The Indian stock market and the currency remained surprisingly strong when stocks from Japan to Europe have fallen steeply to the news of Greek ‘no’ vote.
The rupee even made slight gains against the US Dollar.
In the stock market, the Sensex and the Nifty gained 0.4% each. Sensex gained 116 points whereas the Nifty gained 37 points after recording initial fall in the morning.
The story from the rest of the world is starkly different.
In Japan, where the trade has started after the Greek news, the Nikkei crashed by 2%, Hong Kong’s Hang seng Index fell by 3.2% and other Asian markets also fell steep in reply to the crisis. The only exception was the Chinese Shanghai index which was under strong state control in the context of the strong stampede of nearly 30% during the last one month.
European equity market and bonds also followed the Asian trends; indices in UK, France and Germany are going in red as trade progresses.
Overall, the world markets were in shock in response to the Greek ‘no’. Remarkably, the Indian market achieved resilience and seems to be decoupled from the rest of the world.