Reliance Industries gained 1.5 percent as media report suggested that the company is in race to supply diesel to Indian Railways. HUL gained another 3 percent in addition to 2 percent upside in previous session.

The sharemarket entered into a consolidation mode after a 3 percent cut seen in previous session. Metals and healthcare stocks were under pressure while oil & gas, select banks and technology shares gained.

The Sensex rose 58.09 points to 27045.55 and the Nifty climbed 23.15 points to 8150.50. The BSE Midcap and Smallcap indices outperformed benchmarks, rising half a percent each. About 1147 shares have advanced, 709 shares declined, and 445 shares are unchanged on the Bombay Stock Exchange.

Arvind Sanger of Geosphere Capital feels the Nifty easily has room to slide another 5-7 percent because of adverse Nifty cues. He sees elections in Greece, a likely exit of that country from the European Union and concerns over a possible rate hike in the US as the major factors weighing down global markets in the short term. In an interview to CNBC-TV18, Sanger says a failure on the part of the European Central Bank to deliver on quantitive easing (QE) and a possible victory for the opposition part in Greece could undermine sentiment further. He says the market will be closely watching the minutes of the last Fed meeting, to be released on Thursday.

Coustery : http://www.moneycontrol.com/news/local-markets/sensex-hovers-around-27k-ril-up-icicitata-motors-fall_1268782.html

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