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Greek tragedy sinks global markets

It was a bad week for global stock markets. Thesell-off in Chinese markets continued (down 12.1%) this week. The bursting of the Chinese stock market bubble was inevitable and it is anyone’s guess when the carnage will end. However, the center of the storm was in Europe, specifically Greece. The country defaulted on its sovereign debt (Euro 1.54 bn owed to the IMF) on 30th June. The crisis has only escalated since then. The government has called for a referendum on Sunday, 05th July to decide if it should accept the further bailout terms or not. A ‘No vote’ could set the stage for an eventual exit of Greece from the Eurozone. The European markets were understandably hit hard this week due to these unprecedented developments. The US stocks too ended the week in the red (down 1.2%). This was largely on account of concerns regarding ongoing crisis in Greece. The US markets remain driven on liquidity. Thus, the timing of the start of the interest rate hike cycle by the US Fed will keep the markets on tenterhooks for the foreseeable future. Coming to Indian stock markets, the benchmark indices posted moderate gains this week. The resilience of the Indian markets can be attributed to the better than forecasted rainfall thus far as well as hopes of a pickup in the capex cycle. The BSE Sensex gained 1% over the week. Key world markets during the week Sectoral indices ended mixed over the week FMCG stocks witnessing maximum gains.

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