Black Friday! Indian markets crash after Britain exits EU
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Its officially Black Friday, Britain voting to leave the European Union has severly impacted Indian markets, The S&P BSE Sensex lost 1002 points to quote at 26,000 and the Nifty50 shed 314 points to trade at 7,956 said a report in The Buisness Standard. In the broader market, BSE Midcap and Smallcap indices are trading lower by over 3 % each in line with the larger counterparts. "Market has breached 8,000 levels and once the event is out of the way so any recovery one should reduce position as 7,500 could be on cards," said AK Prabhakar, head-research, IDBI Capital.
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The Indian rupee lost 1% in opening trade on early trends that Britain would leave the European Union following a nationwide referendum. The rupee opened at 67.88 a dollar, from its previous close of 67.25 a dollar, but fell to 68 a dollar within a few minutes of opening trade,  not very far from its lifetime low of 68.85 a dollar reached on 28 August 2013. At 9.17, rupee was trading at 68.18 a dollar.
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"8330 remains a significant level to track as 'Spinning Top' formation near the resistance re-confirms the significance of the level. A sustained breach above the same would eject the nifty out of the ongoing consolidating range of 8300-8160 & push it towards 8450.While a breach below 8160 would activate the bearish momentum," adds Sacchitanand Uttekar, Equity Technical Analyst, Motilal Oswal Securities.
Meanwhile, as gold at the highest level since July 14, 2015 as official results so far from a British referendum pointed to a victory for a campaign to exit the European Union.Rupee crosses 68, loses more than 1% on Brexit trends
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.
US stock futures plunged, as results of the UK referendum on European Union membership pointed toward a vote to leave the bloc after more than four decades of membership, fanning speculation that a divided Europe would put another brake on already fragile global growth. S&P 500 Index contracts slumped 4.9%, joining losses in equity futures in the UK.
Tata Motors cracked 8%,  Hindalco lost 4%, Motherson Sumi lost 9%, Lupin and Dr Reddy’s Lab lost 2% and 1.3% respectively. Commodity brokers worry as clients' bets go wrong in opening.Â
