The Greece effect shows large as markets open on a tragic note

The Nifty opened nearly a percent lower, in line with expectations, as stocks gave a knee jerk reaction to the events in debt laden Greece, where citizens voted against more austerity and forced the European Union's hand to call in an emergency meeting.

The Advance-Decline Ratio on the Nifty was negative 3:47 with just BPCL, Kotak Bank and Dr. Reddy's gaining ground. Predictably, the losers were lead by banks and commodity stocks. ICICI Bank, Tata Steel, Vedanta and NMDC were the top losers on the Index. Overall, the Advance-Decline Ratio in the wider market was 1:2 on the Bombay Stock Exchange.

Global crude oil prices are down as a consequence of the gain in Dollar, helping local oil importers such as IOC, BPCL and HPCL on the NSE. Kotak Bank is reacting positively to the FIPB's nod to raise foreign buying limit in the private lender to 55 percent from the earlier 49 percent.

(image credits: thehindubusinessline)