Sensex plunges over 500 pts, Nifty below 8250 on Greek woes
Tata Motors, ICICI Bank, SBI, Axis Bank and Hindalco are major laggards in the Sensex with no stock in green at the moment. Greek banks and stock markets are shut today while European central bank has decided to keep the emergency funding to the country's banks at current levels.
9:30 am FII view: Rakesh Arora, Macquarie said India's market has taken solace in a strong start to the monsoon. The impasse in Greece is a good opportunity to buy into the market as it consolidates before the next leg up, he added.
According to him, government spending on infrastructure is finally starting to make some impact and whispers are back about a possible interest rate cut in August.
Don't miss: 5 Indian stocks that may face Greece heat
Amid Greek uncertainty, the market has opened with some sever losses. The Sensex is at 27293.25, down 518.59 points or 1.86 percent. The Nifty is down 153.25 points or 1.83% at 8227.85. About 136 shares have advanced, 862 shares declined, and 69 shares are unchanged.
Tata Motors, ICICI Bank, SBI, Axis Bank and Hindalco are major laggards in the Sensex with no stock in green at the moment.
The Indian rupee declined in the early trade. It has opened lower by 20 paise at 63.84 per dollar versus Friday's closing of 63.64.
According to Agam Gupta of Standard Chartered, the range for USD-INR should be Rs 63.60-64/dollar as we expect strong USD demand to emerge on any dips. Upticks towards 64 should see USD selling interest from exporters.
Euro plunged to a 1-month low after Greece failed to strike a deal with its international lenders. Euro traded below 1.10 to the dollar. A failure by Greece to repay a 1.6 billion-euro debt owed to the IMF by Tuesday could lead to its exit from the euro zone, which many investors fear may weaken the entire currency block.
Greek banks and stock markets are shut today while European central bank has decided to keep the emergency funding to the country's banks at current levels. The Greek PM has surprised euro zone leaders by calling for a referendum to be held on July 5 to ask voters to decide on whether to accept the bailout terms which his government opposes.
All eyes will be on German bond as European markets open later today.
Asian markets fell in opening trade. Japan's Nikkei fell 2.1 per cent while MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.8 per cent, drawing little help from more policy easing from China's central bank at the weekend.
Chinese stocks have plunged over 20 per cent in the last two weeks, hit by tight liquidity conditions ahead of the quarter-end and uncertainty over the central bank's monetary policy.
In commodities, Brent crude slipped over 1 percent to sub USD 63 per barrel. Nymex is around the 58 dollar mark.
Tata Motors, ICICI Bank, SBI, Axis Bank and Hindalco are major laggards in the Sensex with no stock in green at the moment. Greek banks and stock markets are shut today while European central bank has decided to keep the emergency funding to the country's banks at current levels.
9:30 am FII view: Rakesh Arora, Macquarie said India's market has taken solace in a strong start to the monsoon. The impasse in Greece is a good opportunity to buy into the market as it consolidates before the next leg up, he added.
According to him, government spending on infrastructure is finally starting to make some impact and whispers are back about a possible interest rate cut in August.
Don't miss: 5 Indian stocks that may face Greece heat
Amid Greek uncertainty, the market has opened with some sever losses. The Sensex is at 27293.25, down 518.59 points or 1.86 percent. The Nifty is down 153.25 points or 1.83% at 8227.85. About 136 shares have advanced, 862 shares declined, and 69 shares are unchanged.
Tata Motors, ICICI Bank, SBI, Axis Bank and Hindalco are major laggards in the Sensex with no stock in green at the moment.
The Indian rupee declined in the early trade. It has opened lower by 20 paise at 63.84 per dollar versus Friday's closing of 63.64.
According to Agam Gupta of Standard Chartered, the range for USD-INR should be Rs 63.60-64/dollar as we expect strong USD demand to emerge on any dips. Upticks towards 64 should see USD selling interest from exporters.
Euro plunged to a 1-month low after Greece failed to strike a deal with its international lenders. Euro traded below 1.10 to the dollar. A failure by Greece to repay a 1.6 billion-euro debt owed to the IMF by Tuesday could lead to its exit from the euro zone, which many investors fear may weaken the entire currency block.
Greek banks and stock markets are shut today while European central bank has decided to keep the emergency funding to the country's banks at current levels. The Greek PM has surprised euro zone leaders by calling for a referendum to be held on July 5 to ask voters to decide on whether to accept the bailout terms which his government opposes.
All eyes will be on German bond as European markets open later today.
Asian markets fell in opening trade. Japan's Nikkei fell 2.1 per cent while MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.8 per cent, drawing little help from more policy easing from China's central bank at the weekend.
Chinese stocks have plunged over 20 per cent in the last two weeks, hit by tight liquidity conditions ahead of the quarter-end and uncertainty over the central bank's monetary policy.
In commodities, Brent crude slipped over 1 percent to sub USD 63 per barrel. Nymex is around the 58 dollar mark.
Happy Investing
Source: Moneycontrol.com
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