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Sensex ranged as markets on tenterhooks ahead of Brexit vote

Shares of TCS, Reliance Industries, L&T, ICICI Bank, NTPC, Cipla and ONGC declined 1-3 percent while HDFC Bank, ITC, Tata Motors, Sun Pharma, Lupin and Dr Reddy's Labs gained 1 percent each.

June 23, 2016 / 01:03 PM IST

Moneycontrol Bureau12:59 pm Market Update: Equity benchmarks bounced back in afternoon trade. The Sensex rose 60.90 points to 26826.55 and the Nifty gained 13.90 points at 8217.60.However, the market breadth remained negative as about 1412 shares declined against 927 advancing shares on BSE. 12:45 pm Europe opens: European stocks opened slightly higher with investors remaining cautious as U.K. voters go to the polls for a referendum on European Union (EU) membership.

The pan-European STOXX 600 was up 0.42 percent.

Markets appear cautiously optimistic ahead of the UK vote on EU membership, although opinion polls ahead of the vote wavered between giving the leave side and the remain side the lead.

However, the latest polls by ComRes, conducted for the Daily Mail newspaper and ITV television, and YouGov for The Times newspaper in London, showed a last-minute increase in the number of voters supporting the remain campaign.12:40 pm Biocon in news: Biopharmaceutical firm Biocon today said the Drug Controller General of India (DCGI) has given nod to it and partner Quark Pharmaceuticals to proceed with clinical trials on human subjects for a new drug candidate, 'QPI-1007' aimed for ocular neuroprotection.

Biocon and Quark Pharmaceuticals also announced the randomisation of the first patient in India in the global Phase II/III study of the new drug candidate, the company said in a statement.

Randomisation is the allocation of subjects to treatment groups to prevent selection and accidental bias.

12:20 pm FII View: Market is not anticipating the UK leaving the European Union. However, if Brexit happens, then Indian market will correct 4-5 percent, says Prabhat Awasthi of Nomura Financial Advisory. India, he says, is aptly insulated.This dip, in case of a Brexit happen, is a certain buying opportunity. Recovery in India is getting more broad-based. “There will be a market impact and less of an economy impact,” he says.Awasthi expects the monsoon to aid to this growth and return of balance between urban and rural themes. Sensex is likely to touch 28,000-30,000 levels by December-end and 15-20 percent returns are expected, he says.Also read - Even if Britain remains, Rajan effect to impact India: Mecklai12:00 pm Market Check

The market remained directionless in noon trade as globally investors remained on edge ahead of the UK vote on whether to leave the European Union (EU).

The 30-share BSE Sensex fell 15.43 points to 26750.22 and the 50-share NSE Nifty declined 10 points to 8193.70. The market breadth remained negative as about 1419 shares declined against 793 advancing shares on Bombay Stock Exchange.

Shares of TCS, Reliance Industries, L&T, ICICI Bank, NTPC, Cipla and ONGC declined 1-3 percent while HDFC Bank, ITC, Tata Motors, Sun Pharma, Lupin and Dr Reddy's Labs gained 1 percent each.

Oil prices rose in Asian trading, shrugging off a smaller than expected decline in US stockpiles as the market waited with bated breath for the result of Britain's "Brexit" vote.

Brent crude futures were up 0.3 percent at USD 50.04 a barrel and US crude futures gained 0.3 percent at USD 49.28 a barrel.

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