Sensex Falls On Greece Default Worries; IT Stocks Slide

By Sunil Fernandes
Subscribe to GoodReturns
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

    Mounting worries that Greece would default on loans and hence exit the Eurozone, saw heavy selling pressure across global markets, leading to a fall in Indian benchmark indices.

    The Sensex closed the day lower by 166 points, while the Nifty dropped 62 points in trade. The Greece government has called for a referendum on July 5 to ask the people to say "yes" or "no" to creditors demands for further austerity cut in exchange for loans.

    Sensex Falls On Greece Default Worries; IT Stocks Slide
    Indices

    Leading the set of losers from the Nifty were banking stocks with State Bank of India, Axis Bank, ICICI Bank and HDFC Bank seeing cuts.

    Tech stocks turned weak after Tech Mahindra sounded a warning on top line and margin likely to be hit the quarter. The stock ended lower by a huge 8 per cent, while also having a sentimental impact on other IT stocks like Infosys and HCL Tech.

    Mid cap stocks also had a bad day with Bharat Forge falling a huge 6 per cent, while other stocks like Havells, JSW Energy, Mind Tree, Motherson Sumi and Apollo Tyre were among the major losers.

    TV 18 ended the day down almost 6 per cent on reports that the company will not renew ten year brand licensing and news services arrangement with CNN.

    BPCL and HUL were among the few stocks that managed to gain ground in trade and were resilient to the sharp fall.

    Meanwhile, global markets plunged sharply in trade with the Shanghai Composite losing more than 3 per cent, while the German DAX and French CAC were also down 3 per cent each on worries over Greece.

    GoodReturns.in

    Read more about: sensex nifty
    Company Search
    Enter the first few characters of the company's name or the NSE symbol or BSE code and click 'Go'

    Find IFSC

    We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Goodreturns sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Goodreturns website. However, you can change your cookie settings at any time. Learn more