Asian Shares Tentative, Euro Sags As Markets Eye Greece

Asian shares edged up and the euro sagged in early Asian trading on Tuesday as Greece lurched toward defaulting on a looming debt payment, raising the likelihood of the cash-strapped nation's exit from the euro zone. MSCI's broadest index of Asia-Pacific shares outside Japan. MIAPJ0000PUS was up 0.1 percent, while Japan's Nikkei stock index .N225 added 0.2 percent. 

"All in all many in the market had already factored in the likelihood of Greece defaulting. But there is no guarantee the stability will last. What is worrying is the volatility in the risk asset markets, which could impact currencies," said Kyosuke Suzuki, director of forex at Societe Generale in Tokyo. Greece will not pay a 1.6 billon euro loan installment due the International Monetary Fund on Tuesday, a Greek government official told Reuters, after talks between Athens and its creditors broke down over the weekend when Prime Minister Alexis Tsipras called a surprise referendum on the austerity plan.

Asian investors were also nervously awaiting the reopening of China's markets after stocks plunged further on Monday, taking losses to more than 20 percent since their mid-June highs.

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Sensex Rises Over 100pts, Nifty Hits 8350; Coal India Gains

The Sensex is up 109.68 points or 0.5 percent at 27754.83, and the Nifty is up 33.95 points or 0.4 percent at 8352.35. About 750 shares have advanced, 204 shares declined, and 66 shares are unchanged. The market opened on flat note but has quickly gained even though Greek crisis continues to drag global equities. The Sensex is up 66.98 points at 27712.13 and the Nifty is up 22.50 points at 8340.90. About 575 shares have advanced, 185 shares declined, and 58 shares are unchanged. Coal India, HUL, Sun Pharma, Bajaj Auto and Vedanta are top gainers in the Sensex. Among the losers are NTPC, Dr Reddy's Labs, TCS and Tata Motors. The Indian rupee opened higher by 8 paise at 63.76 per dollar on Tuesday against previous closing of 63.84. The dollar slips, while the euro climbs back above 1.12 to the dollar. 

"Greece continues to grab the headlines and the global risk off sentiment has resulted in a flight to safety with US treasuries and bunds rallying hard and global equity markets tumbling." Greece will not be paying a 1.6 billion euro loan instalment due to the international monetary fund today. Greek Prime Minister Alexis Tsipras has urged citizens to vote against the reform proposals by the creditors.

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Sensex, Nifty, Midcap Remain Under Pressure ; Rupee Down Too

Equity benchmarks recovered from day's low. The Sensex fell 424.43 points or 1.53 percent at 27387.41 and the Nifty declined 134.90 points or 1.61 percent to 8246.20. About 532 shares have advanced, 1883 shares declined, and 142 shares are unchanged on the BSE. HUL and NTPC turned positive, up marginally 

Nomura expects the recent trend of strong growth momentum in medium & heavy commercial vehicles (MHCVs) and steady recovery in the passenger vehicle industry to sustain in June as well. It expects 24 percent Y-o-Y volume growth in MHCVs; for PVs, while industry volume growth on a Y-o-Y basis will likely be flattish due to the higher base effect, underlying growth momentum remains strong, it said in its note. Note that passenger vehicle industry volumes had increased by 14 percent Y-o-Y in June-14 due to fears of a roll-back of excise duty benefits (4-6 percent) in the July-15 government budget. 

On the other hand, rural volumes continue to remain under pressure, which will have some impact on 2-wheeler and tractor industry volumes. Monsoon rains so far have been 28 percent above normal. "If rainfall is good this year we can expect recovery in rural demand around the festive period (October- November). We expect 2-wheeler industry volumes to grow at around 5 percent; Honda should continue to outperform industry growth due to stronger growth in scooters."

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Nifty Breaks 8200 Amid Panic Selling, Down 2%; BPCL Up

The market extended losses with the Sensex falling 591.52 points or 2.13 percent to 27220.32 and the Nifty losing181.85 points or 2.17 percent to 8199.25. About 395 shares have advanced, 1659 shares declined, and 117 shares are unchanged on the BSE.

India at the moment is not facing the heat of Greek crisis, but one can expect such significant global event to impact its equity market. The domestic story is seeing some direction with green shoots emerging in capex, and the correction may provide an opportunity to look at quality financials and capital goods sectors. The stability of rupee, even on the face of taper talks, is a confidence booster making IT stocks attractive. Expects IT to give better returns in FY16 compared to FY15.

