Live Market Updates: Sensex, Nifty under pressure; Midcap, Smallcap recover

The BSE Midcap and Smallcap indices are flat after seeing more than 1 percent fall in early trade.

The dreaded Grexit was always an option, but prior to the referendum vote outcome it seemed like an unlikely one, says Willem H Buiter, global chief economist at Citi, sounding caution on the feared outcome. Democracy has overruled finance, he says ruefully. Despite fears of a "Grexit," Greek Prime Minister Alexis Tsipras said the result was not a mandate to clash with Europe. Greek citizens, meanwhile, celebrated despite uncertainty ahead. Buiter says this sense of euphoria will last only for a day. However, according to him, the immediate financial consequences of a potential Grexit will be manageable by the ECB. To him, what is happening in China is more important for global markets than what is happening in Greece. But Greece has the potential to derail or even ruin European recovery. For further help from creditor nations, Greece must undertake serious structural reforms though it has repeated proven itself incapable of it, Buiter adds. 10:30 am Modi on BRICS tour: Prime Minister Narendra Modi will leave for a five-nation tour today to attend the BRICS summit in Russia and the Shanghai Cooperation Organisation. Modi will visit five Central Asian nations including Uzbekistan, Kazakhstan and Tajikistan to deepen strategic footprints and energy cooperation. With focus on enhancing strategic, economic and energy ties, Modi is scheduled to travel from July 6 to 13 to five Central Asian countries and Russia where he will attend the summits of BRICS and SCO. The Prime Minister's visit will start with Uzbekistan from where he will go to Kazakhstan on July 7. He will then travel to Russia on July 8, before moving to Turkmenistan on July 10, Kyrgyzstan on July 11 and Tajikistan on July 12. Finance Minister Arun Jaitley will also be leaving on a four-day visit to Russia to participate in the inaugural meeting of the BRICS backed New Development Bank. 10:20 am Buzzing: Shares of Petronet LNG lost more than 2 percent intraday after the Reserve Bank of India has frozen foreign investment in the state-owned liquefied natural gas importer. The Reserve Bank of India on Friday notified that the foreign shareholding through foreign institutional investors (FIIs)/registered foreign portfolios investors (RFPIs) in Petronet has reached the trigger limit. Therefore, further purchases of equity shares of this company would be allowed only after obtaining prior approval of the Reserve Bank of India, it added. For the quarter ended June 2015, foreign institutional investors' shareholding in the company increased to 22.80 percent from 22.64 percent in March quarter. 10:15 am GST Bill in focus: The Goods and Services Tax Bill is unlikely to be taken up in the coming monsoon session of Parliament, reports CNBC-TV18, quoting government sources. The Congress members on the joint parliamentary panel on GST is likely to submit dissent notes against the panel’s report to be submitted on July 17. The Congress members have demanded a ‘pure’ GST, and asked for the additional 1 percent tax to be dropped. The Congres members also want revenue neutral rate to be part of the GST Bill. It is learnt that the government is not keen to push GST Bill through without Congress support and may consider a compromise on the 1 percent additional tax. Sources said the government was anyway not hopeful of the Land Bill being taken up in the monsoon session, but the latest development on the GST Bill has come as a nasty surprise. 10:10 am Market Expert: Standard Chartered is structurally bullish on Indian stocks on the back of reforms which will significantly lead to softer inflation and a positive environment for the market says Steve Brice, Chief Investment Strategist at Standard Chartered Bank. Speaking to CNBC-TV18, Brice says Sensex may see some short term weakness in the immediate future and there exists a good buying opportunity for the investors. 10:05 am Stocks under pressure Banking and financials stocks took a big hit today due to Greece concerns. ICICI Bank, HDFC, State Bank of India and Axis Bank fell 1-2 percent. HDFC Bank declined 0.75 percent. Vedanta topped the selling list, falling nearly 4 percent. ITC, Tata Motors, L&T, ONGC, Tata Steel, Hindalco and BHEL are other prominent losers in trade, down 1-2 percent. However, Dr Reddy's Labs, Cipla and Coal India bucked the trend, up 1-2 percent. 10:00 am Market Check Equity benchmarks remained under pressure amid fears of Greece exit from eurozone after the debt-laden country voted for ‘no’ in the referendum last night. However, the broader markets recovered significantly from day's low. The Sensex declined 177.82 points or 0.63 percent to 27914.97 and the Nifty declined 48.40 points or 0.57 percent to 8436.50. The BSE Midcap and Smallcap indices are flat after seeing more than 1 percent fall in early trade. About 831 shares have advanced, 1011 shares declined, and 98 shares are unchanged on the Bombay Stock Exchange.

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