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Second package for Greece. Nifty rises.

Markets have begun to trade in the green, in line with the other Asian markets, which have all rose as there have been announcements regarding the economic relief package announced for Greece.

European officials agreed to give Greece a second rescue package worth euro109 billion ($155 billion). They also plan to lower interest rates and lengthen payback terms for loans to Greece, as well as those made to Ireland and Portugal.

This news has triggered the world markets to move up.

At 10:02 AM, the Nifty is at 5576, up by 35 pts or +0.63%.

Banking space stocks have been major gainers. PNB is up by over 1%. SBI is up by 5%. HDFC Bank has moved up by 0.8%.

Ambuja cements is up by over 2% at 128.90. Suzlon energy is up by 1.3%.

Power giant NTPC is up by 1%. GAIL is up by over 1%.

IDFC, ONGC, HDFC, Tata Motors have all moved up by over 0.6% each.

Stocks in red include – Jindal steel, Infosys, Hindalco and Powergrid. All these stocks are trading with moderate cuts.



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