 "Nifty ends below 8,000; IT shares weigh")
Markets finished the session on a positive note led by financials, however investors remained wary ahead of the release of key macroeconomic data, CPI and IIP.
Meanwhile, markets mirrored losses in the European peers as the deadlock between Greece and its creditors over reforms worsened after International Monetary Fund IMF quit the talks.
Meanwhile, markets mirrored losses in the European peers as the deadlock between Greece and its creditors over reforms worsened after International Monetary Fund IMF quit the talks.
Provisionally, the Sensex climbed 89 points to end at 26,460 and the Nifty gained 26 points to close at 7,992.
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Markets continue to remain listless in the late trades as investors remain wary of key macroeconomic data, CPI and IIP, which will dictate the trend on the bourses. Meanwhile, sentiments dampened further tracking weakness in the European peers after the deadlock between Greece and its creditors over reforms worsened with International Monetary Fund IMF) quitting the talks.
The FOMC meet scheduled on 16-17 June is keenly awaited as it will give a further indication of the timing of an expected rate hike by the US Fed.
The government is scheduled to unveil IIP data for April and the CPI for the month of May later during the day.
The government is scheduled to unveil IIP data for April and the CPI for the month of May later during the day.
At 2.50 PM, the 30-share Sensex was up 56 points at 26,427 and the 50-share Nifty was up 24 points at 7,979.
The rupee declined for the second straight day and is quoting at 64.1 against the US dollar tracking weakness in the Indian equities.
KEY STOCKS
On the sectoral front, all sectoral indices barring BSE Bankex and Realty indices are falling with BSE IT index leading the decline down 2% followed by BSE Metal and Consumer Durables indices.
On the sectoral front, all sectoral indices barring BSE Bankex and Realty indices are falling with BSE IT index leading the decline down 2% followed by BSE Metal and Consumer Durables indices.
IT STOCKS
Shares of TCS and Infosys have slipped 2% and 1% respectively after reports suggest that the US government has opened an investigation against two of the Indian IT outsourcing companies for possible violations of H1-B visa rules.
According to New York Times, the department of Labor has opened a probe in two India-based outsourcing companies for possible violations of rules pertaining to visas for foreign technology workers under contracts with an electric utility firm namely Southern California Edison.
Among other shares , NIIT Tech, 8K Miles, Tech Mahindra, Zensar Tech, Sasken Communication, Financial Tech, Ramco Systems, KPIT Tech, HCL Tech, Mindtree, Wipro, Geometric have slipped up to 4% on caution following the reports.
BANKING STOCKS
Finance Minister Arun Jaitley on Friday held discussions with banks on issues including asset quality and transmission of Reserve Bank rate cuts by banks..Meanwhile, he laid focus on clearing the stalled infrastructure projects along with capital infusion in public sector banks. Among the banking stocks, ICICI Bank, Axis Bank, IndusInd Bank, Kotak Mahindra Bank, HDFC Bank, Canara Bank up between 0.5-2%.
Among other shares, shares of Relinace Industries are trading higher over 1% after Mukesh Ambani in the 41st AGM said that RIL will commence launch Reliance Jio in December and will cover the entire population in a span of three years. Reliance had made an investment worth Rs 1 trllion last year stressing on his plans of expansion in the retail business.
Tata Motors is down 2.5% after the company's British luxury car unit Jaguar Land Rover announced its monthly sales data for the month of May 2015 yesterday, 11 June 2015.
Metal stocks weakened as weak economic growth in China would hurt export revenues.
Tata Steel, Vedanta and Hindalco are down between 0.7-2.5%.
Mastek slipped nearly 66% on the Bombay Stock Exchange (BSE) as the stock adjusted for the demerger of its insurance business.