European markets appeared to take the Greeks' rejection of creditors' plans for a debt deal in their stride on Monday.
The FTSE 100 Index dropped 44 points to 6542 in early trading, confounding analysts' forecast of a drop of up to 140 points.
Germany's DAX dropped 107 points and France's CAC-40 dipped 60 points.
It came after the Greek electorate made a clear decision to reject creditors' latest terms for a bailout to keep the struggling Mediterranean country's economy afloat.
Connor Campbell at spread betting firm Spreadex said: "All in all, given the potential ramifications of this ‘no’ vote, the markets dealt fairly well with the news. Of course, they slipped into the red, but given the haemorrhaging that happened when the referendum was announced last week, this morning’s losses are rather tame."
The vote raises questions over whether Greece can remain part of the Eurozone, although Prime Minister Alexis Tsipras was conciliatory in tone in his victory speech.
“The mandate you’ve given me does not call for a break with Europe, but rather gives me greater negotiating strength,” he said.
Athens also appeared to try to allay tensions with the creditors as controversial Greek finance minister Yanis Varoufakis resigned.
The vote brought volatility to the Asian markets but not chaos.
IG analyst Chris Weston said: "It has to be said that despite markets adopting a definitive risk-aversion feel, the mood has felt quite calm and there is little panic.
“It’s almost as if Asia-based traders are waiting for confirmation on trading moves from European traders before positioning short-term portfolios.”
Hong Kong’s Hang Seng Index was down more than 1,000 points, or 4%, the Nikkei in Japan was off 2.5% while the Shanghai Composite rose 2.4% after the authorities introduced measures to stabilise Chinese stock markets.
Back in London, Rolls-Royce (LON:RR.) was off 75.5p to 781p after warning on profits due to weakness in civil aerospace and marine power markets.
Shares in house-builder Bovis Homes (LON:BVS) were flat despite news of record home deal completions.
Landscaping material supplier Marshalls (LON:MSLH) lost 0.75p to 318.75p as an 11% rise in first half revenue to £199mln failed to impress.
Ophir Energy (LON:OPHR) slipped a penny to 110.5p after the Asian and African explorer said it was on track to meet annual production hopes at "a tough time in the commodity cycle".