Tuesday, 7 July 2015

Nifty at 8550, Sensex firm; Asian Paints, BPCL gainers


HDFC, Tata Steel Wipro, Cipla and Coal India are top gainers in the Sensex. Among the losers are Hindalco, Dr Reddy's Labs, Reliance, NTPC and ONGC. Asian Paints, BPCL are top Nifty gainers on weak crude prices.
After a massive rally in late trade yesterday, the market has opened with gains on Tuesday. The Sensex is up 85.75 points or 0.3 percent at 28294.51 and the Nifty is up 28.55 points or 0.3 percent at 8550.70. About 657 shares have advanced, 107 shares declined, and 59 shares are unchanged.

HDFC, Tata Steel Wipro, Cipla and Coal India are top gainers in the Sensex. Among the losers are Hindalco, Dr Reddy's Labs, Reliance, NTPC and ONGC. Asian Paints, BPCL are top Nifty gainers on weak crude prices.

Crude tumbled over 7 percent overnight amid the Iran nuclear deal negotiations, the Greece debt drama and volatility in Chinese stocks.

Nymex crude fell more than 7 percent to USD 52 per barrel after Greece’s rejection of debt bailout and China rolling out emergency measures to support its stock market. Brent crude fell 6.3 percent to USD 56.50/bbl, below 100 DMA, biggest slide in last three months.

Adding to the pressure on oil markets, Iran and global powers were trying to meet a July 7 deadline on a nuclear deal, which could add more oil to oversupplied markets if sanctions on Iran are eased. The self-imposed deadline could be extended again, officials at the negotiations said.

Asian markets are mixed bag after the sharp knock yesterday. Nikkei has bounced back smartly though the yen is hovering sub 123. The Kospi has come off 0.7 percent from day’s high while the rest of Asia is trading in the green.

US stocks closed mildly lower, recovering from sharp opening losses on selloff overseas, as traders shook off concerns of contagion from the Greece debt crisis. Bond yields held lower, with the 10-year yield near 2.30 percent.

In Europe, equities closed lower, after Greece voted "no" to reform proposals in the country's referendum on Sunday and the Greek finance minister Yanis Varoufakis resigned. Peripheral indices suffered the most, with Italy’s FTSE closing around 4 percent lower.

Gold currently trades around 1170 dollars an ounce
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