Sensex Falls On Fears Of Greece Exit From The Eurozone

Business

oi-Sunil

By Sunil Fernandes

Updated: Monday, July 6, 2015, 9:29 [IST]

Benchmark indices fell in early trade on heightened fears that Greece would exit the eurozone, after people in Greece voted for a resounding "no" to a referendum on creditors demand for reforms in exchange for loans.

Fears that the contagion of a Greece exit from the Eurozone would spread to other vulnerable and debt heavy countries worried markets across the globe.

The Japanese Nikkei was down 1.58 per cent in trade, while the Hang Sang was down almost 3 per cent, with other Asian markets all down between 1-2 per cent.

How the Greece Crisis Will Impact India?

The Sensex was trading with losses of 216 points, while the Nifty dropped 63 points in trade after seeing sharp falls in the initial part of trade. The rupee was also weak by 15 paise at 63.68 to the dollar.

Metal stocks were the worst hit with Tata Steel, Vedanta and Hindalco among the losers. Banking stocks also saw some selling pressure with ICICI Bank, Yes Bank and IndusInd Bank among the losers.

Mid cap stocks also fell sharply with the index down more than one per cent. CESC, Exide and Kansai Nerolac were the worst hit from the space.

Meanwhile, markets across Asia opened the day sharply lower, though the Shanghai Composite managed to buck the trend and was trading with gains of almost 2 per cent after policy support helped push indices higher.

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