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The markets are set to open on a weak note, tracking the sell-off across Other Asian peers as Greece failed to clinch a deal with its international lenders over the weekend to avert a default.
The euro fell almost 2% and shares tumbled across Asia on Monday as Greece looked set to default on its debt repayment this week, forcing Athens to impose capital controls to halt bank runs. Japan's Nikkei fell 2.1% while MSCI's broadest index of Asia-Pacific shares outside Japan dropped 0.8%, drawing little help from more policy easing from China's central bank at the weekend. The Hang Seng, Taiwan and SET Composite shed 1-2% each.
Meanwhile, the People's Bank of China's (PBOC) lowered its benchmark lending rates by 25 basis points to 4.85% on Saturday. Hiowever, the Chinese stocks have plunged over 20% in the past two weeks, hit by tight liquidity conditions ahead of the quarter-end and uncertainty over the central bank's monetary policy.
The SGX Nifty was trading lower by 120 points or 1.4% at 8,225 (8.32am), suggesting that the markets nback home were headed for a weak start to the week.
The barometer BSE Sensex had declined by 84 points or 0.3% to settle at 27,811 on Friday. However, the index had surged by 495 points or 1.8% in the week ended June 27.
STOCKS TO WATCH
Union Bank of India is likely to be in the news on reports that it has won shareholders' approval to raise Rs 3,700 crore, including a capital infusion from the government.
Hindustan Unilever (HUL) reportedly plans to open its mobile-based marketing platform Kan Khajura Tesan (KKT) to external advertisers.
Titagarh Wagons' bid for acquisition of a European railway rolling stock manufacturing company has been accepted by the competent authorities, according to a regulatory filing by the company.
Sun TV is set to see some selling pressure after the Union home ministry made it clear on Saturday that it will not give security clearance to Maran-owned Sun television network, according to media reports.
Adani Group is looking to invest Rs 50,000 crore for producing urea, methane, power and substitute natural gas (SNG) in Jharkhand, reports suggest.
Syndicate Bank secured shareholders' approval on Friday for its proposed plans to raise up to Rs 2,000 crore by way of qualified institutional placement (QIP) issue, rights issue, follow on public issue or any other mode approved by the government of India, reports suggest.
ITC may be in the thick of action after YC Deveshwar, the long-serving chairman of cigarette to consumer goods conglomerate sold more than 90% of his shares in the company in the last fiscal year, the most he has sold in a single year in the nearly two decades he has held the company's reins, according to reports.
Yes Bank is likely to see action after it sid that it would prefer raising money through an ADR issue under its USD 1-billion capital infusion plan next fiscal and stressed that the court order in a case involving its promoters will not impact these plans, as per reports.
