Mumbai, Nov 2 (IANS): A benchmark index for Indian equities markets Wednesday crept up into the green, moving up after a weak start even as major Asian bourses fell over Greece's announcement of a referendum on a bailout deal agreed with European Union leaders last week.
European and US markets had fallen sharply overnight after Greek Prime Minister George Papandreou said the country would hold a public referendum on the bailout deal. Analysts fear the move could push Greece closer to a debt default.
The 30-scrip sensitive index (Sensex) of the BSE, which opened at 17,347.7 points, was within minutes ruling at 17,562.25 points, up 81.42 points or 0.47 percent from its previous close at 17,480.83 points.
The 50-scrip S&P CNX Nifty of the National Stock Exchange was also trading higher, 25.6 points or 0.49 percent up at 5,283.55 points.
Broader markets were trading lacklustre as well with the BSE 500 index up 0.41 percent. The BSE midcap index and smallcap indices too nudged up.
The market breadth at the BSE was positive with 1,306 stocks advancing and 1,211 scrips declining. The rest were unchanged.
Among major Sensex gainers were RIL, M&M, Bajaj Auto and ONGC. The losing stocks included Hero MotoCorp, Wipro, Bharti Airtel and Coal India.
Tracking the overnight losses in Europe and the US, major bourses in Asia fell initially fell as fears of a Greek default grew. But some markets managed to pare losses and climbed into the green.
The Japanese Nikkei Thursday closed 2.21 percent lower at 8,640.42 points while Hong Kong's Hang Seng traded 0.59 percent up at 19,484.52 points.
The Chinese Shanghai composite index was, however, ruling 0.97 percent higher at 2,493.88 points.
European markets ended in the red Tuesday after Greece's announcement of a referendum.
Around midday, Britain's FTSE was closed 2.21 percent, down at 5,421.57 points, while the French CAC 40 ended 5.38 percent down at 3,068.33 points.
The German DAX closed 5 percent lower at 5,834.51 points.
Wall Street too fell sharply. The S&P 500 index closed 2.79 percent down, while the Dow ended 2.48 percent lower.
The Nasdaq lost 2.89 percent.