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Markets Remain Mute After Brexit; IT, Teck Weigh

By Religare

Indian equity benchmarks continued to trade in a narrow range during the late morning deals on Monday tracking mixed cues from fellow Asian peers followed by Britain"s vote to leave its membership in the EU.

At 11:03 hours, the 30-share barometer index of Bombay Stock Exchange, Sensex was at 26394.92, down by 2.79 points or 0.01 per cent while the NSE Nifty was at 8088.35, down by 0.25 points or 0 per cent.

Markets Remain Mute After Brexit; IT, Teck Weigh

Markets saw selling pressure mainly in the IT, Teck and auto sector stocks.

Meanwhile, continuous selling by investors and sustained foreign fund outflows, Friday's deep losses at the US markets, influenced sentiment at D-Street.

Major show spoilers were Tata Consultancy Services Ltd. (Rs. 2503.40,-2.62%), Infosys Ltd. (Rs. 1178.80,-1.31%), Maruti Suzuki India Ltd. (Rs. 4025.60,-1.07%), Power Grid Corporation of India Ltd. (Rs. 154.25,-0.93%), Wipro Ltd. (Rs. 551.90,-0.73%), among others.

The top gainers of the BSE Sensex pack were State Bank of India (Rs. 214.90,+1.73%), NTPC Ltd. (Rs. 151.10,+1.34%), GAIL (India) Ltd. (Rs. 381.50,+1.29%), Hindustan Unilever Ltd. (Rs. 869.75,+1.25%), Larsen & Toubro Ltd. (Rs. 1449.90,+1.14%), among others.

The market breadth, indicating the overall strength of the market, was positive. On BSE, out of the total 2,252 shares traded, 1,627 advanced while 499 shares declined and 126 remained unchanged.

On the global front, major Asian markets were trading mixed as investors awaited more policy action from global central banks to quell the market turmoil by pumping liquidity into financial markets.

Dion Global Solutions

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