Brexit: Sensex tanks 604 points, Nifty tad below 8100; Tata Motors down 8%

3:30 pm Market Closing: The Sensex recouped 500 points loss in last couple of hours of trade, especially after recovery in Europe but still ended sharply lower after the UK voted to leave European Union.

The index fell 604.51 points or 2.24 percent to 26397.71 and the Nifty slipped 181.85 points or 2.20 percent to 8088.60.

About 1823 shares declined against 709 advancing shares on BSE.

Tata Motors cracked 8 percent and Tata Steel fell 6 percent as both companies have huge exposure to Europe.

European markets were down 5-8 percent.

3:15 pm Rajan to provide liquidity: Reserve Bank Governor Raghuram Rajan today promised to provide liquidity and correct any disorderly market behaviour following UK's vote to walk out of the European Union, saying that after initial investor worries over Brexit, funds should return to India.

He said he was concerned about currency intervention by nations to create a competitive advantage and asked Central banks around the world not to cause currency devaluations.

RBI, he said, is watching all markets both internationally and domestically and "will provide domestic or foreign liquidity in appropriate amounts".

As of now, Rajan said in a concall from Basel, all the markets seem to be working and "if there are disruptions in the markets and liquidity is not available from certain quarters, we are fully ready to provide whatever liquidity is needed... Both dollar liquidity as well as rupee liquidity".

3:05 pm Swiss currency: Switzerland's central bank said today it had "intervened" in the foreign exchange market to stabilise the Swiss franc, considered a safe haven currency, following the so-called Brexit vote.

"Following the United Kingdom's vote to leave the European Union, the Swiss franc came under upward pressure," the banks said in a statement, adding that it had "intervened in the foreign exchange market to stabilise the situation and will remain active in that market."

As the result of the vote became clear, the Swiss franc strengthened considerably against the European single currency.

3:00 pm Market recovers further: The Sensex recovered nearly half of its losses in last hour of trade, down 578.72 points or 2.14 percent to at 26423.50.

The Nifty declined 174.85 points or 2.11 percent to 8095.60. About three shares declined for every share advancing on Bombay Stock Exchange.

2:50 pm Asia update: Asian stocks cratered, gold prices surged and the dollar briefly plunged below 100 against the yen on Friday as financial markets were rocked by results from the UK referendum on European Union (EU) membership that pointed to a Brexit.

In Japan, the Nikkei 225 tumbled 1,286.33 points, or 7.92 percent, to 14,952.02 on the back of fresh strength in the yen. Japan's Nikkei futures were briefly halted from trading for the first time since May 23, 2013, according to Reuters.

Across the Korean Strait, the Kospi lost 61.47 points, or 3.09 percent, to 1,925.24.

Australia's ASX 200 dropped 167.50 points, or 3.17 percent, to 5,113.18, as stocks with exposure to the UK tumbled.

2:40 pm Market expert: After Brexit, Sanjay Dutt of Quantum Securities says the market will remain volatile in the medium-term.

He feels central bankers will come forward to bring market stability. He advises investors to stay away from stocks over-owned by FIIs.

Dutt says market will start focussing on domestic factors in short-term.

2:35 pm Unichem in news: Drug firm Unichem Laboratories has received approval from the US health regulator for it's Donepezil Hydrochloride tablets used for improving cognition and behaviour of people suffering with Alzheimer's disease.

The company has "received abbreviated new drug application (ANDA) approval from the United States Food and Drug Administration (USFDA) for Donepezil Hydrochloride tablets USP," Unichem Laboratories said in a filing to BSE.

The company's product in the strengths of 5mg and 10mg is generic version of Eisai Inc's Aricept tablets in the same strengths, it added.

"The product will be commercialised from Unichem's Goa plant. Active Pharmaceutical Ingredient will also be made in house at Roha API plant," Unichem Laboratories said.

2:30 pm Brexit effect on IT: Brexit is "negative" for the Indian IT industry in the short, and medium-term, former CEO and Managing Director of software major Infosys S Gopalakrishnan said today.

Stating that uncertainty is not good for industry in general, and currency movements are going to be unpredictable at this point of time, he said one does not know now whether this is going to trigger a cascading set of reactions.

"So, in the short term, this uncertainty is not good for industry and it will be negative for IT industry too because of the uncertainty," the former President of Confederation of Indian Industry told PTI.

"Having said that, may be in the medium-term, a lot of these changes would trigger changes in IT systems. That means, some additional business for IT. In the short-term and probably in the medium term, this uncertainty is not going to be good for the IT industry," the Chairman of Axilor Ventures said.

