Indian Stocks End Lower For Second Day On Brexit Concerns

The Indian benchmark indices continued their losing spree on Wednesday as traders resorted to a cautious approach ahead of the EU referendum tomorrow in which Britain decides whether to remain or opt out of the trade block, curbing risk taking appetite.

The volatility persisted in the market as investors feared that a vote to leave could instill global instability that could reverse emerging markets capital flows.

Indian Stocks End Lower For Second Day On Brexit Concerns
Sensex27,941.51Sensex Quote25.61 [0.09%]
Nifty8,638Nifty Quote22.75 [0.26%]

The BSE SENSEX closed at 26765.65, down by 47.13 points, or by 0.18 per cent, and the NSE Nifty was at 8203.7, down by 16.2 points, or by 0.2 per cent.

In the volatile trade, the BSE Sensex touched intraday high of 26887.29 and intraday low of 26617.45, while the NSE Nifty touched intraday high of 8238.35 and intraday low of 8153.25.

Among the individual stocks, Tata Motors declined 2.5 per cent amid rising concerns that its UK subsidiaries Jaguar Land Rover may see slump in profit if Britain chooses to exit the European Union.

The Indian rupee also continued selling spree as concerns over the impact of Raghuram Rajan"s exit as the RBI governor when his three-year term ends this September.

The top losers of the BSE Sensex pack were Tata Motors Ltd. (Rs. 472.50,-2.58%), GAIL (India) Ltd. (Rs. 374.90,-1.88%), Hindustan Unilever Ltd. (Rs. 859.60,-1.43%), ITC Ltd. (Rs. 354.55,-1.12%), Reliance Industries Ltd. (Rs. 980.50,-0.68%), among others.

Meanwhile, Adani Ports & Special Economic Zone Ltd. (Rs. 207.00,+1.87%), Dr. Reddy's Laboratories Ltd. (Rs. 3103.10,+1.76%), Coal India Ltd. (Rs. 316.65,+1.25%), Lupin Ltd. (Rs. 1464.60,+1.04%), Hero MotoCorp Ltd. (Rs. 3070.00,+0.70%), were among top gainers on BSE.

On the sectoral front, auto and FMCG stocks emerged as top losers, falling as much as 0.77 per cent and 0.57 per cent respectively.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2930, shares advanced were 1057 while 1657 shares declined and 216 were unchanged.

On the global front, most of the Asian stocks ended higher, barring Japan"s Nikkei 225, with China"s Shanghai Composite and Hang Seng settled in green amid expectation that Britain may chose to remain in the EU while energy producers and technology companies provided support.

Read more about: sensex, nifty, brexit
Story first published: Wednesday, June 22, 2016, 16:36 [IST]
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