Sensex, Nifty open flat ahead of Brexit vote

The market on Wednesday opened flat ahead of crucial Brexit vote. The Sensex traded down 0.55 points at 26812.23, and the Nifty too witnessed a downfall of 2.05 points at 8217.85.

Shares such as Dr Reddy's Labs, BHEL, Sun Pharma, Hero MotoCorp and ICICI Bank gained while HUL, ITC, Maruti, HDFC and Tata Motors were amongst the losers.

The Indian rupee declined in the early trade as it opened lower by 10 paise at 67.59 per dollar against previous close of 67.49.

The dollar edged after news that a new poll on Britain's referendum on European Union membership showed growing support for the leave camp, pushing down the euro and sterling.

Euro dropped the most in a week after European Central Bank President Mario Draghi reiterated his willingness to act to bolster inflation.

"The rupee is expected to trade sideways in a range of 67.20-67.80/dollar considering mixed cues from global equity markets, the dollar index and nervousness ahead of the EU referendum," stated the market experts.

A mega cabinet meet is set to consider the new textile policy and the upcoming spectrum auction today. The new textile policy is aimed at increasing production and productivity of textile sector, generating more employment, bringing down the cost of production, penetrating into newer markets, introducing more value added products and also focusing both on exports and domestic markets.