Greece subdues markets; Sensex marginally up

Mumbai, July 6 (IANS) Indian equity markets were trading fractinally up during the late-afternoon trade session on Monday, as investors were anxious on account of Greece through Sunday’s referendum rejecting the terms for a new bailout package.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was trading fractionally higher with gains of only nine points during the session under review.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading slightly on the positive side. It was up by seven points or 0.08 percent at 8,491.65 points.

The 30-scrip S&P BSE Sensex, which opened at 27,857.20 points, was trading at 28,102.07 points (at 2.35 p.m.), up 9.28 points or 0.03 percent from its previous day’s close at 28,092.79 points.

The Sensex touched a high of 28,125.84 points and a low of 27,774.80 points so far in the trade.

“This is as far as the Indian markets can react to the referendum results. As the markets had already factored in the situation very well, there is a very little chance of any major volatility. However, Greece-exposure specific company and sector movements will be volatile,” Anand James, co-head, technical research desk, Geojit BNP Paribas, told IANS.

According to James, Chinese markets’ down turn, concerns over weakening monsoon and the upcoming first quarter results are major factors at play in the market right now.

“There is a hope that the first quarter (Q1) numbers due to be released soon will be better than the Q4 of 2014-15. Factors like lower inflation, easing of monetary policy and stable rupee are expected to be translated into better Q1 numbers,” James added.

The first major result to come out will be of Tata Consultancy Services (TCS) on July 9.

During Monday’s intra-day trade so far, healthy buying took place in healthcare, oil and gas and fast moving consumer goods (FMCG) sectors.

However, consumer durables, metal and automobile stocks came under intense selling pressure.

The S&P BSE healthcare index augmented by 225.08 points, oil and gas index rose by 58.39 points and FMCG index gained by 43.77 points.

The S&P BSE consumer durables index plunged by 87.44 points, followed by metal index receded by 81.65 points and automobile index declined by 11.77 points.

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