Positive cues from European markets aided the upmove on the domestic bourses, with the two key benchmark indices extending gains in mid-afternoon trade. At 14:15 IST, the barometer index, the S&P BSE Sensex, was up 85.21 points or 0.32% at 26,850.86. The gains for the Sensex were higher in percentage terms than those for the Nifty 50 index. The Nifty was currently up 22.65 points or 0.28% at 8,226.35. 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.
The Sensex rose 88.70 points, or 0.33% at the day's high of 26,854.35 in mid-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 22.70 points, or 0.28% at the day's high of 8,226.40 in mid-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 negative. On BSE, 1,461 shares fell and 999 shares rose. A total of 179 shares were unchanged. The BSE Mid-Cap index was currently up 0.07%. The BSE Small-Cap index was currently down 0.04%. 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 0.74%. 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.
Asian stocks witnessed a mixed trend. 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. If the UK votes to leave the EU, it could send British pound and euro tumbling, with ripple effects across global asset classes.
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.
Drug major Sun Pharmaceutical Industries was up 1.62% at Rs 751.85 ahead of the company's board meeting today, 23 June 2016, for evaluating a proposal of buyback of equity shares of the company.
Most metal shares declined. Hindustan Copper (down 0.95%), Tata Steel (down 0.75%), Hindustan Zinc (down 0.63%), Jindal Steel & Power (down 0.53%), Bhushan Steel (down 0.51%), Steel Authority of India (down 0.46%), NMDC (down 0.27%) and Vedanta (down 0.2%) edged lower. JSW Steel (up 0.66%), Hindalco Industries (up 0.90%) and National Aluminium Company (up 0.97%) edged higher.
Meanwhile, copper prices edged higher in the global commodities markets. High Grade Copper for July 2016 delivery was currently up 0.23% at $2.1405 per pound on the COMEX.
Sugar stocks declined. Rana Sugars (down 4.97%), Empee Sugars and Chemicals (down 4%), DCM Shriram Industries (down 3.95%), Simbhaoli Sugars (down 2.79%), Upper Ganges Sugar & Industries (down 2.15%), Oudh Sugar Mills (down 1.74%), Shree Renuka Sugar (down 1.62%), Sakthi Sugars (down 1.08%), EID Parry (India) (down 0.98%), Triveni Engineering & Industries (down 0.98%), Balrampur Chini Mills (down 0.6%) and Dhampur Sugar Mills (down 0.48%), edged lower. Bajaj Hindusthan Sugar (up 0.21%), Dwarikesh Sugar Industries (up 1.15%) and KCP Sugar & Industries Corporation (up 2.28%), edged higher.
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