Greece result subdues markets; Sensex down nearly 100 points

Mumbai, July 6 (IANS) Investor sentiments were subdued as Greece through Sunday’s referendum rejected the new terms for a bailout package, which led a barometer index of the Indian equity markets to trade in the red during the mid-afternoon session on Monday.

The sensitive index (Sensex) of the Bombay Stock Exchange (BSE) was trading nearly 100 points down during the mid-afternoon session.

The wider 50-scrip Nifty of the National Stock Exchange (NSE) was also trading in the negative territory. It was down by 25.30 points or 0.30 percent at 8,459.60 points.

The 30-scrip S&P BSE Sensex, which opened at 27,857.20 points, was trading at 27,994.70 points (at 1.35 p.m.), down 98.09 points or 0.35 percent from its previous day’s close at 28,092.79 points.

The Sensex touched a high of 28,033.89 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 realty sectors.

However, consumer durables, metal, automobile, banks, capital goods and information technology (IT) sectors came under intense selling pressure.

The S&P BSE healthcare index augmented by 179.29 points, oil and gas index rose by 35.15 points and realty index gained by 6.76 points.

The S&P BSE consumer durables index plunged by 135.87 points, followed by metal index receded by 124.19 points, automobile index declined by 102.88 points, bank index decreased by91.31 points, capital goods index was lower by 70.48 points and IT index fell by 53.37 points.

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