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Indian stock indexes ended more than a percent higher on Monday with bluechips leading the gainers on rising risk appetite after euro zone leaders clinched a deal with Greece to negotiate a third bailout. The NSE index gained 1.19 percent while the BSE index ended the day 1.08 percent higher; their biggest single-day percentage gain since June 22.
Euro zone leaders agreed on a roadmap to a possible third bailout for near-bankrupt Greece on Monday, but Athens must enact key reforms this week before they start talks on a financial rescue to keep it in the European currency area. Ongoing April-June earnings and June retail inflation data would be key for the near-term direction of the market. A median forecast from a Reuters survey of 30 economists this week put inflation at 5.10 percent in June compared to May's 5.01 percent.
"It's important to see how the entire implementation will take place as far as Greece is concerned," said Gaurang Shah, vice president at Geojit BNP Paribas. Shah added corporate earnings and domestic data points would drive Indian markets hereafter. The BSE index rose 1 percent, while the NSE index gained 1.1 percent, heading towards their biggest single-day percentage gain since June 22.
Blue-chip stocks led gains with HDFC up 2.1 percent and ITC higher 1.8 percent. HCL Technologies rose 3.5 percent and Infosys gained 1.23 percent. Indian gas distributors also rose. Gujarat State Petronet gained 4.6 percent and GAIL (India) advanced 3.5 percent as authorities issued draft amendments for calculation as of natural gas pipeline tariff which is seen as positive.

Copyright Reuters, 2015

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