 "Sensex ends 167 points lower amid weak global cues")
Markets ended lower on Monday, amid weak global cues, after Greece and international creditors which failed to come to an agreement over debt payments raised fears of Greece's exit from the euro zone.
The 30-share Sensex ended down 167 points at 27,645 and the 50-share Nifty ended down 63 points at 8,318.
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(Updated at 2:40PM)
At 2:40PM, the Sensex was at 27,597 down 215 points and the Nifty was down 75 points at 8,306.
In the broader markets BSE Mid-cap and Small-cap indices were down 1.6% each. Market breadth was weak with 1,852 losers and 694 gainers on the BSE.
GREECE CRISIS
Banks in Greece and the stock exchange are shut on Monday after creditors refused to extend the country’s bailout and savers queued to withdraw cash. Moreover, Prime Minister Alexis Tsipras called a referendum on whether to accept creditors' demands, which could raise the risk that the country may exit out of the euro.
Further, reports suggest that the Greek government on Monday confirmed that banks will be closed all week, after a decision by the European Central Bank (ECB) not to extend emergency funding.
GLOBAL MARKETS
The global markets are facing the heat of the Greece uncertainity. The Asian indices are in a sea of red, with the Nikkei, Hang Seng and Taiwan shedding 2-3% each. Shanghai has cracked 3% as investors remain wary despite a decision by the central bank to cut interest rates to record low. The European markets have also reacted to the unfolding Greece issue, with the CAC, DAX and FTSE sliding over 2% each.
KEY STOCKS AND SECTORS
All sectoral indices are trading lower with BSE IT index emerging as the top loser down 2% followed by others.
Metal companies are under pressure, with the National Stock Exchange (NSE) CNX Metal index hitting fresh 52-week lows in intra-day trades. Hindalco Industries, Tata Steel, Jindal Steel & Power (JSPL), Vedanta, GMDC and National Aluminium are trading weaker by 3-4%.
Banking shares are also having a weak session, with SBI, YES Bank, HDFC Bank, Kotak Mahindra Bank and ICICI Bank down 1-2% each.
IT companies weakened after Tech Mahindra warned about its April-June quarter (Q1FY16) results. Tech Mahindra, TCS, Wipro, HCL Tech and Infosys are down 2-5% each.
State-owned oil marketing companies (OMCs) trimmed early gains. Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) are trading slightly positive while HPCL is marginally down.
The 30-share Sensex ended down 167 points at 27,645 and the 50-share Nifty ended down 63 points at 8,318.
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(Updated at 2:40PM)
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Benchmark shares indices continued to trade weak in noon trades but recovered from their day's lows as gains in FMCG shares helped offset some of the intra-day losses.
At 2:40PM, the Sensex was at 27,597 down 215 points and the Nifty was down 75 points at 8,306.
In the broader markets BSE Mid-cap and Small-cap indices were down 1.6% each. Market breadth was weak with 1,852 losers and 694 gainers on the BSE.
GREECE CRISIS
Banks in Greece and the stock exchange are shut on Monday after creditors refused to extend the country’s bailout and savers queued to withdraw cash. Moreover, Prime Minister Alexis Tsipras called a referendum on whether to accept creditors' demands, which could raise the risk that the country may exit out of the euro.
Further, reports suggest that the Greek government on Monday confirmed that banks will be closed all week, after a decision by the European Central Bank (ECB) not to extend emergency funding.
GLOBAL MARKETS
The global markets are facing the heat of the Greece uncertainity. The Asian indices are in a sea of red, with the Nikkei, Hang Seng and Taiwan shedding 2-3% each. Shanghai has cracked 3% as investors remain wary despite a decision by the central bank to cut interest rates to record low. The European markets have also reacted to the unfolding Greece issue, with the CAC, DAX and FTSE sliding over 2% each.
KEY STOCKS AND SECTORS
All sectoral indices are trading lower with BSE IT index emerging as the top loser down 2% followed by others.
Metal companies are under pressure, with the National Stock Exchange (NSE) CNX Metal index hitting fresh 52-week lows in intra-day trades. Hindalco Industries, Tata Steel, Jindal Steel & Power (JSPL), Vedanta, GMDC and National Aluminium are trading weaker by 3-4%.
Banking shares are also having a weak session, with SBI, YES Bank, HDFC Bank, Kotak Mahindra Bank and ICICI Bank down 1-2% each.
IT companies weakened after Tech Mahindra warned about its April-June quarter (Q1FY16) results. Tech Mahindra, TCS, Wipro, HCL Tech and Infosys are down 2-5% each.
State-owned oil marketing companies (OMCs) trimmed early gains. Bharat Petroleum Corporation (BPCL) and Indian Oil Corporation (IOC) are trading slightly positive while HPCL is marginally down.