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Markets are trading in a tight range as investors remain wary ahead of the Greece's bailout expiry due today, when the cash-strapped nation is unlikely to make a 1.6 billion euro ($1.8 billion) repayment to the International Monetary Fund (IMF).
Meanwhile, a sharp rebound in the China’s Shanghai Composite after a steep fall of 3.3% in the yesterday’s session has lifted the mood of the traders.
At 12 pm, the Sensex was at 27,654, higher by 10 points and the Nifty was at 8,328, up 9 points. However, the action has shifted to the broader markets, which are outperforming their largecap peers in mid-morning trades. The BSE Midcap index has jumped by 0.9% and the smallcap index has added 0.8%.
The rupee has snapped 5-day losing strak and is trading at 63.76 against the US dollar up by 8 paise on fresh selling of American currency by exporters.
STOCKS ON THE RADAR
On the sectoral front, BSE FMCG, Metal, Consumer Durables and Healthcare indices are trading higher by 1% each. However, BSE IT, Bankex and Power indices are trading lower up to 0.6%.
Healthcare stocks are gaining across the bourses with drug maker Sun Pharma leading the pack after a foreign brokerage houses said the Ranbaxy has hiked the drug prices of its unit. The stock has climbed over 2%.
Meanwhile, Lupin is eyeing to enter new product segments, therapies and geographies via acquisitions. The stock is up nearly 2%.
Coal India shares are trading higher after Morgan Stanley maintained outperform rating on the stock with a target price of Rs 530 per share. The stock is up 2%.
FMCG major Hindustan Unilever Limited (HUL) 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". The stock is up 1%. Its peer ITC is trading 0.6% higher.
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%, Motherson Sumi is up 1% and Tata Motors is down 0.5%.
An appreciated rupee has casted its shadow on the technology pack. Infosys, TCS and Wipro are trading lower between 0.3-1.5%.
Banking stocks are taking a beating as the Greek debt crises deepens. ICICI Bank, Axis Bank and HDFC Bank are down between 0.1-1%.
Other notable losers include NTPC, M&M, Hero Motocorp and GAIL trading lower up to 1.7%.
The market breadth is strong with 1,469 advances versus 790 declines on the BSE.
