1. Market Outlook: BSE Sensex, NSE Nifty likely to open on a positive note

Market Outlook: BSE Sensex, NSE Nifty likely to open on a positive note

Taking cues from yesterday, BSE Sensex and NSE Nifty might open on a positive note.

By: | Updated: July 7, 2015 9:26 AM
sensex

On Monday, Sensex rallied 116 points to its highest level in two and half months — outperforming the global markets spooked by Greece’s worsening crisis post its rejection of Eurozone bailout terms. The NSE’s 50-share Nifty also recaptured the crucial 8,500-level. (PTI)

Taking cues from yesterday, BSE Sensex and NSE Nifty might open on a positive note.

On Monday, Sensex rallied 116 points to its highest level in two and half months — outperforming the global markets spooked by Greece’s worsening crisis post its rejection of Eurozone bailout terms. The NSE’s 50-share Nifty also recaptured the crucial 8,500-level.

Asian stocks won a reprieve on Tuesday after sharp falls the previous day but investors remained on edge amid uncertainty over Greece’s position in the euro and volatility in mainland Chinese equity markets.

Chinese shares dropped almost two percent in early trading, reversing much of gains made on Monday following unprecedented steps to stabilise a plummeting market.

Japan’s Nikkei rose 1.2 percent while MSCI’s broadest index of Asia-Pacific shares outside Japan , which fell to six-month low on Monday, was up 0.3 percent.

European and US stocks fell on Monday after Greeks voted overwhelmingly to reject more austerity. However, despite the huge uncertainty stemming from the Greek saga, most markets were relatively becalmed following the initial selloffs.

The euro also rebounded from Monday’s one-week low to fetch $1.1044.

For now investors are holding out hope that Greece will manage to strike a deal with its creditors and prevent an exit from the euro zone.

World Market:
NEW YORK: US stocks fell in a volatile Monday session as Greeks resoundingly backed their government in rejecting the austerity terms of a bailout and China implemented emergency measures to stop a selloff in Shanghai’s market.

LONDON: A slump in Rolls-Royce led Britain’s top equity index lower on Monday, although it outperformed continental European indexes, hit harder by uncertainty over the economic fallout from Greeks’ rejection of bailout conditions.

TOKYO: Japan’s Nikkei share average rebounded on Tuesday as investors bought stocks on the dips, but uncertainty over Greece and China’s efforts to rescue its slumping stock market capped gains in Tokyo.

The Nikkei share average gained 1.4 percent to 20,399.82 by mid-morning, after tumbling 2.1 percent on the previous day as a Greek vote to reject austerity measures spooked the market.

HONG KONG: Hang Seng Index down 0.49 percent.

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