Greece, which may default on an International Monetary Fund debt repayment due on Tuesday after talks with creditors broke down, owes its official lenders 242.8 billion euros (USD 271 billion), according to a Reuters calculation based on official data, with Germany by far the largest creditor. That figure includes loans made under two bailouts from European governments and the IMF since 2010 - worth a nominal 220 billion euros so far, of which some has been repaid - as well as Greek government bonds held by the European Central Bank and national central banks in the euro zone. Private investors hold 38.7 billion euros of Greek government bonds following a major write-down and debt swap in 2012 that reduced the Greek debt stock by 107 billion euros and the value of private holdings by an estimated 75 percent. The Greek government has also issued 15 billion euros in short-term Treasury bills, mostly to Greek banks.

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Sensex, Nifty Recover; Auto & Pharma Support, HDFC Down

JSW Steel, India's third-largest steel producer, does not see further increase in steel import duty, billionaire Chairman Sajjan Jindal said today, after a federal minister said a decision on a hike was expected within a week. Many steel companies, such as JSW Steel, Tata Steel and Kalyani Steels, have seen profits come under pressure in recent quarters due to surging imports of steel from countries such as China and Russia. Last week, India hiked import duty on certain steel products by up to 2.5 percentage points. Minister of Heavy Industries and Public Enterprises Anant Geete said today the government would consider further increase within a week. Jindal said the surging steel imports into India would not reduce unless the government takes more measures. 

The market recovered from its day's low, supported by technology, auto, pharma and select banks stocks. The Sensex fell 31.14 points to 27864.83 and the Nifty declined 2.90 points to 8395.10. About 1145 shares have advanced, 1401 shares declined, and 157 shares are unchanged on the BSE.

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Sensex Slips Over 150 Pts, Nifty Struggles ; Infosys Up 1%

The market is slipping away as the Sensex is down 153.77 points or 0.6 percent at 27742.20. The Nifty is down 38.95 points or 0.5 percent at 8359.05. About 723 shares have advanced, 930 shares declined, and 124 shares are unchanged. GAIL, Vedanta, ICICI Bank, L&T and BHEL are major losers in the Sensex.  

Accenture raised its full-year revenue forecast for the third time, reflecting continued strong demand for the company's consulting and outsourcing services. The company also reported third-quarter profit and revenue above analysts' estimates, helped by growth in its North America business, sending its shares 2.3 percent higher to USD 99.99 in premarket trading. Accenture raised its full-year revenue growth forecast to 9-10 percent on a local currency basis. In March, the company said it had expected revenue to grow 8-10 percent in the year ending August. Accenture raised its revenue growth forecast to 5-8 percent in December from 4-7 percent. 

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Sensex, Nifty Consolidate : Reliance Up 1%, Wipro & ITC Drag

The market consolidates on June expiry day with the Nifty hovering around 8350 levels. The 50-share index is up 6.75 points at 8367.60 while the Sensex is up 59.06 points at 27788.73. About 1018 shares have advanced, 1010 shares declined, and 126 shares are unchanged. HDFC, BHEL, Bajaj Auto, Vedanta and Reliance are top gainers while Cipla, Wipro, M&M, ITC and HUL are among laggards in the Sensex. 

Six global powers -- Britain, China, France, Germany, Russia and the United States -- are trying to nail down a deal to curb Iran's nuclear ambitions by reducing its stockpiles of enriched uranium and mothballing some of its sites.

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Wall Street Ends Broadly Lower On Greek Debt Concerns

US stocks closed lower on Wednesday, dropping in a broad decline as the outcome of negotiations between Greece and its international creditors remained up in the air, prompting investors to drop riskier assets like equities. Wall Street has lately taken its cue from the situation in Greece, which needs fresh funds to avoid defaulting on a USD1.8 billion debt repayment to the IMF on June 30. Greek Prime Minister Alexis Tsipras recently announced tax and reforms proposals, which market participants took as a sign of progress. But creditors demanded sweeping changes to the proposals on Wednesday, adding fresh uncertainty to talks aimed at unlocking aid to avert a debt default next week.

"The optimism we had about getting close to a deal has faded. That doesn't mean we won't get one, but insiders seem less confident than they were a few days ago," said Phil Orlando, chief equity market strategist at Federated Investors in New York. "If Greece defaults, the economic impact on the US will be relatively minor, but the headline risk will be significant and could lead to a drop of 5 or even 10 percent" in the S&P 500. The US Commerce Department said gross domestic product fell at a 0.2 percent annual rate in the January-March quarter, instead of the 0.7 percent it estimated last month. Investors have been keeping a keen eye on economic data to see if the US economy has recovered from a slow start at the beginning of the year. The Federal Reserve has said it remains data-dependent and expects to raise rates when it sees a sustained rebound in the economy.

