The BSE benchmark Sensex today fell over 114 points to close at almost three-week low of 27,573.66 as stocks led by the IT sector retreated on caution ahead of TCS results, shrugging off a rebound in global markets, including China.

The 30-pack index hit the day’s high of 27,798.13 in early trade on value-buying in recently battered blue-chips.

However, higher levels could not be sustained due to selling, dragging down the Sensex into the negative zone to a low of 27,540.60 before ending 114.06 points, or 0.41 per cent, down at 27,573.66.

This is gauge’s lowest closing since June 19 and has now lost 635.10 in three consecutive sessions.

Market Outlook by Vinod Nair, Head-Fundamental Research, Geojit BNP Paribas Financial Services
We are near the Q1FY16 result season, which is expected to stabilize the earnings outlook against the downgrade which was witnessed during the last two quarters. India’s performance is already under pressure from Grexit and the fall in Chinese market, hence it is a good time to wait and watch for the initial performance of results. The expectation for Q1FY16 is relatively low due to the sharp fall in commodity prices. But it does provide space for stability, compared to the complete washout seen during Q3FY15 and Q4FY15.

The 50-share Nifty too dropped 34.50 points, or 0.41 per cent, to end at 8,328.55. Intra-session, it moved between 8,400.30 and 8,323.

Market showed some signs of recovery in early trade largely in line with a firming trend at other Asian markets and rebound in Chinese stocks as the government announced more measures to arrest a market slump, equity brokers said.

“Stocks are unable to maintain higher levels as market is lacking any positive trigger,” said Manoj Choraria, a Delhi-based broker.

Market Wrap Up by Alex Mathews, Head Research, Geojit BNP Paribas Financial Services
After remaining in range bound in the opening, the markets slipped to negative territory as of sell off in the IT counters ahead of TCS earnings. The markets today were focusing on the quarterly numbers rather than taking cues from global front. The outlook of the markets were negative as Nifty lost its 200 DMA and 8390 and now there are possibility that it may come down towards 8272 (50 DMA).
Nifty today closed at 8328 down around 34 points. The market breadth turned to positive as there were seen 1530 stocks advancing against 1285 stocks declining. The Nifty volatility index, India VIX stood at 17.4375 down around 1.98 %.  The mid-cap and small cap sector closed down around 0.25% and 0.28% respectively.
The major losers in the sectorial front were Oil & gas and IT which ended down around 2.01% and 1.91% respectively. Buy on other end was seen in Capital goods, closed up around 1.92%.
The losers in the stocks’ front were BPCL and VEDL, closed down around 5.15% and 4.63% respectively. Buying was seen in BHEL and LT which ended up around 3.40% and 2.39% respectively.
The FIIs were net sellers in the cash market segment on 08 July 2015, Wedesday, sold shares worth Rs 354.32 crore. The DIIs on the other hand were also sellers on 08 July, sold shares worth Rs 346.71 crore in the capital markets segment.
The European markets rebounded on the speculations that the Greece issue can be solved of the timeline given.  The US index futures were also up. Gruh, and IG Petro are major companies which may announce their earnings tomorrow.

A cautious stance from the participants booking profits ahead of the TCS earnings announcement wiped off early gains.

Other Sensex losers included Vedanta, Bajaj Auto, Tata Motors, NTPC and ONGC.

Bucking the trend, BHEL, L&T, Hindalco, HeromotoCorp, Bharti Airtel, Lupin Lab, ICICI Bank, Dr Reddy’s, Sun Pharma and SBI notched up gains up to 3.59 per cent.

On the 30-share pack, 20 closed with losses.

Market View by Anand James, Co Head Technical Research Desk, Geojit BNP Paribas
Though Chinese markets recovered, Indian markets did not look to stage a vertical turn up, in the face of several event risks lined up ahead, by way of growth and inflation figures, as well as Q1 numbers. Moreover, Chinese indices’ turn higher, in its isolation, can hardly be construed as a signal that all is well with its equity markets. While this put a cap on Indian markets’ recovery attempts, losses were limited as Fed minutes pointed to reduced chances of rate hike soon, given the growth concerns China as well as Europe. Meanwhile SIAM’s data suggest that good monsoons may have helped rural demand, as two wheeler sales rose.

Sector-wise, oil & gas suffered the most, followed by IT.

Broader markets were affected too, with the BSE small-cap and mid-cap indices falling up to 0.33 per cent.

Market View by Gaurav Jain, Director, Hem Securities
Markets shut the day on a cautious note with negative bias ahead of the corporate earnings. Weak global cues on account of worries on Greece and China also weighed on the sentiment.

Globally, other Asian markets ended higher with China mainland index Shanghai Composite rebounding 5.76 per cent and European markets showing a better trend in opening trade.

Meanwhile, foreign portfolio investors (FPIs) sold shares worth Rs 354.32 crore yesterday, as per provisional data.