Sensex ends 299 points higher on Greece debt deal

Markets ended higher after Greece debt deal led by IT shares

Markets ended higher on Monday after eurozone leaders reached an agreement with Greece and approved a bailout package.

The 30-share Sensex provisionally ended up 299 points at 27,960 and the 50-share Nifty ended up 100 points at 8,461.
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(Updated 2:35PM)

Markets continued to rally in late noon trades led by IT exporters on hopes of order inflows from Europe after eurozone leaders reached an agreement with Greece and approved a bailout package.

At 2:35PM, the 30-share Sensex was up 306 points at 27,968 and the 50-share Nifty was up 98 points at 8,459.

In the broader markets, the BSE Mid-cap and Small-cap indices were up 1.1-1.2% each. Market breadth was strong with 1,694 gainers and 940 losers on the BSE.

The Indian rupee was trading lower against the US dollar at 63.46 compared to the previous close of 63.39 on the back of dollar demand frmo importers and gains in American dollar against other global currencies.

GLOBAL MARKETS

Asian markets ended higher on Monday on the back of Greece debt bailout deal with Chinese shares gaining the most in the region to end 2.4% higher while Hong Kong's Hang Seng was up 1.3%. Japanese shares also ended higher with benchmark Nikkei up 1.5% while Straits Times was up nearly 1%.

European shares continued to trade higher with stocks in Germany and France surging the most after eurozone leaders reached an agreement for a bailout package for Greece. CAC-40 and DAX were up 1.5-1.8% each while FTSE-100 was up 0.6%.

SECTORS & STOCKS

All sectoral indices on the BSE were trading in the green. BSE IT index was the top gainer up 1.7% followed by Healthcare and Auto indices among others.

IT shares firmed up on hopes of order inflows from Europe after the Greece bailout deal. HCL Technologies which derives 33% of revenues from Europe was up 3% while TCS, Infosys and Wipro were up over 1.5% each.

In the auto pack,  M&M was up 1.6%. The company plans to raise up to Rs. 5000 crore through issuance of securities on private placement basis in local and global markets after an approval from its shareholders.

Vedanta was up 0.7% while Cairn India gained 1.5%. According to a top official from Vedanta, the company will be closing the merger deal with Cairn India by March 2016.

Maruti was up up over 2% after foreign brokerage, CLSA maintained its buy call on Maruti Suzuki for target price of Rs 4,450 per share.

Capital Goods shares are trading mixed on the back of weak IIP numbers. L&T was down 0.6% while BHEL was trading with marginal gains.

Gail has gained 3.5% after media reports stated that the company has launched a tender to buy to liquefied natural gas (LNG) cargoes for prompt delivery, linked to demand for gas by various local fertiliser companies.

Among other shares, IndusInd Bank was up over 2% after the private lender posted a 25% rise in net profit for the first quarter ended June 30, 2015. Net profit for the quarter stood at Rs 525.04 crore compared to Rs 421.06 crore in the same quarter last year.