Sensex dips at open...Nifty below 5250

India Infoline News Service | Mumbai |

At 09:18 am ( IST), the BSE Sensex was 17,421, down 43 points over the previous close.

The key Indian stock indices have slipped slightly in early morning trade, tracking steep losses in the Asian markets (barring China) after European leaders (France and Germany) warned Greece that it won't get the next tranche of aid unless it approves the bailout package unveiled last week.

At 09:18 am ( IST), the BSE Sensex was 17,421, down 43 points over the previous close. It had earlier touched a day’s high of 17,431 and a day’s low of 17,382. It opened at 17,430.

NSE Nifty was quoting 5,489, down 17 points over the previous close.It has earlier touched a day’s high of 5,243 and a day’s low of 5,230. Itopened at 5,241.

Tata Power,SBI, BHEL,RCOM, GAIL, HCL Tech were among the notable leaders in the Sensex and the Nifty.

RIL, ICICI Bank, Sun Pharma, Sterlite Inds, Tata Motors, ITC, ONGC, HUL, HDFC Bank, M&M, ACC were among the notable losers in the Sensex and the Nifty.

The advance-decline ratio remains positive due to some strength in the Small-Cap and Mid-Cap counters. The BSE Small-Cap and Mid-Cap indices are up ~0.3% each.

Select stocks in Power, Realty, Consumer Durables, PSU, Capital Goods, Auto, IT, Pharma and Banking indices have managed to advance. FMCG, Oil & Gas and Metals indices are among the notable losers.

Reports suggest that the proposed referendum will decide whether or not Greece stays in the eurozone. Greece won’t get a sixth tranche of aid unless it adopts the proposals outlined last week, warns French president Nicolas Sarkozy. Greek PM has been summoned to Cannes for the G20 meeting.

Meanwhile, the Fed has maintained status quo on rates and has pledged to take more measures to support US economic recovery. However, it has cut GDP growth forecast while also upping the unemployment rate outlook.

The Nifty has held on to the important support of 5200 despite a string of bad news and mixed corporate earnings. There is no immediate threat to the intermediate up-trend as long as the Nifty sustains above 100 DMA of 5232 on a closing basis.

Investors should keep an eye on corporate results and weekly inflation data today. FII inflows have stalled amid heightened macro-economic uncertainties.

FIIs were net sellers of Rs 77.8mn (provisional) in the cash segment on Wednesday, according to NSE data. The domestic institutional institutions (DIIs) were net sellers at Rs 77.9m on the same day.

The foreign funds were net sellers of Rs 6.49bn in the F&O segment on Wednesday, as per provisional NSE data.

FIIs were net buyers at Rs 335mn in the cash segment on Tuesday, according to SEBI web site.

Ashok Leyland, Gujarat Gas, JSL, Jubilant Foodworks, Kesoram, Manappuram Finance, Prestige Estates, SAIL, Sun TV Network, TTML, TVS Motor, Welcorp and Whirlpool of India.

Global Data Watch: ECB interest rate decision, US weekly jobless claims, US factory orders and services PMI data from across the globe



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