Sensex in wait-&-watch mode, Rupee ends steady

After its biggest drop in over four months last week, market on Monday remained sandwiched in a tight band by ending with measly gains amid mixed global conditions.

By: ENS Economic Bureau | Mumbai | Updated: June 28, 2016 1:31:40 am
Sensex, bse, bse sensex, sensex brexit, brexit, brexit indian markets, indian markets, bse midcap, bse smallcap, nifty, nse, nse nifty, nse brexit, business news, market news Investors still are a worried lot as they tried to digest the full impact of the Brexit fallout. PTI photo.

Neutralising lingering concerns from Britain’s vote to leave the European Union, domestic stock markets on Monday remained flat in choppy trade even as forecast of an extended monsoon season sent cement makers and agriculture-related firms higher.

The 30-share Sensex closed at 26,402.96, a marginal rise of 5.25 points, or 0.02 per cent. The index had plunged nearly 605 points on Friday, its biggest single-day fall since February 11, as a shock victory for ‘Leave’ camp in the UK referendum sent shivers down the spine of global markets. The NSE Nifty ended higher 6.10 points, or 0.08 per cent, at 8,094.70 after shuttling between 8,039.35 and 8,120.65.

The rupee also ended steady against the American currency at 67.95 per dollar on alternate bouts of selling and buying of the greenback amid global concerns over Brexit.

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Traders were watching for more aftershocks as other EU leaders press London to start the complex process of leaving the 28-nation trading bloc. Prime Minister David Cameron wants to wait several months. “Markets will be nervous given that the EU and UK have some mismatch in terms of timing of exit procedures and negotiations,” said Mizuho Bank in a report.

Japanese and Chinese stocks rose on Monday but other Asian markets declined, crude prices fell further and US shares appeared headed for a lower opening as jittery traders watched for more fallout from Britain’s vote to exit the European Union.

Anand James, chief market strategist, Geojit BNP Paribas Financial, said: “Japan’s currency intervention helped Asian markets to stage a recovery from the blow dealt by Brexit uncertainty. Signals from European markets remained weak, while impending decision on 7th Pay Commission left markets undecided on whether to cheer the possible hike in consumption or to weigh the possible burden of Rs 1.02 lakh crore on the exchequer. This ensured that volatility remained the dominant theme in the day.”

Nifty closed almost unchanged in a volatile trading session on Monday, giving some respite to the traders after Friday’s fall.

Meanwhile, NSDL data showed foreign investors pulled out Rs 1,690 crore from debt and equity segments on Friday when the market encountered huge volatility over Brexit. They sold stocks worth Rs 577 crore and debt worth Rs 1,113 crore.

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