Mid-Session: Weak crude pushes Indian equities higher
07/07/2015 12:41

The Indian equities continued winning streak on Tuesday amid sustained across-the-board buying by traders coupled with fall in crude prices. The market experts reckoned that ease in crude prices will help oil marketing companies to improve their margins and bring down import burden.

At 12:20 hours, the BSE benchmark SENSEX was trading at 28258.72, up by 49.96 points, or by 0.18 points, while the NSE Nifty was quoting 13.9 points higher at 8536.05.

The D-Street witnessed impressive buying interest as investors shrugged off Greece worries and shifted their focus to corporate earnings season which begins on Thursday with TCS, the country’s biggest software services exporter set to unveil its June quarter report card.

However, analysts have warned that April-June 2015 may have been yet another disappointing quarter for India Inc. with earnings growth likely to have remained lackluster without a meaningful pickup in corporate investment, prompting a cautious approach by investors at Dalal Street.

In the bullish trade so far, the BSE Sensex touched intraday high of 28335.23 and intraday low of 28200.97, while the NSE Nifty touched intraday high of 8561.35 and intraday low of 8523.45.

Leading the rally in the BSE Sensex pack were Coal India Ltd. (Rs. 428.30,+1.99%), Housing Development Finance Corporation Ltd. (Rs. 1343.90,+1.97%), Wipro Ltd. (Rs. 558.70,+1.62%), Sun Pharmaceutical Industries Ltd. (Rs. 887.00,+0.92%), Mahindra & Mahindra Ltd. (Rs. 1332.15,+0.87%), among others.

Meanwhile, NTPC Ltd. (Rs. 134.70,-2.36%), Vedanta Ltd. (Rs. 159.95,-1.90%), Hindustan Unilever Ltd. (Rs. 917.00,-1.06%), Hero MotoCorp Ltd. (Rs. 2586.00,-1.01%), Hindalco Industries Ltd. (Rs. 107.95,-1.01%), were among top losers on BSE.

Among the thirteen sectoral indices, CGS index was top gainer and was trading at 1449.99, up by 15.62 points, or by 1.09 per cent. Sobha Ltd. (Rs. 378.30,+3.84%), D B Realty Ltd. (Rs. 66.00,+2.01%), Indiabulls Real Estate Ltd. (Rs. 57.60,+1.59%), Unitech Ltd. (Rs. 8.00,+1.39%), Housing Development & Infrastructure Ltd. (Rs. 96.70,+1.31%), were among other gainers.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 2556, shares advanced were 1652 while 799 shares declined and 105 were unchanged.

On the global front, Asian peers were trading on mixed note tracking a bearish finish at Wall Street overnight as traders closely watched the EU’s next move after Greece out -rightly rejected demands for more spending cuts and tax hikes tied to fresh rescue aid. China’s Shanghai Composite resumed a sell-off Tuesday, while Hang Seng and Japan’s Nikkei 255 rebounded strongly from Monday’s sell-off.