INDIAN EQUITY MARKET OUTLOOK - 24 JUN 2016

Gap down opening seen for Sensex as Brexit fears loom

Indian Indices:

Markets are likely to open lower, amid weak Asian cues, after early counting on the EU referendum indicate that 'leave' votes are slightly more than 'remain'. SGX Nifty is trading at 186 points down.

Indian Markets reversed two sessions of losses to close higher on Thursday as poll booths opened for Britons to vote on a referendum about whether or not to exit the European Union. The S&P BSE Sensex and CNX Nifty rose 0.88%-0.81% each today.

On Thursday (June 23, 2016), BSE SENSEX closed at 27002.22, rose by 236.57 points, or by 0.88%, and the NSE Nifty ended at 8270.45, down by 66.75 points, or by 0.81%.

Global Market:

Bets in Asian markets quickly reversed course Friday, with stocks dropping as early results from the U.K. European Union referendum surprised investors and sent them rushing back to haven assets.

U.S. stocks closed higher Thursday, with all three indexes rallying, as investors wagered that the U.K. will choose to remain in the European Union in a historic referendum with far-reaching implications.

European shares rose for the fifth day running on Thursday, assisted by firmer banks and miners and expectations that Britain would vote to stay in the European Union.

Major Headlines of the day:

·       Sun announces share buyback.

·       Impact' effect to fuel change at Tata Motors.

·      Tata sons ordered to pay NTT DoCoMo $1.2 billion in arbitration award for JV stake.

 Trend in FII flows: The FIIs were net buyers of Rs 81.87 Cr in the cash segment on Thursday while the DIIs were net buyers of Rs 203.56 Cr, as per the provisional figures.

                                

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