Sensex escapes Greece effect
Indian markets bucked the global trend that was a sea of red with Asian markets down
Mumbai: Heavy monsoon showers and the meteorological department’s announcement that the rains have been five per cent above normal saw the Sensex up 161 points at 26,586.55 and the Nifty gain 31 points at 8,013.90.
Indian markets bucked the global trend that was a sea of red with Asian markets down and European markets open in the red on fears of the continuing Greece exit drama. The Nikkei 225, Hang Seng and Shanghai were down by 0.09 per cent, 1.53 per cent and two per cent respectively.
Independent analyst S.P. Tulsian said that the negative sentiment in the markets could possibly last only for another fortnight and then there should be an upward movement. “Nifty had no reason to go below 8,000. The advance tax figures are good and the monsoon so far is above normal. I am hoping confidence will return to the market as the valuations too are good.”
Vinod Nair, head, fundamental research, Geojit BNP Paribas Financial Services, however feels despite the positive markets for the second trading session. Hem Securities director Gaurav Jain sees the two-day positive closure as a relief rally.
“However, there is a looming concern of Greece payment default on the Indian stock markets,” he explained.