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Sensex, Nifty Up 0.4%; HDFC, Reliance, Sun TV Most Active

The market remained in a positive terrain, aided by FMCG, oil, capital goods, select banks and pharma stocks. The Sensex gained 125.39 points or 0.45 percent at 27929.76 and the Nifty rose 33.20 points or 0.40 percent to 8414.75. State-run power equipment maker BHEL extended rally, up 5 percent. FMCG major Hindustan Unilever gained more than 3 percent on reports that the company may buy Kerala-based ayurvedic hair and skin care brand Indulekha for Rs 500 crore. Shares of ICICI Bank, Sun Pharma and Lupin climbed more than 2 percent. 

However, Hindalco Industries, Tata Steel and Mahindra & Mahindra are leading laggards. Sun TV Network is one of the top five most active stocks, down 10.5 percent. Reports in the media on Tuesday suggested the Prime Minister's Office is in sync with Home Ministry's view of not allowing Sun TV licence renewal. HDFC, Reliance Industries, ITC, Aurobindo Pharma, Sun Pharma and ICICI Bank are most active shares on exchanges.

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Wall St Edges Up In Quiet Session; Nasdaq Ends At Record

US stocks ended with slight gains on Tuesday, with the Nasdaq eking out another record close while investors continued to await clarity on whether Greece could reach a deal to prevent defaulting on its loans. The day's action was quiet, with trading volume below average. 

While energy shares rose alongside a jump in the price of crude oil, a sharp rise in the US dollar capped broader gains. While there were no major developments involving Greece, investors continued to hope that the country's newest budget proposals - introduced on Monday - would avert a looming default.

Greece needs fresh funds to avoid defaulting on a USD1.8 billion debt repayment to the International Monetary Fund on June 30. Equities have been largely driven by Greece lately, with investors concerned that if the country defaults, it may have to leave the euro or the European Union, potentially shaking the region's economic foundations. "The market seems to expect that this will end favorably, or at least benignly, but I think people need to be nimble right now as circumstances could change at any time," said Steve Sosnick, equity-risk manager at Timber Hill/Interactive Brokers Group in Greenwich, Connecticut.

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Sensex, Nifty Flat; IT Index Down 1%, Cipla Gains 2%

The market is surging ahead with support from capital goods, oil and metal stocks. The Sensex is up 112.09 points or 0.4 percent at 27842.30, and the Nifty is up 31.35 points or 0.4 percent at 8384.45. About 1269 shares have advanced, 770 shares declined, and 142 shares are unchanged. Coal India is up 3 percent while L&T, Bharti Airtel, Cipla and Hindalco are top gainers in the Sensex. Dragged by Infosys IT index is down 1 percent from previous close. 

Hero Motocorp, Lupin, GAIL and Wipro are other laggards in the Sensex. Meanwhile, China’s factory activity showed some signs of stabilising in June but still contracted for the fourth straight month, according to a preliminary private survey, suggesting more stimulus measures may be needed to support the world’s second-largest economy.

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Wall Street Up On Greece Hope, Nasdaq Ends At Record

US stocks ended higher on Monday, with the Nasdaq closing at a record as hopes grew that a deal would be reached to prevent Greece from defaulting on loans. Equities have been largely driven by the situation in Greece of late, with investors concerned that if the country defaults on its loans, it may have to leave the euro or the European Union, potentially shaking the region's economic foundations. Athens presented new reform proposals which were cautiously welcomed by euro zone finance on Monday, though the Eurogroup said the proposals required detailed study and that it would take several days to determine whether they can lead to an agreement. 

Greece needs fresh funds to avoid defaulting on a USD 1.8 billion debt repayment to the International Monetary Fund on June 30.

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Sensex Surges 414 Pts On Rate Cut Hope, Greece Deal Eyed

The market staged spectacular performance on first day of the week, supported largely by banks on hopes of rate cut post good monsoon and ahead of Greece deal talks. The 30-share BSE Sensex rallied 466 points intraday, before closing at 27730.21, up 414.04 points or 1.52 percent. The 50-share NSE Nifty spiked 128.15 points or 1.56 percent to 8353.10. 

The broader markets also surged. The BSE Midcap and Smallcap indices gained more than 1.4 percent. Nearly 2 shares advanced for every share declined on the Bombay Stock Exchange.

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