Sensex Falls As Global Markets Turn Jittery On Brexit Fears

Business

oi-Sunil

By Sunil Fernandes

Published: Monday, June 13, 2016, 9:23 [IST]

Benchmark indices fell in trade, tracking weakish global markets after fears mounted that the possibility of Britain leaving the EU was now very high.

In a survey conducted by the independent by ORB revealed that 55 per cent believe the UK should leave the EU, while 45 per cent want it to remain. That is a massive swing of 10 per cent.

The worry for markets remain the fears of a gradual disintegration of the EU, should Britain leave the EU. The voting to stay or leave will take place on June 23.

The Sensex was trading with losses of 249 points, while most of Asia too dropped in trade. Leading the set of losers in trade were Bhel, Tata Motors and Tata Motors DVR.

In Asia Japan's Nikkei was down almost 3 per cent, with the strong Yen, which is usually one of the main triggers for a fall. a relatively strong yen pressured stocks. Weak IIP data was also responsible for a sharp downturn in Indian stocks.

Among the early gainers from the Nifty were Tata Power, Lupin and BPCL. The latter climbed following a drop in crude prices.

Banking stocks saw some selling pressure with ICICI Bank, Axis Bank and State Bank of India among the losers.

The Mid cap space was also reeling under selling pressure with cuts of near 1%. Leading the losers were Wockhardt and Union Bank.

Meanwhile, the rupee opened at 66.83 against the US dollar. check and convert currency rates here.

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