03:30 pm Market closing: The market has ended with high returns as global markets are reeling under Greece crisis. The Nifty has closed above 8500 for first time since April 17. The 50-share index was up 37.25 points or 0.4 percent at 8522.15. The Sensex ended up 115.97 points or 0.4 percent at 28208.76. About 1784 shares have advanced, 1014 shares declined, and 185 shares are unchanged. Dr Reddy's Labs, Cipla, Lupin, Reliance and Hero MotoCorp are top gainers in the Sensex. Among the losers are Vedanta, Hindalco, NTPC, Infosys and Tata Steel. 03:10 pm RBI note:The Reserve Bank of India today fixed the reference rate of rupee at 63.5785 against the US dollar and at 70.2924 for the euro as against 63.3963 and 70.3319 respectively as on 3rd July 2015. According to an RBI statement, the exchange rates for the pound and the yen against the rupee were quoted at 99.1062 and 51.89 per 100 yen, respectively, based on reference rates for the dollar and cross-currency quotes at noon. The SDR-rupee rate would be based on this rate, the statement added. 03:00 pm Buzzing: There is some relief for HCL Infosystems as the Supreme Court has stayed trial against the company in the National Rural Health Mission (NRHM) case. NRHM scam was first being probed by the Central investigating agency (CBI), which had filed the first chargesheet in 2012. However, the second chargesheet in the November 2014 had named HCL Infosystems as the co-accused in a criminal conspiracy. Shares are up 6 percent now. 02:50 pm Nifty hits 8500: The market recovered all its early morning losses with the Sensex rising 21.23 points to 28114.02 and the Nifty climbing 9.70 points to 8494.60. About 1698 shares have advanced, 1035 shares declined, and 173 shares are unchanged on the BSE. 02:40 pm Gold Check: Gold prices advanced by Rs 20 to Rs 26,570 per ten grams at the bullion market on Monday on increased buying by jewellers amid a firm global trend. Silver, however, met with resistance and fell by Rs 200 to Rs 36,000 per kg. Traders said pickup in buying by jewellers and a firm global trend on safe-haven demand after Greek voters have rejected more austerity demands from creditors, influenced gold prices. Gold in Singapore, which normally sets price trend at the domestic front, surged 0.6 per cent to USD 1,175.45 an ounce. In the national capital, gold of 99.9 and 99.5 per cent purity advanced by Rs 20 each to Rs 26,570 and Rs 26,420 per ten grams, respectively. It had gained Rs 50 on Saturday. Sovereign, however, continued to be traded at last level of Rs 23,300 per piece of eight gram. 02:30 pm Market Update: The Sensex gained 26.73 points at 28119.52 and the Nifty rose 13.70 points to 8498.60. About 1639 shares have advanced, 1068 shares declined, and 173 shares are unchanged on the BSE. 02:20 pm Vedanta under pressure: Life Insurance Corporation of India (LIC) is expected to give its final decision on the Vedanta- Cairn merger on July 11. LIC, a minority shareholder in Cairn India (having 9.06 percent stake), had sought a better offer as part of the planned merger. The corporation had demanded a better swap ratio from Vedanta. According to the deal, each Cairn India shareholder would be offered an equity share of Vedanta Ltd apart from a 7.5 percent redeemable preference share of Rs 10 face value. While LIC is doing its due diligence, sources say Vedanta may not change any contours of the deal, but it is open to rework the coupon rate. 02:10 pm Greece FM resigns: Greece's outspoken finance minister resigned on Monday, removing a major obstacle to any deal to keep Athens in the euro zone after Greeks voted resoundingly to back the government in rejecting the austerity terms of a bailout. Yanis Varoufakis, a self-proclaimed "erratic Marxist" economist who infuriated euro zone partners with his unconventional style and hectoring lectures, had campaigned for Sunday's sweeping 'No' vote, accusing Greece' creditors of "terrorism". "I was made aware of a certain ‘preference’ by some Eurogroup participants, and assorted ‘partners’, for my... ‘absence’ from its meetings; an idea that the Prime Minister judged to be potentially helpful to him in reaching an agreement," Varoufakis said in a statement. 02:00 pm Market Check The market recovered smartly in afternoon trade after early morning sell off on account of Grexit fears. The broader markets rebounded with gains of more than half a percent. The 30-share BSE Sensex dropped 82.99 points to 28009.80 and the 50-share NSE Nifty fell 18.60 points to 8466.30. However, the market breadth turned positive as about 1537 shares have advanced against 1137 shares declined on the Bombay Stock Exchange. Samir Arora of Helios Capital says Greece developments will not have major impact on global markets in the short term. He remains bullish on Indian markets. Market corrections have given investors enough opportunities to buy, he believes. Grexit fears triggered a sell-off in most global markets. However, the losses are contained. European markets declined 1-1.5 percent while peripheral markets dropped 1-2 percent. China, however, bucked the trend, rising 2.4 percent amid volatile trade. Read more at: http://www.moneycontrol.com/news/local-markets/india-snubs-greece-nifty-ends-above-8500-sensex116pts_1814561.html?utm_source=ref_article

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