Sensex soars 300 pts, Nifty ends at 8460; HDFC, GAIL gain

"I would sell into this tech rally. The decade of growth is over for them, I am not going to invest in the tech sector whatsoever for a long time to come until I start to see growth at the top line and whether Greece is in there or not, I don’t think it helps the overall industry, so I would sell into this. It is just a relief rally all around which most people would sell into as the day as the day wears on," he says in a interview.

Globally, he believes China is more worrisome than Greece. He is also worried about the US Federal Reserve rate hike situation

2:50 pm Buzzing: Shares of PVR rose over 6 percent intraday after CLSA has initiated coverage with a bullish stance. With a three year target of Rs 1440 per share, indicating 110 percent return from current price, it says Q1FY16 results are likely to be strong.

It expects earnings per share (EPS) to grow 62 percent and 22 percent in FY17 and FY18 respectively on mega plans to double screens in next 3-5 years. 

Spike in the balance sheet is estimated to be driven by mega screen expansion plans, rising ticket prices, food & beverages (F&B) spend growth, and operating leverage on fixed costs.

2:35 pm Views on Greece deal: Jan Dehn of Ashmore Investment Management says once Greece manages to get the bridge financing, then by September we can expect a clear idea on establishment of the EU programme. Talks of the deal has halted Grexit for the moment, he told CNBC-TV18.

German Chancellor Angela Merkel said she would advise German Parliament to authorise bailout negotiations but Greek Parliament must approve entire conditions before German Parliament meets. The deal offers Greece financing of around €86-87 billion. Dehn believes Greek Prime Minister Tsipras has the numbers, hence he should be able to pass it. He enjoys very strong support in his wish to stay within the Eurozone.

Michael Every of RaboBank said the market's reaction to the good news should be read as knee-jerk as the focus has now shifted to Wednesday.

2:20 pm Result: IndusInd Bank has beaten street estimates with its strong April-June quarter results. Its net profit jumped 24.7 percent to Rs 525 crore in the quarter ended June 30, 2015 from Rs 421 crore in year-ago period.

Net interest income (NII), difference between interest earned and interest paid, also grew 22.5 percent at Rs 980.7 crore in Q1 against Rs 800.7 crore in corresponding quarter last fiscal. Non-interest income for the quarter stood at Rs 720 crore.

However, its asset quality has improved marginally as gross non-performing asset (NPA) was at Rs 570.1 crore compared to Rs 563 crore quarter-on-quarter. Net NPA was at Rs 225 crore versus Rs 210.5 crore (Q-o-Q).

Don't miss: EU bails out Greece, Tusk says it's agreekment

The market continues its uptrend as the Sensex is up 305.91 points or 1 percent at 27967.31. The Nifty is up 94.90 points or 1 percent at 8455.45. About 1676 shares have advanced, 950 shares declined, and 144 shares are unchanged.

GAIL, HDFC, Cipla, Sun Pharma and Maruti are top gainers in the Sensex. Among the losers are ONGC and L&T.

IndusInd Bank is up 1 percent after its Q1 results beat estimates. Its net non-performing asset (NPA) is flat.

European leaders in Brussels have reached a third bailout deal for Greece morning after more than 17 hours of talks on the thorny subject of reforms and more financial aid for the near-bankrupt country. Euro zone leaders "unanimously" reach an agreement on Greece Creditors want more reforms and tax measures Greece to create 50 billion euro privatisation fund Athens to pass some reforms by Wednesday.

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