The global markets danced to the tune of the Greek crisis and the tremors in the Eurozne.
When the trillion dollar bailout package for Greece was announced on Monday, the global markets shot up an t
he Sensex gained 561 points. But the euphoria died down as there was skepticism about the efficacy of the package. As the week came to a close, Spain was in turmoil. The Sensex closed down 271.27 points on Friday while the Nifty lost 85.40 points.
Markets will remain vola-tile as the foreign institutional investors flee to the safety of the dollar and the US treasury, said Mr Manish Sonthalia of Motilal Oswal.
The emerging markets are seen as a risky asset class and face downside pressures. The Indian markets are getting support at lower levels because the corporate results have been according to expectations. But they will be range bound and the next trigger will be the monsoons which are expected to hit Indian shores in the next two seeks, said Mr Sonthalia.