Nifty reclaims 8100, Sensex rebounds amid consolidation; ITC up

Moneycontrol Bureau12:59 pm Market Update: Equity benchmarks extended upside in afternoon trade. The Sensex gained 86.40 points at 26484.11 and the Nifty rose 29.05 points to 8117.65. The market breadth remained strong as about three shares advanced for every share declining on BSE.12:45 pm Europe opens: European stocks opened sharply lower as the fallout from Britain's decision to leave the European Union (EU) continues, sending the pound falling as well.

The pan-European STOXX 600 was down 1.12 percent.

London's FTSE 100 index was down 0.82 percent despite futures earlier trading a lot lower.

Investor sentiment was hard-hit on Friday when results of the UK referendum on EU membership went the way of the Brexit camp. Uncertainty over what this meant for Britain's future led to turmoil in global financial markets, with the pound slumping and stocks around the world tanking.12:35 pm Interview: While sowing season is in its full swing in Maharashtra, Kerala and Karnataka State, Gujarat and Rajasthan are still waiting for a full monsoon to play, says PH Ravikumar, Non-Executive Chairman, Bharat Financial Inclusion. The company is on track to grow 5 percent this fiscal year, Ravikumar tells CNBC-TV18. He believes Brexit will not impact the rural economy but inflation and growth momentum will, he said. Meanwhile, the company's cost of borrowing is at 9.2 percent currently, same as quarter four, Ravikumar said, adding, it can decline by 25-50 basis points (bps) going ahead. 12:20 pm Asia Update: Asia markets traded mixed, as traders continued to digest the UK's unexpected vote to leave the European Union (EU).

Chinese mainland markets traded in positive territory, with the Shanghai composite up 1.18 percent. Japan's Nikkei also gained 2.4 percent while Hang Seng fell 0.4 percent.

Also read - Deutsche cuts Sensex target 2000 points; lists 13 stocks to buy12:00 pm Market Check

The market rebounded in afternoon trade with the Nifty reclaiming 8100 amid consolidation. The broader markets extended upside with the BSE Midcap and Smallcap indices gaining 0.8 percent and 1.4 percent, respectively.

The 30-share BSE Sensex rose 27.34 points to 26425.05 and the 50-share NSE Nifty climbed 12.15 points to 8100.75. The market breadth remained positive as about three shares advanced for every share falling on Bombay Stock Exchange.

Tanvee Gupta Jain, Economist, Macquarie Capital Research is of the view that with the Indian macro environment looking good, it will be least impacted from the Brexit event amongst its peers.

Currently, there are three things playing out for India – macros are good, growth is recovering and consumption too is improving, although the recovery is not yet broadbased, says Gupta.

ITC, L&T, SBI, ICICI Bank, Axis Bank, HUL, Adani Ports, Dr Reddy's Labs and NTPC gained 1-2 percent while TCS, Infosys and Wipro fell 1-3 percent.