Sensex edges up as Britain votes on EU referendum

REUTERS - Indian shares edged up in thin trade on Thursday as Britons began voting on a referendum on whether Britain should remain a part of the European Union.

Opinion polls taken before the vote indicated the outcome is far too close to forecast, with results expected to be out on Friday in India.

Most polls put the "Leave" and "Remain" camps neck-and-neck at the end of the campaign that was dominated by immigration and the economy, and shaken by the murder of a pro-EU MP, though late on Wednesday two showed a swing to "Remain".

Shares of companies with considerable exposure to Europe traded mixed, with Tata Motors Ltd and Bharat Forge Ltd recovering some ground after Wednesday's losses and software services exporters trading lower.

 

Investors just want the Brexit vote to pass, as they have hedged their positions substantially, said Harjit Singh, deputy research head of Aldmondz Global Securities Ltd.

"There is an appetite at the lower level should markets react," he said.

The benchmark BSE Sensex was up 0.28 percent as of 0825 GMT, while the broader NSE Nifty was 0.21 percent higher.

Tata Motors gained 2.17 percent, recovering from a fall of 3.47 percent in the previous session after Reuters reported unit Jaguar Land Rover's annual profit could be cut by 1 billion pounds if Britain left the 28-member trading bloc.

Bharat Forge Ltd rose 1.78 percent, also recovering from Wednesday's decline.

But software services exporters fell, with Tech Mahindra down 1.15 percent and HCL Technologies Ltd 1.10 percent lower.

Healthcare stocks led the gains, with Natco Pharma Ltd rising as much as 8.1 percent after CNBC-TV18 tweeted that the company won U.S. FDA approval for ulcer drug glycopyrrolate.

Sun Pharmaceutical Industries Ltd rose as much as 2.4 percent ahead of the company's board meeting to consider a share buyback plan.

(Reporting by Arnab Paul in Bengaluru; Editing by Subhranshu Sahu)