2:25 pm Tata Steel and Thyssenkrupp are poised to agree on merger of European steel business, reports Reuters.

Both companies could each hold 50% in merged steel company and may sign MoU on european steel merger in a few weeks.

2:20 pm Moody's on Brexit: The UK's decision to leave the European Union will lead to a prolonged period of uncertainty that will weigh on the country's economic and financial performance and will be credit negative for the UK sovereign and other rated entities, Moody's Investors Service said in a report published today.

It believes heightened uncertainty during negotiations over new arrangements between the UK and the EU will likely dent investment inflows and consumer and business confidence in the UK, weighing on its growth prospects.

While Moody's does not expect "Brexit" to have major credit implications for most EU-based issuers, the outcome of the nationwide June 23 referendum could increase the risk of political fragmentation within the EU if popular support for the bloc fades among member states, it says.

2:15 pm Japan govt on yen: Japan's government issued the latest in long-running series of hints that it will intervene on the yen, which surged more than 7 percent today in the wake of the UK's Brexit vote.

But at least one economist believes that, unlike on previous occasions, Japan may actually do so.
Finance Minister Taro Aso said today that the government stood ready to respond to "extremely nervous moves" in the market after the UK appeared to have voted to exit the European Union (EU), according to a Reuters report of his comments.

That was the latest in a months-long stream of government jawboning to try to stem the yen's appreciation.

The yen rocketed after the likely Brexit vote, with the dollar fetching just 101.51 yen.

2:10 pm Macquarie on currencies: UK leaving the European Union is like 'blind leading blind' situation with no visibility for investors, says Viktor Shvets of Macquarie.

''Brexit is not the right answer for global economy or global investors, but for UK,'' he says.

Speaking to CNBC-TV18, Shvets says that Brexit is a systematic risk. Going forward, one can wait and see what steps policy makers and central banks take.

Globally, central banks will have to coordinate with each other to control volatility from spiking up in the near-term. The main question is how pound will move in the next few months. Shvets believes that the pound is likely to appreciate.

2:00 pm Market Check
The market continued to bleed though it recouped nearly 400 points losses on the Sensex in afternoon trade following recovery in Europe. The United Kingdom's decision to leave European Union hurt market sentiment globally today.

The 30-share BSE Sensex fell 687.60 points or 2.55 percent to 26314.62 and the 50-share NSE Nifty slipped 213.45 points or 2.58 percent to 8057. The market breadth was recovered a bit as about five shares declined for every share falling against earlier ratio of 10:1.

France's CAC, Germany's DAX and Britain's FTSE reduced its losses to 4-7 percent from 7-10 percent earlier, led by short covering as investors digested Brexit event.

1:55 pm The Bank of England said it would take all necessary steps to shield Britain's economy from the shock decision by voters to pull the country out of the European Union which caused immediate turmoil on financial markets.

"The Bank of England is monitoring developments closely," it said in a statement after the referendum victory of the "Leave" campaign triggered a 10 percent fall in the value of sterling and a slump in government bond yields to a new record low.

"It has undertaken extensive contingency planning and is working closely with Her Majesty's Treasury, other domestic authorities and overseas central banks."

1:45 pm Views on EU: UK leaving the European Union is like 'blind leading blind' situation with no visibility for investors, says Viktor Shvets of Macquarie.

''Brexit is not the right answer for global economy or global investors, but for UK,'' he says. Speaking to CNBC-TV18, Shvets says that Brexit is a systematic risk. Going forward, one can wait and see what steps policy makers and central banks take.

Globally, central banks will have to coordinate with each other to control volatility from spiking up in the near-term. The main question is how pound will move in the next few months. Shvets believes that the pound is likely to appreciate.

1:35 pm IT cos: The National Association of Software and Services Companies (Nasscom) termed the Brexit announcement as a phase of uncertainty in the near term but a mix of challenges and opportunities in the longer term.

According to Nasscom, decline British pound may render many existing contracts losing propositions unless they are renegotiated. "The uncertainty surrounding protracted negotiations on the terms of exit and/or future engagement with EU could impact decision making for large projects. Indian IT companies may need to establish separate headquarters/ operations for EU, may lead to some disinvestment from UK. Skilled labour mobility across EU and UK could be impacted.Changes in the financial system, banks and impact on currency could ensue," it says in a statement.

1:30 pm Debt securities: Leading bourse National Stock Exchange (NSE) will auction investment limits for overseas investors on Monday for the purchase of government debt securities worth Rs 6,949 crore.

