Mumbai: Markets have opened sharply lower, amid weak Asian cues, after early counting on the EU referendum indicate that ‘leave’ votes are slightly more than ‘remain’. Sharp decline in the rupee further accentuated the fall.
At 10:41 am, the S&P BSE Sensex lost 1010 points to quote at 25,991 and the Nifty50 shed 304 points to trade at 7,965.
Even as the media reported that the United Kingdom had voted to leave the 28-nation European Union in historic referendum, global stock markets have plummeted.
The sensex has opended sharply lower, down 940.07 points or 3.5 percent at 26062.15, and the Nifty down 287.70 points or 3.5 percent at 7982.75. About 57 shares have advanced, 1065 shares declined, and 18 shares are unchanged. Tata Motors is down 10 percent.
Rupee nosedives 74 paise against US dollar to 67.99 in early trade as leads show ‘Leave’ camp ahead in ‘Brexit’ referendum vote.
Asian markets pared early gains and turned negative after investors turned sellers after initial results of the EU referendum indicated probability of Britain leaving the European Union compared to the earlier opinion poll predictions of ‘remain’.
Shares in Japan were the top losers with the Nikkei down over 3% while the Shanghai Composite was down 0.6%.
Shares in Hong Kong were also sharply lower with the Hang Seng down nearly 3% while the Straits Times eased nearly 1%.
US stocks ended over 1% higher on Thursday after opinion polls indicated that the Britain is most likely to remain a member of the European Union.
The Down Jones industrial average ended up 1.3% at 18,011, the S&P 500 ended up 1.3% at 2,113 and Nasdaq Composite ended up 1.6% at 4,910.