Greece woes bulls; Sensex up 300 pts, Nifty ends above 8450

Equity markets in Asia and Europe rallied after the European Union agreed on a bailout package for Greece, subject to conditions. India too rode the wave, with the 30-share Sensex closing at 27961.19, up 299.79 points or 1.8 percent over its previous close. The Nifty closed at 8459.65, up 99.10 points or 1.1 percent over its previous close.
IT, oil & gas, auto, pharmaceutical and FMCG shares were among the notable gainers of the day. Metal shares, which had taken a beating of late on concerns of a slowdown in China, found takers today, though the BSE Metal Index rose less than the Sensex. Private sector bank IndusInd Bank rallied over 3 percent after its first quarter earnings were ahead of analyst estimates. HCL Tech was the top gainer in the Nifty, climbing 4 percent. Other prominent gainers in the Nifty included Zee Entertainment, GAIL, HDFC and BPCL, up around 3 percent each. Asian Paints, Maruti Suzuki, Ambuja Cements, NTPC, Cairn India, Hindalco and Wipro rose between 2-3 percent. According to Nilesh Shah of Envision Capital, the Bihar elections in November will be a bigger trigger for the market than monsoon.
Vedanta was up 0.7% while Cairn India gained 1.5%. According to a top official from Vedanta, the company will be closing the merger deal with Cairn India by March 2016.
Maruti was up up over 2% after foreign brokerage, CLSA maintained its buy call on Maruti Suzuki for target price of Rs 4,450 per share.
Gail has gained 3.5% after media reports stated that the company has launched a tender to buy to liquefied natural gas (LNG) cargoes for prompt delivery, linked to demand for gas by various local fertiliser companies.
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