Sensex, Nifty to crash at open

US futures are lower and Asian markets are also weak for now. Shanghai remains up around 3% for the time being following unprecedented series of support measures undertaken over the weekend. The weather also is re-igniting worries with Sunday being the driest day in the past one month with rainfall 90-95 per cent below normal in most parts of the country other than eastern and northeastern India.

Greeks rejected a bailout plan as majority have voted  a ‘No’ in the referendum, rejecting the creditor’s demand of spending cuts in exchange of a bailout deal. Greek PM Tsipras expects that  a ‘No’ vote will compel the EU officials to concede to Athens demands, which includes haircut on country’s gigantic debt load without implementing severe spending cuts. On the creditor’s side, it seems that the Europeans will not be pleased with the outcome, as they wanted the incumbent Greek regime to conform to their demands. Euro has witnessed sharp decline in the Asian trading session today

The outlook is a crash at start even though the outcome of Greece is more or less on expected lines.  US futures are lower and Asian markets are also weak for now. Shanghai remains up around 3% for the time being following unprecedented series of support measures undertaken over the weekend. The weather also is re-igniting worries with Sunday being the driest day in the past one month with rainfall 90-95 per cent below normal in most parts of the country other than eastern and northeastern India.

As the result season unfolds, given that Q1 has been traditionally a strong quarter for India IT sector, we expect Tier-1 companies except for Tech Mahindra to deliver a healthy 2.5-4% qoq dollar revenue growth in constant currency. High visa costs and implementation of wage hikes would drive a decline in operating margin for most companies. In addition, May IIP data and June import & export data will be this week.

Back to Greece, there is also a possibility that the Greeks will be completely marooned and compelled to unfold its own currency. However, rebirth of Drachma can prove unpalatable not only for Athens but also for the entire European region as turmoil in Greece may lead to massive exodus and immigration into bordering European states. A failed state in the Euro regime also translates the failure of EU. On the repercussions perspective, the situation is still fluid and markets will await any official response from the EU officials.

Adani Group has reportedly hired "influential figures" from both sides of the political spectrum in Australia to convince the government of benefits its $7 billion Carmichael mine project and secure necessary approvals, according to media reports.

The Union cabinet is expected to give nod to the spectrum sharing and trading guidelines, by the end of this month, telecom secretary Rakesh Garg said.

Lanco Infratech is planning to sell part of its generation business to cut debt, says report.A report says that the company is expecting to raise Rs 4,000 crore ($630 million) in two to three years, T Adi Babu, chief operating officer, finance said.

NSE has told its shareholders that it is coming with an IPO as and when some clarifications on listing norms are provided, according to reports while, BSE has not received approval for IPO yet.

The Reserve Bank of India has  notified that the foreign shareholding through Foreign Institutional Investors (FIIs)/Registered Foreign Portfolios Investors (RFPIs) in M/s Petronet LNG Limited has reached the trigger limit. Therefore, further purchases of equity shares of this company would be allowed only after obtaining prior approval of the Reserve Bank of India.

Air India and GoAir come under Directorate General of Civil Aviation (DGCA) scanner, for allegedly violating safety norms while operating flights to Leh recently, says report.

Stalled projects which was a major concern on the economic front, are now back on track, with the value of such projects declining by more than half in the past year. According to data provided by the Centre for Monitoring Indian Economy (CMIE), the value of stalled projects dipped 60.35 per cent to Rs 79,300 crore in the quarter ended June this year from Rs 2,00,000 crore in the year-ago period, says report.

The Adani Group signed a MoU with the Tamil Nadu government to set up a Rs 4,536 crore solar park in the state, says report.