Volatility continued as key benchmark indices once again drifted lower after trimming losses in early afternoon trade. At 12:18 IST, the barometer index, the S&P BSE Sensex, was down 76.94 points or 0.29% at 26,789.98. The Nifty 50 index was down 22.25 points or 0.27% at 8,216.25. The market breadth indicating the overall health of the market was positive. On BSE, 1,215 shares rose and 1,054 shares fell. A total of 173 shares were unchanged. The BSE Mid-Cap index was currently up 0.15%. The BSE Small-Cap index was currently up 0.25%. Both these indices outperformed the Sensex.
In overseas stock markets, most Asian shares rose on growing expectations that British voters will opt to remain in the European Union in this week's referendum. Japanese stocks edged higher as the yen eased from earlier gains against the US dollar. The Nikkei 225 Average ended 1.28% higher for the trading session. The yen eased after approaching a 22-month high against the dollar. A stronger yen hurts the competitiveness of Japanese exporters. Japan's finance minister Taro Aso said at a regular news conference that the government wouldn't intervene in currency markets easily. US stocks edged higher yesterday, 20 June 2016, following the lead of European markets as polls showed support swinging back toward the UK remaining a member of the European Union ahead of a referendum.
The UK government holds a referendum on Thursday, 23 June 2016, on whether the country should remain a member of the European Union (EU). The Organization for Economic Cooperation and Development (OECD) has warned that Britain's leaving the EU -- the so-called Brexit -- could send shocks through global financial markets. The OECD said on 1 June 2016 that a United Kingdom vote to leave the EU would trigger negative economic effects on the UK, other European countries and the rest of the world. Brexit would lead to economic uncertainty and hinder trade growth, with global effects being even stronger if the British withdrawal from the EU triggers volatility in financial markets, the OECD said. By 2030, post-Brexit UK GDP could be over 5% lower than if the country remained in the European Union, the OECD said.
Index heavyweight Reliance Industries (RIL) was down 0.61% to Rs 984.55. The stock hit a high of Rs 995 and a low of Rs 980.20 so far during the day. RIL in a collaboration with Indian Institute of Petroleum (IIP) Dehradun has developed an indigenous technology to restrict benzene, a carcinogenic element in gasoline and naphtha. The announcement was made during trading hours today, 21 June 2016. Refiners across the world are under pressure to reduce the amount of benzene and other hazardous air pollutants.
Most auto stocks edged higher. TVS Motor Company (up 1.30%), Mahindra & Mahindra (up 1.01%), Ashok Leyland (up 1%), Bajaj Auto (up 1%), Hero MotoCorp (up 0.60%), Eicher Motors (up 0.35%) and Maruti Suzuki (India) (up 0.26%), edged higher. Escorts (down 0.41%) and Tata Motors (down 0.59%), edged lower.
Most capital goods shares rose. Jindal Saw (up 3.68%), Praj Industries (up 2.40%), Suzlon Energy (up 1.43%), Thermax (up 1.32%), Havells India (up 0.85%), Punj Lloyd (up 0.83%), SKF India (up 0.78%), Bharat Electronics (up 0.69%), Alstom T&D India (up 0.50%), ABB India (up 0.34%), Lakshmi Machine Works (up 0.34%), BEML (up 0.24%), ALSTOM India (up 0.15%) and Siemens (up 0.15%), edged higher. Reliance Defence and Engineering (down 0.06%), Bharat Heavy Electricals (down 1.01%), AIA Engineering (down 1.13%) and Crompton Greaves (down 1.28%), edged lower.
Engineering & construction major L&T was down 0.35% to Rs 1,500.40. The stock hit a high of Rs 1,509.20 and a low of Rs 1,491.25 so far during the day.
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