Indian Markets Came Out Of Losing Streak, Added Little Gains

Key benchmark indices ended three-day losing streak with Nifty settling above the 8,350 mark after gaining momentum in the late trades on improved prospects for a deal to keep Greece in the currency area at a weekend summit of European leaders.

Weakness in TCS shares after posting a meager 2.1% growth in its June quarter net profit coupled with loss in the FMCG on slowdown of monsoon capped the upside gains.

In the broader market, the BSE Mid-cap and Small-cap indices gained 0.2% each.

On the domestic front, the market participants would be keenly eyeing the macro-economic data, which will be unveiled in the coming days. Also, the progress in monsoons for the month of July is a key indicator that could dictate the terms on bourses.

In the currency space, the Indian rupee traded at 63.45 against the dollar on sustained dollar demand due to firm US dollar in the overseas market.

The Sensex gained 88 points to end at 27,573 and the Nifty climbed 28 points to close at 8,357. 

Monnet Ispat & Energy hit 20% upper circuit, after the company signed MOU with JSW Energy for entering into discussion to sell majority and controlling stake of its subsidiary, Monnet Power. 

Snowman Logistics rose 1.92%, after the company said it entered into a three year service agreement with international food services giant COMPASS.

Shares of KEC International gained 5.84%, after the company said it has secured new orders worth Rs622 crore in its transmission & distribution, and cables business.

The market breadth stood in favour of advances. Of the 2924 stocks traded on the BSE, 1433 (49.01%) rose, 1375 (47.02%) fell and 116 (3.97%) stocks remained unchanged.

Among the sectoral indices- Top Gainers: S&P BSE Bankex up 1.15%, S&P BSE HC up 0.98% and S&P BSE CG up 0.95%. Top Losers: S&P BSE Realty down 0.81%, S&P BSE FMCG down 0.69% and S&P BSE TECk down 0.68%.

Among 'A' group stocks, top three gainers were - Bhushan Steel up 10.00%, Essar Oil up 6.34% and KEC up 5.84%. Top three losers were - Emami down 5.08%, Concor down 4.79% and Adani Power down 4.52%