Gap down opening seen as Brexit fears loom

Markets are likely to open lower after early counting on the EU referendum indicate that 'leave' votes are slightly more than 'remain'.

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'.

The early indicator SGX Nifty was down 204 points at 8,096.

GLOBAL MARKETS

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.


STOCKS TO WATCH

Sun Pharma's board approved announced a Rs 675-crore buyback offer, to purchase up to 7.5 million equity shares. The board fixed a price of Rs 900 a share, a premium of 19.7 per cent over Thursday's closing Rs 751.70.

The race for Reliance Communications' tower business is likely to resume with the company is eyeing Rs 20,000 crore from the sale.

Goa Carbon said that the operations at the Company’s Bilaspur Plant located at 34-40, Sect B, Sirgitti Industrial Area, Bilaspur (Chattisgarh) has been temporarily shut down for maintenance work from June 22, 2016.

Shilpa Medicare informed that its board will meet on June 27, 2016, inter alia, to consider a proposal of merger of Navya Boilogicals Private Limited with the Company.

Shree Renuka Sugars (SRSL) has signed a share sale agreement with a large Mauritius-based fund to sell its five per cent remaining stake in the National Commodity and Derivatives Exchange Ltd (NCDEX).

Omax Autos informed that its Railway Division has successfully secured order for supply of Railway parts from Indian Railways for order value estimated between Rs. 90-100 crore.

State Bank of India  plans to raise $1.5 billion from foreign markets via bonds to fund its expansion and pay off securities maturing in the year.

India on Thursday launched a pilot project aimed at introducing compressed natural gas (CNG) as fuel for two-wheelers. The project, nick-named "Hawa Badlo", is being implemented by Delhi's city gas distributor Indraprastha Gas Ltd (IGL) and its parent firm, GAIL (India).