Sensex, Nifty crack at start

US markets clocked some gains with Dow adding 0.5% and Nasdaq paring its losses. If Nifty manages to sustain above 8,450 on a closing basis, the uptrend remains intact.

Just when you thought that the Greece issue will remain an isolated incident for the Indian market comes a crash closer home in China. Despite unprecedented measures taken over the weekend to prop up the Chinese market, there seems to be no respite as Shanghai stock index came crashing down over 8%. Over 200 Chinese companies announced separately that trading in their shares had been suspended. Most of the industrial commodities are hitting multi-month lows. Prolonged volatility may well continue in equity and commodity markets as several measures initiated by the Chinese regime of late have failed to stem the rout

The outlook is a weak start. Indices could come tumbling down after a breather on Tuesday. US markets clocked some gains with Dow adding 0.5% and Nasdaq paring its losses. If Nifty manages to sustain above 8,450 on a closing basis, the uptrend remains intact. Prime Minister Narendra Modi is in Russia for three-day visit to attend the BRICS and Shanghai Cooperation Organisation summits. Modi is expected to meet Pakistani counterpart Nawaz Sharif and Chinese President Xi Jinping.

Greece of course remains in focus as eurozone finance ministers meet for an emergency meeting in Brussels to discuss what’s next for Greece after Sunday’s referendum. Reports state that Greek Prime Minister Alexis Tsipras has proposed an interim financing until the end of July. Greece asked for extra funds in exchange for some overhauls being demanded from Greece’s parliament, according to The Wall Street Journal.

An ET poll of 14 market participants shows that the INR-USD pair may head to 64.50. Some feel the Indian currency could fall to as low 65.50/dollar in the next three months, the survey added.

Essar Oil rallied over 4% to Rs. 181 on buzz that the National Stock Exchange has approved the company's proposal to delist the shares from the stock exchanges.

Puravankara Projects surged to a high of Rs. 82.60 after the company generated Rs. 140 crore by selling its 18 acre land off Kanakpura Road in Bengaluru for Rs. 140 crore to Godrej Properties and Dutch pension services provider APG. The stock eventually ended with a loss of 0.8 percent at Rs. 79.

Tilaknagar Industries hit the second straight 20% upper circuit at Rs. 25.40 on buzz that the company has initiated discussions with a few lenders to restructure its Rs. 790 crore debt. There were reports that Kishore Chhabria-controlled Allied Blenders & Distillers (ABD) is looking to buy a majority stake in the company.

Ortel Communications was up over a percent at Rs. 184 after the company announced the launch of free broadband option for a year to its cable TV subscribers in Odisha, Chhattisgarh and West Bengal. The stock hit an intra-day 52-week high at Rs. 214.

IRB Infrastructure Developers rallied to a high of Rs. 247 on receiving a Letter of Award from NHAI for the project of Six Laning of Agra-Etawah Bypass section of NH-2 in Uttar Pradesh for Rs. 2,650 crore. The stock finally ended a Re. lower at Rs. 238.

MEP Infrastructure Developers advanced over 2% to Rs. 62.25 after the company received the Letter of Acceptance (LOA) on July 06, 2015 from NHAI for collection of user fee through Fee Collecting Agency for Gaurau Toll Plaza, in Uttar Pradesh.

Sterlite Technologies soared 3% to Rs. 86.55 amid reports that the company is vying for another strategic project in the defence sector estimated to be around Rs. 7,000 crore.

Prestige Estates added 1.3 percent to Rs. 251 after the company informed the BSE that it plans to buy back Exora business park.

Unity Infraprojects surged nearly 10 percent to Rs. 15 after the company converted part of its debt into equity under the CDR scheme. The company allocated 3.6 million shares at Rs. 27.52 each to CDR lenders and another 26.42 million shares to the promoters group at the same price.

Sobha zoomed 5% at Rs. 383 after the company reported total sales of Rs. 531.80 crore in Q1FY16, as against Rs. 524 crore in a year ago period.

South Indian Bank slipped 3.3 percent to Rs. 24.85 on turning ex-dividend. The bank's board had approved a dividend of 60 paise per share to its shareholders.

Marksans Pharma ended higher for the sixth straight trading session, up 3.7 percent at Rs. 87.75. The stock has zoomed by 49 percent in the last six days on completing the acquisition of New-York based Time-Cap Laboratories.

Diageo-controlled United Spirits Ltd has exited from United Breweries Ltd by selling entire 3.21 per cent stake in the company for Rs. 872 crore.United Spirits sold its stake to Heineken International BV at a price consideration of Rs 1,030 per share, United Spirits said.

Nestle India has paid Rs 20 crore to Ambuja Cements for destroying Maggi instant noodles.

The government said it is committed to accomplishing the target of 1,75,000 MW renewable energy including 1,00,000 MW solar energy by 2022.

Government is looking at raising Rs 15,000 crore in the current fiscal through the gold bond scheme, according to reports.