Markets consolidating at current levels; Nifty holds 8,300

Investors remained cautious ahead of the deadline for the debt payment by Greece to IMF which ends later today.

Markets continued to consolidate even as the broader markets continued to outperform the benchmark indices on bargain hunting in the mid-cap and small-cap space. Investors turned cautious ahead of the deadline for the debt payment by Greece to IMF which ends later today.

At 1:15PM, the 30-share Sensex was up 14 points at 27,659 and the 50-share Nifty was up 12 points at 8,330.

In the broader markets, the Mid-cap and Small-cap indices were up nearly 1% each. Market breadth was strong with 1,507 gainers and 883 losers on the BSE.

Meanwhile, the rupee has firmed up against the US dollar at 63.74 compared to the previous close of 63.84 on dollar sales by exporters.

GLOBAL MARKETS

Greece has to make a 1.6 billion euro ($1.8 billion) repayment to the International Monetary Fund (IMF).

Asian stocks were trading higher tracking a rebound in Chinese shares after the benchmark Shanghai Composite ended 5.3% higher after plunging 22% in the past ten trading sessions. Japan's benchmark index, the Nikkei ended up 0.6% while Hang Seng and Straits Times were up 1.2-1.4% each.

European shares were trading lower in opening trades as the ongoing debt crisis in Greece dampened sentiment. Stocks in France and Germany faced the brunt of selling pressure with both nations being the largest lenders to Greece. The CAC-40 and DAX were down over 1% each while FTSE-100 was down 0.8%.

SECTORS & STOCKS

Consumer Durables was the top gainer up 2.2% followed by FMCG, Healthcare and Metal indices. Capital Goods and IT indices were trading lower.

Healthcare stocks are gaining across the bourses with drug maker Sun Pharma up 2% after a foreign brokerage houses said the Ranbaxy has hiked the drug prices of its unit.

Lupin gained nearly 2% on reports that it is eyeing to enter new product segments, therapies and geographies via acquisitions.

Coal India was up 2% after foreign brokerage Morgan Stanley maintained outperform rating on the stock with a target price of Rs 530 per share.

FMCG major HUL was up 1.6% on reports that it is eyeing newer product categories as it looks to reach a wider section of people as part of its new strategy aimed at "serving many Indias". ITC was up 0.7%.

Stocks which have a prominent Euro exposure are trading mixed in today’s trade. Tata Steel is up 1.3%, Tech Mahindra is down 2%, Bharat Forge is down 1% and Motherson Sumi is up 1%.

IT stocks were trading lower after the rupee firmed up against the US dollar. Infosys, TCS and Wipro are trading lower between 0.2-1.4%.

Banking stocks remained subdued on rising concerns over the Greek debt crisis. ICICI Bank, Axis Bank and HDFC Bank are down between 0.1-1.2%.

Kotak Mahindra Bank was up nearly 2% after shareholders at the AGM held on Monday approved bonus share issue in the ratio of 1:1.