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Indian Stock Market News, Equity Market and Sensex Today in India | Equitymaster
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Brexit Worry Drags Market Down
Fri, 24 Jun 09:30 am

Major Asian stock markets have opened the day deep in red with stock markets in Japan and Hong Kong are trading lower by 7% and 3.8% respectively. Benchmark indices in Europe and the US ended their previous session in green with stock markets in the UK ending the day higher by 1.2%. The rupee is trading at 67.37 per US$.

Indian stock markets have opened the day on a very weak note ahead of the 'Brexit' vote counting. Reportedly, the voting trends suggest that there is a likelihood that Britain would leave the European Union. Yesterday, Rahul Shah wrote an interesting piece on how you should prepare for a post Brexit world. Click here to read this mind boggling piece.

The BSE Sensex is trading lower by 777 points (down 2.9%) and the NSE Nifty is trading lower by 252 points (down 3%). BSE Mid Cap and BSE Small Cap are trading lower by 2.6% and 3.1% respectively.

Major sectoral indices have opened the day in red with stocks from metal, auto and realty sector bearing the maximum brunt.

As per an article in Livemint, Sun Pharmaceutical is set to buy back 7.5 million shares from the public. The buy back price is set at Rs 900 each. This price is almost at a 20% premium over yesterday's closing price of Rs 751.7. Further, the record date for the buy back is 15 July 2016.

The company stated that the buyback is intended to return the surplus funds to the shareholders and enhance the overall returns for them. Further, the promoter's shareholding post buy back would not fall below their current aggregate percentage shareholding. Currently, the promoter holding stands at 54.97%.

The stock of Sun Pharma is trading up by 0.9%.

In another news update, the monsoon is expected to cover most parts of the country in the next 3-4 days. Reportedly, the advance of south-west monsoon over various parts of west and central India this week reduced the season rainfall deficit from 23% last week to 17% this week.

Further, Indian Meteorological Department in its bulletin stated that the conditions were favourable for further advance of the monsoon into the remaining parts of west Madhya Pradesh and some parts of east Rajasthan during the next 3-4 days.

Moreover, Indian Meteorological Department (IMD) predicted above normal rains. The agency stated that the monsoon rainfall will be 106% of the long period average and there is a 94% probability that the monsoon will be normal to excess. Reportedly, the monsoon is considered normal when the rainfall is 96 to 104% of the Long Period Average (LPA) and is considered above normal when it is 105% to 110% of LPA.

A normal monsoon will lead to higher disposable income in the hands of farmers, which in-turn will boost the rural consumption. To add to this, a normal monsoon will also help to keep the inflation at low levels.

The possibility of a good monsoon would also increase the chances of the country's central bank retaining its easy money policy.

Here is Vivek Kaul's take on why monsoon matters so much for India. Click here to read this interesting piece.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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