Post Session: Market shrugs off Greece Referendum; Nifty reclaims 8,500 level Analysis for Jul 06, 2015

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Amidst choppy trade, Indian equities extended gain on Monday, with benchmark index Sensex adding over 100 points and the Nifty reclaimed crucial psychological level of 8,500, on the back of broad-based buying in the last hour of trade. The market also got a boost from gains in bluechip stocks such as Dr Reddy's Labs, Cipla, BPCL, Grasim Industries, ACC, Bank of Baroda, Hero MotoCorp, Ambuja Cements and TCS.

The BSE SENSEX closed at 28208.76, up by 115.97 points or by 0.41 per cent, while the NSE Nifty ended at 8522.15, up by 37.25 points or by 0.44 per cent.

Today, the D-Street belled the day on negative note as Grexit fear spooked investors" sentiment, led by losses in banking, power, realty, consumer durables, FMCG, IT and metal stocks. However, the market recovered strongly in the last hour of trade helped by gains in the pharma and oil and gas stocks.

However, the investors" tone remained cautious as fear of Grexit looms after Sunday"s referendum results showed that 61 per cent of Greeks voiced against further spending cuts and tax hikes imposed by the country"s creditors, pushing Greece into an economic unknown with its euro membership now in limbo, prompting risk aversion among global investors.

The broader market ended lower with the BSE MIDCAP closed at 10962.77, up by 92.77 points or by 0.85 per cent, while the BSE SMLCAP settled at 11426.99, up by 123.41 points or by 1.09 per cent.

During the day"s trade, the BSE Sensex touched intraday high of 28235.31 and intraday low of 27774.8, while the NSE Nifty touched intraday high of 8533.15 and intraday low of 8386.15.

The top gainers of the BSE Sensex pack were Dr. Reddy's Laboratories Ltd. (Rs. 3711.75,+3.64%), Cipla Ltd. (Rs. 652.55,+3.35%), Hero MotoCorp Ltd. (Rs. 2612.40,+1.34%), Tata Consultancy Services Ltd. (Rs. 2632.80,+1.07%), Lupin Ltd. (Rs. 1920.40,+1.05%), among others.

On the flips side, Vedanta Ltd. (Rs. 163.05,-4.45%), Hindalco Industries Ltd. (Rs. 109.05,-1.36%), NTPC Ltd. (Rs. 137.80,-0.76%), Tata Steel Ltd. (Rs. 298.75,-0.73%), Infosys Ltd. (Rs. 983.50,-0.65%), were among top losers on BSE.

On the sectoral front, HCS and Oil and Gas indices emerged as top gainers, gaining 1.66 per cent and 1.00 per cent, respectively.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 2893, shares advanced were 1781 while 997 shares declined and 115 were unchanged. On the global front, Asian peers ended in negative terrain, barring China"s Shanghai Composite, as an outright rejection of further austerity by Greece cast doubts over the country"s euro future, curbing the lure for risky assets. China"s Shanghai Composite notched up a smart recovery after regulators suspended initial public offerings while the country"s brokerages vowed to purchase shares and the central bank promised to provide more liquidity for margin trading.

Story first published: Monday, July 6, 2015, 17:12 [IST]
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