The auction will be conducted on NSE's e-bid platform from 1530 hrs to 1730 hrs, after the close of market hours.

The debt auction quota gives overseas investors the right to invest in debt, up to the limit purchased. According to the latest data with depositories, total investment in government debt has reached Rs 1,33,051 crore till yesterday, which is 95.04 per cent of total permitted limit of Rs 1,40,000 crore.

1:25 pm Market recovery: Nifty recovered 90 points from day's low while Sensex recovered 280 points from day's low. The Sensex is down 840.89 points or 3.1 percent at 26161.33, and the Nifty down 263.40 points or 3.2 percent at 8007.05. About 318 shares have advanced, 2025 shares declined, and 121 shares are unchanged.

1:20 pm Yen: Japan's government issued the latest in long-running series of hints that it will intervene on the yen, which surged more than 7 percent on Friday in the wake of the UK's Brexit vote.

But at least one economist believes that, unlike on previous occasions, Japan may actually do so.
Finance Minister Taro Aso said on Friday that the government stood ready to respond to "extremely nervous moves" in the market after the U.K. appeared to have voted to exit the European Union (EU), according to a Reuters report of his comments.

1:15 pm RBI governor interview: Speaking exclusively to CNBC-TV18 Raghuram Rajan took questions from Latha Venkatesh and Udayan Mukherjee on a wide variety of topics -- the most on Brexit and its ramifications.

The RBI governor said that all of us had sneakily suspected that the UK opinion polls didn't reflect the true intent. "Hopefully, saner minds will prevail as we look back on this episode and people see the costs of leaving," he said.

Brexit reflects the mood of a people who are tired of engaging with the world and with immigrants, Rajan said. UK does face an uphill task in managing its current account deficit, he added. Don't miss: Tata Motors tanks 15% as Brexit shock raises UK biz concerns

The market carnage continues on Dalal Street. The Sensex is down 885.11 points or 3.3 percent at 26117.11, and the Nifty is down 278.85 points or 3.4 percent at 7991.60. About 281 shares have advanced, 2030 shares declined, and 112 shares are unchanged.

Tata Motors, Tata Steel, ICICI Bank, Axis Bank and L&T are losers in the Sensex. Currency market is seeing wild moves with the pound falling around 10 percent today.

Gold prices breached the Rs 32,000 per 10 gram mark by climbing Rs 1,944 per 10 gram in futures trade today amid a firm global trend as the rupee breached the 68-mark against the dollar. Market analysts attributed rise in gold prices at futures trade to sliding rupee which tumbled to a low of Rs 68.21 (intra-day) by plunging 96 paise, making dollar-quoted precious metal expensive.

Besides, a firming trend in global markets where gold surged to the highest level in more than two years in a frantic global hunt for haven assets as Britain's voters were projected to back leaving the European Union after a historic poll, supported the upside, they added.

12.59 pm The Sensex plummeted 891.18 points or 3.30 percent to 26111.04 and the Nifty fell 278.85 points or 3.37 percent to 7991.60. The market breadth remained negative as about seven shares declined for every share advancing on Bombay Stock Exchange.

Tata Motors topped the selling list on Sensex after Britain's referendum outcome, falling 11 percent. Its another group company Tata Steel fell 9 percent as both companies has significant exposure to Europe.

Among others, ICICI Bank, HDFC Bank, Reliance Industries, L&T, Axis Bank, Infosys, TCS, HDFC, ITC, SBI and Maruti were down 2-6 percent.

12:55 pm Gold Update: Gold prices breached the Rs 32,000 per 10 gram mark by climbing Rs 1,944 per 10 gram in futures trade today amid a firm global trend as the rupee breached the 68-mark against the dollar.

At the Multi Commodity Exchange, gold for delivery in far-month October went up by Rs 1,941 or 6.45 percent to trade at Rs 32,103 per 10 gram in a business turnover 544 lots.

Similarly, the yellow metal for delivery in August surged by Rs 1,935 or 6.47 percent to Rs 31,849 per 10 gm in 7,153 lots.

Market analysts attributed rise in gold prices at futures trade to sliding rupee which tumbled to a low of Rs 68.21 (intra-day) by plunging 96 paise, making dollar-quoted precious metal expensive.

12:50 pm David Cameron says he will resign as UK Prime Minister in October.

"UK should have new Prime Minister in place by October," he says.

12:45 pm After referendum outcome, UK PM David Cameron says will of British people must be respected.

"We want to reassure markets & investors, Britain's economy is strong," he adds.

He believes UK has made great progress in the last 6 years and must now prepare for negotiations with EU.

