Indian Markets Soar As Greece Deal Reached

Business

oi-Sunil

By Sunil Fernandes

Updated: Monday, July 13, 2015, 15:33 [IST]

Benchmark indices gained solid ground after Eurozone leaders finally sealed a deal with Greece. The country's Prime Minister Alexis Tsipras agreed to tough reforms after 17 hours of gruelling negotiations in return for a three-year bailout worth up to 86 billion euros (USD 96 billion), Greece's third rescue programme in five years.

EU President Donald Tusk announced the deal for debt- stricken Greece on Twitter, ending a bitter six-month struggle between Tsipras's anti-austerity government in Athens and the rest of the eurozone.

The Sensex ended the day higher by a huge 299 points, while the Nifty gained 99 points in trade. Leading the set of gainers from the Nifty were banking and IT stocks.

HDFC rose sharply by 2 per cent and was among the top gainers in trade. Other gainers included those from the banking space including the likes of Sun Pharma, Lupin and Cipla.

IndusInd Bank also made smart gains after its quarterly numbers beat estimates. Zee TV rallied 4 per cent in trade, while GAIL and HCL Tech gained 3 per cent each.

Mid cap stocks also had a good session with Bharat Forge, GSPL and Motherson Sumi all gaining 4 per cent each in trade.

Meanwhile, markets across Asia ended the day mostly higher, while most of Europe was trading with gains of almost 2 per cent.

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