Daily Market Commentary : 24th June 2016

The Indian equity market ended with sharp cuts on Friday(24th June) after Britain voted to leave the European Union fueling a wave of global uncertainty. Indices opened with a huge gap down with the NSE Nifty breaching past the 7950 mark while BSE Sensex tumbled over 1000 points. However, benchmarks began staging a smart come back in the second half. The pound collapsed to a 31-year low and there was pandemonium in the currency markets as well crude oil too slipped sharply. Nifty closed with a loss of 182 points at 8,089, while BSE Sensex ended with a loss of 605 points at 26,398.

On the global front, Asian markets ended in red. In China, the Shanghai Composite index ended 1.34%. Hong Kong’s Hang Seng index closed 3% lower, while Nikkei 225 cracked 8.6%.

European stocks faced the heat following after Britain voted to leave the European Union in a landmark referendum. The FTSE 100 was trading down 5%. DAX and the CAC 40 are down over 7.5% respectively.

Omax Autos climbed 3.4% to Rs.66.50 on BSE. The company has announced that Railway Division of the Company has successfully secured order for supply of Railway parts from Indian Railways for order value estimated between Rs. 90-100 crores. Formal Purchase Order would be received by the company in due course of time.

Gujarat Industries Power Company dropped 1.2% to Rs.86.50 on BSE. The company has informed BSE that GIPCL has emerged as successful Bidder in the e-Reverse auction held on June 23, 2016 for selection of Bidder for another 40 MW Solar Power Project in Gujarat Solar Park, Village Charanka, Dist. Patan, Gujarat under NSM Phase-ll, Batch IV.

Tata Motors plunged 8% to Rs.449 on Brexit jitters.

Bank of India slipped 1.6% to Rs.94.90. The bank has announced that the Bank has raised Rs.1000 crore by issue of Basel-Ill Compliant Additional Tier I Bonds (Series-ll).

Glenmark Pharmaceuticals dropped 2% to Rs.759.10 on BSE. The company has been granted tentative approval by the US Food & Drug Administration (U.S. FDA) for Olmesartan Medoxomil Tablets, 5 mg, 20 mg and 40 mg, the generic version of Benicar Tablets of Daiichi Sankyo, Inc.

Sun Pharmaceuticals Industries Ltd closed marginally higher 0.27% to Rs.754. The company on Thursday said it will buy back 7.5 million shares from the public at a price of Rs.900 each. The buyback price, announced after market hours on Thursday(23rd June), is almost 20% above the company’s last traded price of Rs.751.70 on the BSE.

USDINR trade today trading down 69 paise at 67.94 per US dollar.

Out of 1,429 stocks traded on the NSE, 1,110 declined and 278 advanced today

Top 5 Nifty Gainers: Dr. Reddys Lab (1.96%), SBI (1.40%), Hind. Unilever (1.09%), BHEL (0.97%) and L&T (0.89%).

Top 5 Nifty Losers: TCS (-2.22%), Infosys Ltd Axis Bank (-1.48%), Maruti Suzuki (-1.45%), Wipro (-0.94%) and Tata Steel (-0.93%)

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