Sensex on a slippery mode; Nifty holds 8450 Analysis for Jul 02, 2015

Posted By: Religare
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Paring the early gains, the stock market benchmark Sensex slipped into the negative terrain during the late noon trading session as investors remained cautious about the ongoing developments in Greece and booked profits at higher levels.

The 30-share benchmark index was trading 21 points lower at 27999.08 at 14:18 hours while the NSE"s broad based Nifty was at 8465.9, up by 12.85 points or by 0.15 per cent.

Market experts attributed the change in the market"s mood to the unfavorable global cues, coupled with profit booking at attractive levels. Investors" sentiment weakened further after the global rating agency Fitch lowered India's economic growth projection to 7.8 per cent for the current fiscal from 8 per cent and said that the country"s business environment is relatively weak compared with peers and will take time to turn around.

In a see-saw trade, the BSE Sensex touched an intraday high of 28115.96 and an intraday low of 27961.08, while the NSE Nifty touched an intraday high of 8479.25 and an intraday low of 8437.2.

The major show spoilers included Tata Motors Ltd. (Rs. 437.25,-1.70%), Vedanta Ltd. (Rs. 173.25,-1.51%), Hindalco Industries Ltd. (Rs. 111.45,-1.46%), HDFC Bank Ltd. (Rs. 1058.00,-1.28%), Infosys Ltd. (Rs. 987.65,-1.01%), among others. While bucking the broader market trend, Bharti Airtel Ltd. (Rs. 434.00,+2.24%), Bajaj Auto Ltd. (Rs. 2572.20,+1.93%), Mahindra & Mahindra Ltd. (Rs. 1314.80,+1.90%), Wipro Ltd. (Rs. 559.25,+1.25%), Hero MotoCorp Ltd. (Rs. 2540.00,+0.84%), came to the market"s rescue.

The BSE MIDCAP was at 10900.33, up by 81.02 points or by 0.75 per cent, while the BSE SMLCAP was at 11320.75, up by 85.07 points or by 0.76 per cent.

Among the sectors, In BSE, BSE_IT index was at 10564.42 down by -39.7 points or by -0.37%. 3i Infotech Ltd. (Rs. 4.90,-4.85%), Aptech Ltd. (Rs. 58.80,-2.08%), PFL Infotech Ltd. (Rs. 59.50,-1.98%), Mahindra & Mahindra Ltd. (Rs. 479.00,-1.54%), MindTree Ltd. (Rs. 1272.55,-1.53%),.

On the global front, Asian markets closed on a mixed note amid hopes of an agreement over Greece, which has declared debt default after it failed to meet deadline to repay the 1.6 billion euro due to the IMF.

Story first published: Thursday, July 2, 2015, 15:12 [IST]
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