The market extended losses with the Sensex falling 591.52 points or 2.13 percent to 27220.32 and the Nifty losing181.85 points or 2.17 percent to 8199.25. About 395 shares have advanced, 1659 shares declined, and 117 shares are unchanged on the BSE.
India at the moment is not facing the heat of Greek crisis, but one can expect such significant global event to impact its equity market. The domestic story is seeing some direction with green shoots emerging in capex, and the correction may provide an opportunity to look at quality financials and capital goods sectors. The stability of rupee, even on the face of taper talks, is a confidence booster making IT stocks attractive. Expects IT to give better returns in FY16 compared to FY15.
Greece, which may default on an International Monetary Fund debt repayment due on Tuesday after talks with creditors broke down, owes its official lenders 242.8 billion euros (USD 271 billion), according to a Reuters calculation based on official data, with Germany by far the largest creditor. That figure includes loans made under two bailouts from European governments and the IMF since 2010 - worth a nominal 220 billion euros so far, of which some has been repaid - as well as Greek government bonds held by the European Central Bank and national central banks in the euro zone. Private investors hold 38.7 billion euros of Greek government bonds following a major write-down and debt swap in 2012 that reduced the Greek debt stock by 107 billion euros and the value of private holdings by an estimated 75 percent. The Greek government has also issued 15 billion euros in short-term Treasury bills, mostly to Greek banks.
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