Sensex recovers; RIL, BHEL, SBI, Bharti lead

The BSE benchmark has recovered all losses led by support from Reliance Industries, Bharti, BHEL, SBI and NTPC. European markets too turned flat after initial fall of 1.5-2%. It seems that the market has priced in all negative news about Greece and now it is waiting for G-20 Summit for a conclusive decision. The 30-share BSE Sensex rose 40 points to 17,504 and the 50-share NSE Nifty gained 9 points to 5,267.

Buying in Reliance Industries, BHEL, Bharti, SBI and NTPC was quite supportive to the market; respective stocks rallied 1.3%, 3.9%, 2.3%, 1.22% and 1.1%. Tata Power jumped 3%.

However, in the technology space, Infosys, TCS and Wipro were down 0.5-1.3%. Private banks like ICICI Bank and HDFC Bank slipped 0.2-0.65%.

In the metal space, Tata Steel, Sterlite Industries and Hindalco lost 1-1.6%. Heavyweight L&T fell 0.5%. Tata Motors and HUL were down 1-2%.

However, Greek government has lost its majority ahead of confidence vote and ruling party lawmaker calls on prime minister to resign. Post this news, banking stocks tumbled over 5% due to political crisis. Greek PM calls emergency cabinet meeting.

Peripheral markets: Athex Composite (Greek) fell over 2%. IBEX (Spain) and FTSE MIB (Italy) lost 1.6% each.