Greece election results spark rally across the globe; Indian markets follow

Commentary

oi-Sneha

By Sneha B K

Published: Monday, June 18, 2012, 9:51 [IST]

Markets across the globe cheered results to the Greece elections, which saw pro bailout parties all set to form the government in Greece. Indian indices opened higher on Monday tracking positive global cues, as Greece's pro-bailout, New Democracy Party is all set to form a government, indicating that Greece will stick to the eurozone atleast for the time being.

As hopes of a Greece exit from Euro was averted, US Futures and Asian markets rose with the Nikkei 225 trading higher by 2.03%, while the Hang Sang was higher by 1.54%. The Shanghai Composite was trading high by 0.69%.

Back in India, all eyes are set on the Reserve Bank of India's credit policy meet, which is to be held later today.

The Sensex was trading at 17,085 points, higher by 133 points and the Nifty was seen trading at 5,181 points, higher by 43 points at 9.35 am IST

On the sectoral front on BSE, all the sectors were trading positively. Realty, Metal, Consumer Durables and Auto leading the rally.

The gainers in morning trade were Tata Motors, Jaiprakash Associates, Sesa Goa and Sterlite Industries

Stocks that failed to lure investors in early trade were HCL Technology, Ranbaxy Laboratories, ONGC and Ambuja Cements.

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