Markets cheer Greece aid deal; Sensex soars 286 points

The announcement of a second bailout package for Greece improved the sentiment across the globe, leading to a fresh buying by investors. The Sensex up 286 points and the Nifty up 92 points.

Major headlines

Axis Bank Q1 net profit rises 27%

Union Bank of India Q1 net profit down 23%

Bharti Airtel hikes tariff by 20%



Indian indices

The rally on the Dalal Street was bolstered by worldwide gains post second bailout package for Greece by European Union leaders. A Greek rescue package calmed investor concerns about sovereign defaults. The sentiment remained upbeat as buying interest was seen across the board. Gains in 27 Sensex stocks out of 30 led the markets higher all throughout the day.

Sensex movements: Global optimism led to a strong opening for the Sensex, up by 129 points at 18565. The index was on a gaining spree and remained buoyant whole day. The Sensex hit the day’s low of 18533 in mid-afternoon session and touched the day’s high of 18747 in late trade. The Sensex surged 286 points to settle at 18722 and the Nifty rose 92 points to close at 5634.

Market sentiment

The market breadth stood strong. Of the 3,027 stocks traded on the BSE, 1,715 advanced while 1,188 declined. However, 124 stocks remained unchanged.

Viewing volumes

An Indian telecommunications company - Bharti Airtel was traded the most, with over 0.50 crore shares changing hands on the BSE. It was followed by India's biggest gas importer - Petronet LNG (0.41 crore shares), wind turbine major - Suzlon Energy (0.37 crore shares), a large Indian business conglomerate - Lanco Infratech (0.37 crore shares) and a natural gas transmission company - Gujarat State Petronet (0.30 crore shares).

Sectoral & stock screening

All the sectoral indices closed with good gains except BSE Consumer Durables (CD) down by 0.57%. BSE Bankex was the biggest gainer, rising by 2.14%, then comes BSE TECk up by 2.06% and BSE Auto advanced by 1.76%. Rest of the sectors gained in the range of 0.27 - 1.72%.

Looking into 'A' group stocks, top three gainers were - Gujarat State Petronet shot up by 9.74%, Idea Cellular rose by 6.83% and Shree Renuka Sugars up by 5.58%. Top three losers were - Exide Industries declined by 3.32%, SKS Microfinance slipped by 2.74% and Indiabulls Real Estate down by 2.25%.

Global signals

The European shares rose on Friday after a new Greek rescue package was agreed the day before and the financial rescue fund was given broader powers to help prevent contagion in the region.

The Asian stock markets closed strong on Friday after officials agreed on steps to solve Greece's debt woes.

Positive US stock index futures may lead to a higher opening on the Wall Street on Friday on Greece rescue deal.