ballarpur Industries shares surged as much as 9 per cent on Monday after the company's board approved the divestment of its entire equity stake of 98.08 per cent in Malaysian subsidiary Sabah Forest Industries. (Click here for full report)

11:37 a.m.: Vikas Halan of Moody's says that when the upstream companies report numbers then ONGC will outperform its international peers.

11:25 a.m.: Deven Choksey of KR Chiksey Securities says that Nifty is likely to trade between 8,000-8,500. He adds that in Nifty is to go below 8,000, there needs to be lot of disappointments apart from earnings.

Mr Choksey adds that the upcoming parliament session where the government's key GST legislation is expected to go through will be key for the markets going ahead.

11:07 a.m.: Unichem Laboratories surged nearly 5 per cent to Rs 231.50 after the company on Saturday reported its earnings for the first quarter of financial year 2016.

10:53 a.m.: T S Harihar of HRBV Client Solution says that till the time cloud over China and Greece settles down, the market will remain a sell on rise types. 

10:42 a.m.: The overall breadth on the Bombay Stock Exchange was positive as 1,372 stocks were advancing while 742 were declining.

10:34 a.m.: Unitech, Ballarpur Industries, Suzlon Energy, Sintex Industries, Jindal Steel and J P Associates were the most actively traded stocks on the National Stock Exchange.

10:29 a.m.: The markets turned absolutely flat on the back of selling in banking, capital goods and metal stocks. The Sensex was up 21 points at 27,982 and Nifty rose 8 points to 8,369.

10:15 a.m.: Capital goods stocks were among major losers today with L&T and BHEL down over 1 per cent after May IIP data disappointed the Street. (Read)

9:56 a.m.: Cairn India shares rose as much as 3 per cent on Monday amid value-buying to be among the top Nifty gainers. Cairn India shares had fallen nearly 9.5 per cent in the past week as global oil prices took a tumble to slip below $60 for the first time since January. (Read)

9:52 a.m.: Capital goods stocks face selling pressure. The BSE capital goods index was down 0.4 per cent; Suzlon Energy, BHEL, Larsen & Toubro, Havells and AIA Engineering were among the losers from this space.

9:49 a.m.: Prabodh Agarwal of IndiaInfoline expects private sector banks to post strong results in Q1.

9:45 a.m.: From the banking pack, Yes Bank was the top loser, down 0.83 per cent at Rs 801. Kotak Mahindra Bank, Axis Bank, State Bank of India, Bank of Baroda and HDFC Bank were also among the losers.

9:40 a.m.: The Sensex has turned flat in the morning trades on the back of selling in metal and banking stocks. The BSE metal index slipped 0.34 per cent and the Bank Nifty fell 0.12 per cent.

From the metal pack, NMDC, Nalco, Hindalco, Vedanta, JSW Steel and Hindustan Zinc were among the top losers.

9:25 a.m.: The broader markets were witnessing buying interest. The BSE mid-cap and small-cap indices jumped 0.5 per cent each. Essar Oil was the top gainer from the mid-cap space. It was followed by Tata Communications, MRPL, Torrent Pharma, Shriram Transport Finance and Godrej Properties.

9:15 a.m.: The markets opened higher in trades today on the back of broad-based buying. The Sensex advanced 103 points to 27,764 and Nifty jumped 40 points to move above 8,400 levels.

Metal and capital goods stocks were facing selling pressure while some buying interest was in pharma and IT stocks.

From the Nifty-50 basket of stocks, 32 were declining while 18 were declining.

Cairn India, Sun Pharma, Asian Paints, HCL Technologies, Cipla and Bharti Airtel were among the top gainers on Nifty. While, Power Grid, BHEL, HUL, L&T, Hindalco and Bajaj Auto were among the losers.

9:09 a.m.: The Sensex jumped 78 points to 27,739 and Nifty jumped 37 points to 8,397 in the pre-market session.

9:05 a.m.: CLSA has maintained its buy call on Maruti Suzuki for target price of Rs 4,450 per share. CLSA expects an action packed year ahead and says that multiple catalysts are in place to drive strong earnings growth. CLSA adds that passenger vehicle growth will gradually improve and its margins should expand going ahead. (Click here for more brokerage reports)

9:00 a.m.: Rupee opens lower at 63.44/dollar against Friday's close of 63.39.

8:30 a.m.: Industrial output, as measured by index of industrial production (IIP), grew 2.7 per cent in May. This was lower than the downwardly revised 3.36 per cent growth recorded in April.

Economists polled by NDTV had forecast May industrial output to rise 4 per cent.

8:20 a.m.: Below are the stocks which will be in focus today:

Vedanta, Cairn India: Tom Albanese chief executive officer of Vedanta Resources said that he is confident of a merger between Cairn India and Vedanta by March 2016. He said that the company is in regular touch with the shareholders of both the companies and the response so far has been very encouraging.

Meanwhile, Anil Agarwal, chairman of Vedanta at its AGM said that its merger with Cairn India will strengthen cash flows for the companies and will reduce earnings volatility and funding costs.

IndusInd Bank: IndusInd Bank will come out with results later in the day. Analysts expect the private sector lender to post net interest income of Rs 975 crore and net profit of Rs 665 crore.

Mahindra & Mahindra: Mahindra & Mahindra has sought for shareholders nod for raising upto Rs 5,000 crore.

Eicher Motors: Royal Enfield plans to ramp up capacity to 52,000 units a month by December 2015.

Asian Paints: Asian Paints operations at Sriperumbudur plant have returned to normalcy.

DLF:  DLF plans to hike rates in Gurgaon project despite low demand.

Sintex Industries: Sintex Industries first quarter earnings came in-line with analysts' estimates. Net profit jumped 12 per cent to Rs 69 crore compared to Rs 61.6 crore on income of Rs 1,471.2 crore.

Unichem Labs: Posted flat first quarter earnings. Net profit slipped 4.6 per cent to Rs 28.8 crore on income of Rs Rs 309.1 crore compared to Rs 291 crore during the same period last year.

Lanco Infra: The company may soon commence port project work in Australia.

Muthoot Finance: Muthoot Fincorp promoters plan to to expand real estate business.

Supreme Industries: RBI has said that the FII investment has reached trigger limits in the company.

8:15 a.m.: The foreign institutional investors (FIIs) sold Indian shares worth Rs 465 crore on Friday while the domestic institutional investors purchased shares worth Rs 590 crore.

8:10 a.m.: Euro zone leaders argued late into the night with near-bankrupt Greece at an emergency summit, demanding that Athens enact key reforms this week to restore trust before they will open talks on a financial rescue to keep it in the European currency area. (Click here for full report)

8:00 a.m.: The Asian markets were trading on a positive note. Japan's Nikkei was up 1.2 per cent, KOSPI jumped 0.76 per cent and Taiwan Weighted advanced 0.9 per cent. While, Hang Seng was down 0.35 per cent.

7:45 a.m.: The Indian markets are likely to open on a flat note tracking subdued trading of Nifty on the Singapore Stock Exchange. The Nifty traded on the Singapore Stock Exchange known as the SGX NIfty was down 0.06 per cent at 8,365.