Home / Market Beat / Nifty closes above 5600. Greece obtains second bailout.

Nifty closes above 5600. Greece obtains second bailout.

Greece has been awarded a second financial bailout on Tuesday. The 17-country eurozone finally managed to approve a Euro 130 billion (170 billion USD) rescue. The bailout comes as a relief to the ailing Greek economy. This news item has led to an upliftment of the mood across the Asian and other global markets.

Oil & gas, telecom, banks and capital goods stocks have led the Nifty index to close above the 5600 mark. The index has gained 42.85 points or 0.77% at 5,607.15. Meanwhile, the BSE benchmark Sensex rose 139.26 points or 0.76%, to end at 18,428.61.

Index heavyweights and oil & gas majors Reliance Industries and ONGC rallied 3% & 3.7%, respectively.

Telecom stocks like Bharti Airtel and Reliance Communications rose 3%. Among banks, SBI and ICICI Bank climbed 1-1.5%; HDFC Bank went up 0.67%.

Capital goods major BHEL retained its top position in the buying list for the whole session, rising 4.8%. However, L&T fell 0.4%.

In the metal space, Tata Steel and Hindalco moved up nearly 3% while Sterlite Industries tanked 3.5% post sources claimed that Vedanta is looking to merge Sterlite and Sesa Goa.

Technology stocks like Infosys and Wipro declined 0.5% & 1.5%, respectively; while TCS gained 0.4%.

The broader markets outperformed benchmarks – the BSE Midcap Index was up 0.9% and Smallcap up 1.2%.



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