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Market Update

Markets in Asia and India Plunge as Greece Enters in Unpredictable Zone

Author: Mukesh Buch
Last Update: 8:39 AM ET June 29 2015

6:00 PM Mumbai Asian stock markets slump after Greece closed its banks and imposed capital controls after talks with international lenders failed to win the release of funds. L&T won orders worth $300 million in June. Union home ministry denied security clearance to Sun TV Network.

Market indexes in India and in Asia plunged more than 2% at worst after Greece imposed capital controls and closed all banks after talks with international lenders failed to win the release of next tranche of bailout.

Sensex index in Mumbai in a knee-jerk reaction dropped as much as 600 points at the opening following more than 2% decline in Asian markets. However, by the end of the session, indexes recovered and trimmed losses.

Rupee weakened 25 paisa to 63.89 against one U.S. dollar.

The Sensex Index dropped 166.69 or 0.6% to close at 27,645.15. The CNX Nifty slipped 62.70 or 0.8% to 8,318.40.

In Asian markets trading, Nikkei 225 Average in Tokyo declined 2.9% and in Hong Kong the Hang Seng index dropped 2.6%.

Markets in Shanghai and Sydney fell more than 2% and in Seoul eased more than 1%.

Gainers & Losers

Adani Enterprises Limited plunged 3.4% to ₹91.25 and the Adani Group plans to invest ₹50,000 crore for producing urea, methane, power and substitute natural gas in Jharkhand.

Hindustan Unilever Limited advanced 2.1% to ₹905 after the consumer goods maker plans to open its mobile-based marketing platform Kan Khajura Tesan to other advertisers.

Larsen & Toubro (L&T) Limited rose 0.4% to ₹1,787.80 after the infrastructure developer won orders worth ₹2,035 crore in June.

Sun TV Network Limited declined 3.5% to ₹280.05 after the company confirmed that the home ministry declined to issue security clearance required to acquire additional channels.

Unitech Limited decreased 1.4% to ₹7.96 after the real estate developer raised about ₹70 crore from Piramal group to complete construction of its joint venture housing project in Chennai.

Union Bank of India Ltd declined 3.1% to ₹148.35 after the financial services provider received approval from its shareholders to raise ₹3,700 crore, including a capital infusion from the government.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc