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Last Updated : Jun 23, 2016 03:40 PM IST | Source: Moneycontrol.com

Nifty ends tad below 2016-closing high ahead of Brexit votes

Tata Motors, Dr Reddy's Labs, SBI, HDFC Bank and Axis Bank were top gainers while NTPC, Cipla, TCS, Asian Paints and ONGC were losers in the Sensex.


Moneycontrol Bureau

3:30 pm Market closing:
The Nifty ended tad below 2016 closing ahead of Brexit vote. The 50-share index is up 66.75 points or 0.8 percent at 8270.45. The Sensex was up 236.57 points or 0.9 percent at 27002.22. About 1093 shares have advanced, 1498 shares declined, and 183 shares are unchanged.


Tata Motors, Dr Reddy's Labs, SBI, HDFC Bank and Axis Bank were top gainers while NTPC, Cipla, TCS, Asian Paints and ONGC were losers in the Sensex.


2:59 pm Borrowings fall: India Inc raised USD 1.32 billion from overseas markets in May, down 45 percent from the same month a year ago, RBI data showed on June 23.

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Indian companies had raised USD 2.39 billion from foreign markets in May 2015.


Of the total borrowings, that were carried both through external commercial borrowings (ECBs) and foreign currency convertible bonds (FCCBs), USD 845.72 million were raised via approval process while rest of USD 472.69 million came through the automatic route.


Under the approval route, HDFC raised USD 375 million for on-lending, Reliance Industries USD 190.72 million for refinancing of earlier ECB, Adani Ports USD 150 million for port projects and Dewan Housing Finance Corp raised USD 130 million for on-lending.


2:50 pm Stocks to focus on ahead of Brexit vote outcome: Tata Motors, Tata Steel, Bharat Forge, Hindalco, Infosys, TCS and Tech Mahindra are the stocks that will get impacted by outcome of Britain's referendum.


According to reports, Indian IT companies get anywhere from 6-18 percent of their revenues from the UK. The UK has traditionally been the gateway for Indian IT firms to enter Europe and they have set up a large presence in the UK to serve the EU markets from their headquarters in London.


The United Kingdom is voting today on whether to remain in or leave the 28-nation European Union. Britain's exit from the bloc, widely described as 'Brexit', is being debated globally as such a development could have far reaching implications for the international financial markets, exchange rates and the world economy as a whole.


There are also fears that exit of Britain from the EU could trigger significant capital outflows, including that from the Indian market.

2:45 pm Market Update
: Equity benchmarks rallied further in last hour of trade with the Sensex reclaiming 27000.

The index jumped 232.12 points or 0.87 percent to 26997.77 and the Nifty rose 64.80 points or 0.79 percent to 8268.50.

2:30 pm Buzzing:
Shares of Reliance Communications gained more than 3 percent intraday. The rating agency has upgraded its outlook to stable from negative on the long term rating BBB+ of Reliance Telecom.


"ICRA has reaffirmed the long term rating at BBB+ (pronounced as ICRA triple B plus) for Rs 812 crore (earlier Rs 867 crore) long term fund based / non fund based bank facilities of Reliance Telecom (RTL). The outlook on the long term rating has been revised to stable from negative," the rating agency says in its report.


It has also reaffirmed short term rating at A2+ for Rs 784 crore (earlier Rs 729 crore) short-term fund-based/non-fund based limits and Rs 500 crore commercial paper programme of RTL.


In arriving at RTL's ratings ICRA has taken a consolidated view of the Reliance Communications (RCom) group including RTL and Reliance Infratel (RITL) and are based on the strong operational and ownership linkages with RCom.


RCom is the fourth largest telecom operator in the country (in terms of subscriber base) and the holding company for all the telecom operations of the group.


2:15 pm BSE's notice to cos: Leading stock exchange BSE has served final notice to as many as 428 companies to either apply for revocation of suspension or opt for delisting.


The securities of these firms have been under suspension for more than seven years on account of non-compliance with various clauses of listing regulations.


The exchange, which is considering compulsory delisting of these companies from its platform in a phased manner, has sent final communications to 428 firms advising them to initiate the process of revocation of suspension.


Prior to that, two separate written communications have already been sent to the companies at the latest address available with the exchange and also to the last known address as per the Ministry of Corporate Affairs' website.

Also read - RBI's next guv appointment holds key for India: Rabobank

2:00 pm Market Check


Equity benchmarks extended rally in afternoon trade with the Nifty climbing above 8250 level and the Sensex inching towards 27000 on strong upside European markets.


The Sensex gained 178.51 points or 0.67 percent at 26944.16 and the Nifty rose 50.20 points or 0.61 percent to 8253.90.

European stocks traded higher with investors remaining cautious as UK voters go to the polls for a referendum on European Union (EU) membership. France's CAC, Germany's DAX and Britain's FTSE were up 0.8 percent each.

ITC, HDFC Bank, Tata Motors, SBI, Sun Pharma, Lupin and Dr Reddy's Labs gained 1.5-3 percent while NTPC fell over 2.5 percent.



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First Published on Jun 23, 2016 02:00 pm
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