Nifty plummets 182 points on Brexit meltdown

Market benchmark Nifty took a sharp plunge of 181.85 points to close at 8,088.60, its biggest single-day fall in over four months, triggered by global tailspin after Britain voted to exit the European Union.

 

The market opened amid intense volatility as weak Asian cues led to an across-the-spectrum unwinding in equities. The index tumbled below the key 8,000-level to 7,927.05 during intra-day trade before recovering some lost ground due to value-buying amid supportive statements from Finance Minister Arun Jaitley and RBI Governor Raghuram Rajan.

 

Britain voted to leave the European Union, jolting the 28-nation bloc as well as prompting Prime Minister David Cameron to announce his resignation.

 

Sharp fall in the rupee to a four month-low of Rs 67.96 also weighed on the market.

 

Asian and European markets sank, reacting to the referendum outcome.

 

The 50-share index resumed with sharp fall at 8,029.10 and tumbled to a low of 7,927.05 and recovered to 8,100.70, before closing at 8,088.60, showing a loss of 181.85 points or 2.20 percent.

 

Sector-wise, realty tumbled 4.07 per cent, followed by Metal (3.76 per cent), auto (2.69 percent), private banks (2.67 percent), banks (2.61 per cent), PSU banks (2.48 percent), IT 2.47 percent), infrastructure (2.44 percent), financials (2.42 per cent), commodities (2.05 percent), energy (2.02 per cent) and FMCG (1.31 per cent).

 

Major losers were Tata Motors (7.90 per cent), Vedanta (6.91 per cent), Tata Motors DVR (6.64 per cent),  Tata Steel (6.38 percent), Hindalco (5.33 per cent), TechM (4.57 percent), L&T (4.54 percent), ICICI Bank (4.13 percent), HCL Tech (3.63 percent), Bank of Baroda (3.32 percent) and Axis Bank (3.02 percent).

 

A total of 1,241 scrips fell, 337 gained while 52 were unchanged.

 

Turnover in cash segment jumped to Rs 24,652.06 crore from Rs 14,007.09 crore yesterday. A total of 14,277.63 lakh shares changed hands in 92,28,790 trades.

 

The market capitalisation of NSE stood at Rs 97,80,513 crore.