Market Likely To Open Flat To Positive

Indian equities market got a boost as Greece struck a bailout deal with its creditors. In the first half of trading session, the Sensex and Nifty traded on a flat note. However, in noon deals, the sentiment was boosted after Greece struck a bailout deal with its creditors hence ensuring that Greece would not fall out of eurozone. The Sensex advanced 300 points to close at 27,961 and the Nifty rose 99 points to settle at 8,460. Small-cap and Mid-cap indices also hardened by 1.27% and 1.44% respectively on fresh demand.

Consumer price index- (CPI) based inflation for June jumped to a four-month high of 5.4% from 5.01% in May 2015, primarily driven by higher than expected food inflation.

US and European stocks began the week on a strong note, after Greece secured a bailout agreement that gives it a fighting chance of staying in the eurozone. The S&P 500 closed 22.98 points, or 1.1%, higher at 2,099.60. The Dow Jones Industrial Average jumped 217.27 points, or 1.2%, to 17,977.68 and the Nasdaq Composite climbed 73.82 points, or 1.5% to 5,071.51.

Crude oil prices swung from losses to gains and back again as the markets awaited developments on a nuclear deal between Iran and the west. WTI crude oil futures settled down 54 cents, or 1.02%, at USD 52.20 a barrel on the New York Mercantile Exchange. Brent settled 88 cents lower at USD 57.85 a barrel after trading between USD 56.84 and USD 58.83.

European stocks jumped on news of the conditional Greece deal, with the German DAX up about 1.5% and the STOXX Europe 600 up nearly 2%. France's CAC-40 closed up 1.94% at 4,998.10 while the FTSE 100 had gained 0.97%, or 64.57 points, to end at 6,737.95. In peripheral equity markets, Spain’s IBEX 35 was rose 1.71%, while Italy’s FTSE Mib gained 1%.

Asian stocks rose, following gains in U.S. equities, amid optimism over Greece’s bailout agreement. Japan’s NIKKEI 225 index gained 1.5% as the yen weakened for a fourth day against the dollar to trade at 123.61. Australia’s S&P/ASX 200 Index added 1.6% and New Zealand’s NZX 50 Index rose 0.4%. South Korea’s Kospi index traded at flat. Mainland equities swung between gains and losses as investors adopt a 'wait-and-see' approach to judge whether sentiment has stabilized following weeks of panic selling.

SGX CNX Nifty traded at flat. Indian markets likely to open flat to positive. DCB Bank and NIIT Technologies would be reporting third quarter earnings today.