Every financial crisis has political and geo-political consequences.
Capital Goods shares ended mixed on the back of weak IIP numbers. L&T ended down 0.7% while BHEL ended with marginal gains.
An International Monetary Fund study published on Tuesday showed that Greece needs far more debt relief than European governments have been willing to contemplate so far, as fractious parties in Athens prepared to vote on a sweeping austerity package demanded by their lenders.
The intensifying debt woes in Europe with its epicentre in Greece, is likely to have a considerable impact on the domestic stock market in the immediate short-term, as foreign investors are likely to exercise caution before parking fresh funds, say analysts.
Here's what helped them stand tall amidst a falling market and what you can expect from them in 2012.
Will Greece manage to pay euro 1.5 billion to IMF?
Nifty made a gap up opening and moved higher after oil prices eased, relieving concerns of inflation.
The Greek economy once again threatens to bring down the European project.
Finance Minister Pranab Mukherjee on Wednesday said Indian markets cannot remain immune to the Eurozone debt problems and will feel the impact if the $1 trillion bailout package by the European Union and the International Monetary Fund does not inspire confidence.
Rupee is likely to remain under pressure due to domestic concerns.
Increased demand for the dollar weighed on the local currency.
Euro zone leaders clinched a deal with Greece on Monday.
The m-cap of ONGC dipped Rs 13,303.78 crore, while that of Infosys tanked Rs 12,162.32 crore
Athens has pushed two reform packages through parliament
US crude was down 25 cents at $52.08.
In the United States, economic data is likely to take a back seat next week.
The FTSEurofirst was on course for its worst one-day per centage fall since it slumped more than 7 per cent in October 2008
The BSE Midcap and Smallcap indices have performed better than the front-liners
The breadth was neutral with 1,329 advances and 1,320 declines.
The markets stayed on edge last week due to the endless saga of Greece's problems.
The banking, oil and metal sectors were the top sectoral losers on the BSE, while IT stocks rendered support at lower levels.
The 30-share Sensex ended up 292 points at 29,571 and the 50-share Nifty closed up 75 points at 8,910.
Sensex in green in afternoon trade.
Greece awoke with a political hangover on Thursday after parliament approved a stringent bailout programme, thanks to the votes of the pro-European opposition, amid the worst protest violence this year.
Athens bowed to demands to phase out tax breaks for its islands.
The IMF dashed any hope that Athens could avert default.
Deadline to submit convincing reform plans is this week.
'India cannot expect to be insulated from the crisis. Europe is India's biggest trading partner with two-way trade of E72.5 billion or Rs 530,000 crore last year,' says Paranjoy Guha Thakurta.
If the impact of the Greece crisis spreads across Europe and parts of the world which are more interconnected than ever before, India cannot hope to be insulated, says Paranjoy Guha Thakurta.
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