The S&P BSE Sensex was trading with modest gains after gaining as much as 100 points earlier in the day. The 30-pack index was trading below the 28,500-mark.

The 50-share Nifty index came under pressure and was testing its psychological level of 8,600.The gains were capped, thanks to selling in select index heavyweights including Infosys, L&T, Sun Pharma and ICICI Bank.The BSE MidCap index hit fresh lifetime high at 11243.41.
Bank Nifty also plunged about 100 points in intraday trade following reports that the government’s decision to move to a composite foreign investment cap for various sectors, will not benefit banking sector.

Market breadth was mixed, five out of 10 BSE stocks were trading in the green.Punj Lloyd was the star performer, rallying over 12 per cent in intraday trade after the company got shortlisted by the Indian army for a $100-million worth defence deal.
IMF Managing Director Christine Lagarde said that the institution will participate in the third bailout only if the program is ‘complete’

The sentiment was cautious as IMD released that the monsoon rain was 6 per cent below normal and the IMF Chief saying that the Greek plan is ‘categorically’ not viable and the country is in need of a debt reduction, as quoted by sources.

Most Asian markets were trading with a positive bias, tracking overnight gains in the US market. The gains were led by China’s mainland index Shanghai Composite finished the session 3.51 per cent up, or 134.18 points at 3,957.35. Hong Kong’s Hang Seng was also trading in the green, up over 300 points, or 1 per cent. Tracking the momentum, Japan’s Nikkei ended the day 0.25 per cent up, or 50.80 points at 20,650.92.

Source: http://economictimes.indiatimes.com/markets/stocks/news/sensex-flips-b/w-red-and-green-nifty-holds-8600-bse-midcap-index-at-fresh-life-high-top-20-intraday-stock-bets/articleshow/48109638.cms