Gains in European stocks triggered by the latest opinion polls predicting that British voters will vote for Britain to remain in the European Union in a landmark referendum aided the upmove on the domestic bourses. At 13:15 IST, the barometer index, the S&P BSE Sensex, was up 62.77 points or 0.23% at 26,828.42. The gains for the Sensex were higher in percentage terms than those for the Nifty 50 index. The Nifty was currently up 13.20 points or 0.16% at 8,216.90.
The Sensex rose 81.97 points, or 0.3% at the day's high of 26,847.62 in afternoon trade. The index fell 29.13 points, or 0.11% at the day's low of 26,736.52 in mid-morning trade. The Nifty rose 19.50 points, or 0.23% at the day's high of 8,223.20 in afternoon trade. The index fell 15.50 points, or 0.19% at the day's low of 8,188.30 in morning trade.
The market breadth indicating the overall health of the market was weak. On BSE, 1,419 shares fell and 942 shares rose. A total of 165 shares were unchanged. The BSE Mid-Cap index was currently up 0.1%. The BSE Small-Cap index was currently down 0.06%. Both these indices underperformed the Sensex.
In overseas stock markets, European stocks edged higher after a pair of opinion polls released yesterday, 22 June 2016, ahead of the Brexit referendum on European Union membership suggested the remain camp is gaining momentum. In UK, the FTSE 100 was currently up 0.62%. Voting began in the landmark British referendum to determine whether the UK remains a member of the European Union (EU) dubbed "Brexit". Voting in the referendum will close at 10 p.m. London time. Referendum results from the first counting areas are expected around 12:30 a.m. London time on Friday, 24 June 2016.
Most Asian stocks fell as investors remained on the edge ahead of the Brexit referendum. If the UK votes to leave the EU, it could send British pound and euro tumbling, with ripple effects across global asset classes. Japanese stocks edged higher as the yen weakened against the dollar after the latest opinion polls ahead of the Brexit referendum on European Union membership suggested the remain camp is gaining momentum. The Nikkei 225 Average ended 1.07% higher. A weaker local currency benefits exporters, as they can sell their goods at more competitive prices overseas. US stocks finished slightly lower yesterday, 22 June 2016, as opinion polls showed the outcome of the Brexit remained too close to call a day ahead of the vote.
Closer home, the Reserve Bank of India (RBI) has assured liquidity support to ensure orderly conditions in financial markets if the Brexit poll outcome causes turbulence in global financial markets. The RBI said a statement issued yesterday, 22 June 2016, that it is maintaining a close vigil on developments, and will take all necessary steps, including liquidity support, to ensure orderly conditions in financial markets.
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Index heavyweight and cigarette major ITC rose 1.18% to Rs 358.75. The stock hit high of Rs 359.45 and low of Rs 354.60 so far during the day.
Pharma shares witnessed a mixed trend. Cipla (down 1.26%), Cadila Healthcare (down 0.63%), Alkem Laboratories (down 0.82%), Glenmark Pharmaceuticals (down 0.23%), GlaxoSmithKline Pharmaceuticals (down 0.62%) and Wockhardt (down 0.62%) fell. Dr Reddy's Laboratories (up 1.28%) and Aurobindo Pharma (up 0.32%) rose.
Sun Pharmaceutical Industries gained 1.78% ahead of the company's board meeting today, 23 June 2016, to consider buyback of equity shares.
Lupin was up 0.98% after the company announced after market hours yesterday, 22 June 2016, that it has received final approval from the United States Food and Drug Administration (FDA) to market a generic version of Amneal Pharmaceuticals' Activella Tablets. The drug is indicated in a woman with a uterus for treatment of moderate to severe vasomotor symptoms due to menopause and prevention of postmenopausal osteoporosis. It is also indicated in a woman with a uterus for treatment of moderate to severe symptoms of vulvar and vaginal atrophy due to menopause. Activella had annual US sales of $95.6 million, as per IMS MAT March 2016 data.
Cement stocks gained. Ambuja Cements (up 1.98%), ACC (up 0.53%), UltraTech Cement (up 0.08%) gained. Shree Cement fell 0.55%.
Grasim Industries was up 0.51% at Rs 4,300.40. Grasim has exposure to the cement sector through its holding in UltraTech Cement.
Telecom stocks rose. Idea Cellular (up 0.59%) and MTNL (up 4.33%) gained. Tata Teleservices (Maharashtra) fell 1.05%.
Bharti Airtel was up 0.1% after the company announced before market hours today, 23 June 2016, that Orange has completed the acquisition of 100% of the operations of Bharti Airtel in Burkina Faso. The two companies had announced on 13 January 2016 that Orange has decided to acquire Bharti Airtel's operations in Burkina Faso and Sierra Leone. Bharti Airtel said that the company will update the stock exchanges regarding the process for Sierra Leone as and when it is completed.
Reliance Communications (RCom) rose 2.52% after credit rating agency ICRA upgraded the outlook on its long term 'BBB+' rating on the company to stable from negative. The announcement was made after market hours yesterday, 22 June 2016.
Shares of telecom tower infrastructure provider Bharti Infratel lost 3.82% to Rs 326.
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