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Markets continue to remain under immense selling pressure in morning trades as panic spread across the Asian markets over Greece default. However, amid this pressure, Nifty has managed to hold on to its crucial 8,200 mark.
At 10:40 AM, the BSE Sensex tumbled around 2% or 530 points at 27,283 levels while the Nifty was at 8,216 levels, plunging nearly 2% or 160 points.
HDFC Bank, ICICI Bank, SBI, Hindalco and Tata Motors are the major laggards on the Sensex, dipping between 2.7-3.7% each on the Sensex. The lone gainer on the Sensex was Hindustan Unilever, which gained marginally at 0.4% in an otherwise weak market.
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(Updated 9:40 AM)
Markets have started the week on a downward spiral tracking cues from the Asian peers after Greek debt crisis worsened and Greece’s exit from the Euro Zone seemed inevitable. Over the weekend, Greece and its international creditors yet again failed to sign a truce to avert a default, which caused panic across the Asian markets. The Greek drama is likely to dictate the trend on the bourses this week.
At 9:40 AM, the Sensex dropped 473 points or 1.7% at 27,338 levels while Nifty was at 8,232 levels, shedding 150 points or 1.78%
The broader markets are underperforming their larger peers with BSE Midcap and Smallcap indices trading down by 2.6% each. The market breadth is extremely negative with 429 declines against 88 advances on the BSE.
The barometer BSE Sensex had declined by 84 points or 0.3% to settle at 27,811 on Friday. However, the index had surged by 495 points or 1.8% in the week ended June 27.
The rupee was quoting at 63.86, depreciating by 23 paise against its previous close of 63.64. Greek crisis has impacted the local currency as well.
Meanwhile, Greek banks and stock exchange would be shut on Monday.
GLOBAL MARKETS
The euro fell almost 2% and share prices tumbled across Asia on Monday as Greece looked set to default on its debt repayment this week, forcing Athens to impose capital controls to halt bank runs.
Japan's Nikkei fell 2.1% while MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.8%, drawing little help from more policy easing from China's central bank at the weekend.
Chinese stocks have plunged over 20% in the last two weeks, hit by tight liquidity conditions ahead of the quarter-end and uncertainty over the central bank's monetary policy.
SECTORS AND STOCKS
All the sectoral indices are trading in the negative territory with BSE Bankex leading the downfall, down by nearly 3%. Bank Nifty has also shed around 500 points. Out of the 30 stocks on the Sensex, there are no gainers.
Financial shares are heavy losers on the Sensex as concerns over Greece debt crisis loom large. The ECB had made it difficult for the banks by freezing the level of funding support it gives the banking system. Greece banks and stock exchange would remain shut on Monday. SBI has plunged around 3.5% while HDFC Bank, ICICI Bank, Axis Bank shed between 2.5-2.9% each on the Sensex.
Tata Motors, Hindalco, BHEL are other major laggards on the Sensex, down between 2.2-3.2% each on the Sensex.
Hindustan Unilever reportedly plans to open its mobile-based marketing platform Kan Khajura Tesan (KKT) to external advertisers. However, the stock is down 0.7%.
From the pharma pack, Lupin, CIpla and Sun Pharma have shed 1.5- 2.1% each on the Sensex.
The index heavyweights HDFC and Reliance Industries have dropped 1.3% and 2%, respectively.
