Sensex dives over 800 pts, Nifty below 8000 as Brexit imminent

Moneycontrol Bureau10 am Market dives again: The Sensex is down 871.85 points or 3.2 percent at 26130.37, and the Nifty down 273.00 points or 3.3 percent at 7997.45. About 149 shares have advanced, 1678 shares declined, and 51 shares are unchanged. 9:55 am Will other countries follow UK in leaving EU? The UK is all set to decide its fate on whether to continue staying in the European Union or break away. The vote counting is on for the UK referendum and the results are expected at around noon today. If Brexit happens, economies all over the world are expected to get hit. India, who is not insulated either, is likely to be cushioned on back on strong fundamentals, says Sajjid Chinoy of JPMorgan.  Other emerging markets except India are far vulnerable. The situation is like the World War II, but with the concern that if UK leaves, will the other EU companies too decide to drift away, he adds. 9:40 am Udayan's views: Volatility in commodities and markets all over has increased with Brexit votes tipping towards a leave for the UK. The pound has lost 10 percent already.“It is a bad news,” says CNBC-TV18’s Consulting Editor Udayan Mukherjee. Brexit, he says, will not be a one-time issue, but will impact markets over the medium-term. If UK leaves, other countries in EU too might follow the lead. “When the big boy goes, lot of small boys will go tagging along,” he says. Continuing issues in China and the BRexit could drive the markets towards a recession. 9:35 am Market outlook: Deven Choksey, Managing Director, KR Choksey Investement Managers, says even if Brexit happens, there are still 18 months for the real exit to happen. UK will leave EU only by December 31, 2017.

So, there is no need to sell out but do not buy either, take a wait and watch approach, he says.

In the coming 18 months a lot of things will change and the country as well companies that are exposed to UK will reposition themselves. Business environment will change, which could be interesting, says Choksey in an interview to CNBC-TV18.

Moreover, most Indian companies are domestic-oriented and nothing is going to change overnight for them and many things would change in the next 18 months, so, wait for clarity to emerge before taking drastic steps.

9:34 am Market recovers: The Sensex is down 746.34 points or 3 percent at 26255.88, and the Nifty is down 234.05 points or 2.8 percent at 8036.40. About 130 shares have advanced, 1487 shares declined, and 41 shares are unchanged. 9:27 am UK about to leave EU: A majority of British voters said that the United Kingdom should leave the European Union. Markets are moving wildly, and currencies are making big moves, but the actually political process will be much, much slower.

9:20 am Interview: Even with important economic zones like the European Union (EU) and the US going through turbulent times, getting Goods and Services Tax (GST) passed in the Parliament in the first monsoon session will be a key step to prove India’s strong fundamentals, said Jayant Sinha is the Minister of State for Finance.Sinha believes with an aggressive growth and reforms agenda in almost all the important institutions, India remains a haven of stability in increasingly turbulent times in the world. Fundamentals necessary for India to become competitive in the global scenario are all in its favour, Sinha stated.  Don't miss live updates as Brexit becomes a reality

The market has opended sharply lower. The Sensex is down 940.07 points or 3.5 percent at 26062.15, and the Nifty down 287.70 points or 3.5 percent at 7982.75. About 57 shares have advanced, 1065 shares declined, and 18 shares are unchanged.

Tata Motors is down 10 percent. Tata Steel is down 8 percent, ICICI Bank, Maruti and Adani Ports are major losers. BBC has projected 'leave' win in UK referendum. FTSE futures crashed 7.5 percent to 5813. "The UK's EU referendum is proving close but the Remain campaign appears to be failing to pick up enough support outside London to win." The Indian rupee declined in the opening trade on Friday ahead of UK vote results. Devesh Divya, Asia FX Strategist at Standard Chartered Bank said, "Brexit will see a massive risk-off event for global markets, dollar/rupee will move sharply higher, which may see Central Bank's intervention but if its Bremain, we may see pullback on dollar/rupee."

The pound collapsed to its lowest level since 1985 as the unit takes a beating on fears that Britain will vote to leave the European Union, in what critics warned would be a hammer blow to financial markets.

The unit tumbled to USD 1.3466, its weakest level in three decades, according to Bloomberg data, as results in the EU membership referendum showed the "Leave" camp posting big wins and bookmakers Pound collapses to lowest since 1985 on Brexit shock.

US stock index futures dipped sharply lower Thursday evening ET as results from the British referendum continued to roll in.

Dow Jones futures briefly saw an implied open down more than 400 points, before then recovering some of those losses. Those moves, however, occurred on extremely light volume.

Asia stocks are weak, with Nikkei tumbling over 500 points.