Post Session: Indian stocks end lower ahead of Euro Zone meet
07/07/2015 17:06

Snapping two days gaining streak, the Indian equities ended lower on Tuesday, paring early gains, as investors booked some profit ahead of emergency Euro Zone meeting. The negativity in the market was injected was weak Asian cues which turned cautious, awaiting the outcome of Eurozone leaders meet on Greece bailout which is scheduled late on Tuesday.

The BSE SENSEX closed at 28171.69, down by 37.07 points or by 0.13 per cent, while the NSE Nifty ended 11.35 points lower at 8522.15.

Today, the D-Street belled the day on positive note amid sustained across-the-board buying by traders and fall in crude prices, led by gains in the oil and gas, realty and consumer durables stocks. However, the market pared early gains and slipped into losses in the last hour of trade amid profit booking.

Bucking the trend, the broader market ended higher with the BSE MIDCAP closing at 11019.99, up by 57.22 points or by 0.52 per cent, while the BSE SMLCAP settled at 11498.32, up by 71.33 points or by 0.62 per cent.

Coming out of Greece shadow, investors will shift their focus to the corporate earnings season which begins on Thursday with TCS, the country’s biggest software services exporter set to unveil its June quarter report card. Analysts have forecasted 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.

During the day’s trade, the BSE Sensex touched intraday high of 28335.23 and intraday low of 28084.36, while the NSE Nifty touched intraday high of 8561.35 and intraday low of 8483.85.

Leading the rally in the BSE Sensex pack were Coal India Ltd. (Rs. 428.60,+2.06%), Housing Development Finance Corporation Ltd. (Rs. 1337.35,+1.47%), State Bank of India (Rs. 272.70,+0.66%), Wipro Ltd. (Rs. 553.45,+0.66%), Sun Pharmaceutical Industries Ltd. (Rs. 884.45,+0.63%), among others.

Meanwhile, Vedanta Ltd. (Rs. 158.55,-2.76%), NTPC Ltd. (Rs. 134.35,-2.61%), Hero MotoCorp Ltd. (Rs. 2562.50,-1.91%), Hindalco Industries Ltd. (Rs. 107.25,-1.65%), Reliance Industries Ltd. (Rs. 1003.40,-1.17%), were among top losers on BSE.

On the sectoral front, Teck and IT indices emerged as top losers, erasing 0.48 per cent and 0.38 per cent, respectively.

The Market breadth, indicating the overall strength of the market, was strong. On BSE out of total shares traded 2897, shares advanced were 1663 while 1125 shares declined and 109 were unchanged.

On the global front, Asian peers ended on negative note, barring Japan’s Nikkei 225, as traders turned cautious and 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 Japan’s Nikkei 255 rebounded strongly from Monday’s sell-off.