12:40 pm India to strengthen ties with UK, EU: As Britain voted to leave the European Union in a landmark referendum, India today said it values its ties with both the UK and EU and will strive hard to strengthen these relationships in the years ahead.

"We have seen the results of the British referendum on EU membership reflecting the choice made by the British people on the issue. We value our multifaceted relationships with both the UK and the EU and will strive to further strengthen these ties in the years ahead," External Affairs Ministry Spokesperson Vikas Swarup said.

Swarup made the remarks here as he is part of the delegation accompanying Prime Minister Narendra Modi for the Shanghai Cooperation Organisation (SCO).

12:35 pm Pound collapses: The news (UK leaves EU) sent sterling into freefall and its lowest level against the dollar since 1985 in the early hours of Friday morning at around USD 1.3407. Sentiment on the currency was dampened further when HSBC forecast that sterling could fall to USD 1.20 by the end of the year, with Societe Generale suggesting a similar movement.

12:32 pm Europe opens: European stocks plummeted at the open as the UK voted to leave the European Union, sending the pound tanking as much as 10 percent against the dollar and oil prices spiralling downwards.

The pan-European STOXX 600 was down 7.6 percent.

Germany's DAX index tanked 10 percent, London's FTSE 100 fell 7.6 percent and the French CAC slid 7.7 percent.

British citizens voted on Thursday on the country's future membership of the EU with polls prior to the referendum showing the remain camp ahead. But as results came through in the early hours of the morning, the leave camp was ahead, stealing a win for the Brexit campaign.

12:28 pm After UK's exit, Tata Motors says nothing will change for the company or automotive industry overnight. "We are committed to manufacturing sites & investment decisions in UK.

12:25 pm Buzzing: Equities, currencies, bonds and oil markets fell sharply after the United Kingdom decided to leave the 28-nation European Union but the safe-haven gold bucked the trend.

Gold prices jumped to the highest in nearly two years on concerns that Brexit may force Europe into a recession, hurting the global economy.

Gold futures were up 4.7 percent at USD 1,322.60 an ounce in international markets. In India, gold was trading at Rs 31,567 per 10 gram, up 5.5 percent (at 11:57 hours IST).

The rally in precious metal reflected in gold exchange traded funds as well. Birla Sun Life, Goldman Sachs, ICICI Prudential, Kotak, IDBI gold ETFs etc gained 2-7 percent.

12:20 pm Wealth erosion: Playing havoc, UK's vote to exit European Union knocked off nearly Rs 4 lakh crore from the investors' wealth in Indian stock markets within minutes they opened for trading this morning.

The total investor wealth, measured in terms of cumulative value of all listed stocks including that of promoters, fell below Rs 98 lakh crore level early morning as reports from the UK showed Britain voting against remaining with the EU block.

This marked a plunge of nearly Rs 4 lakh crore from Rs 101.4 lakh crore at the end of yesterday's trade.

12:15 pm European markets are likely to open sharply lower after the UK voted in favour of "leave camp" in referendum.

Germany's DAX futures crashed more than 1000 points and FTSE & CAC futures fell 500 points each, indicating weak opening.

12:05 pm FII View: Talking to CNBC-TV18, Andrew Holland, Chief Executive Officer (CEO), Ambit Investment Advisory, asks investors in India to stay away from the markets, till there is a reaction from Europe. There may be a long period of volatility in the markets, but he suggests staying away in the near-term.

Calling it a huge negative shock, he said the ramifications are going to be far reaching. The biggest fear he said would be if the entire Europe would disintegrate.

The UK banks are going to suffer. This will have an effect on the European banks as well.

12:00 pm Market Check
The market continued to bleed in noon trade following the crash in global peers after the United Kingdom decided to leave European Union.

The 30-share BSE Sensex fell 1,020.78 points or 3.78 percent to 25981.44 and the 50-share NSE Nifty slipped 320.95 points or 3.88 percent to 7949.50. About 8 shares declined for every share advancing on Bombay Stock Exchange.

Gold jumped nearly 5 percent to the highest in nearly two years and oil prices slumped by more than 4 percent after results of a landmark referendum showed Britain had voted to leave the European Union, causing huge market uncertainty and fracturing European efforts to forge greater unity.

US crude was down 4.4 percent at USD 47.90 a barrel and Brent crude was down 4.36 percent at USD 48.69 a barrel. Gold futures rallied 4.82 percent to USD 1324 an ounce.

11:53 am JLR reacts to Tata Motors: We respect the views of the British people and in line with all other businesses, Jaguar Land Rover will manage the long-term impact and implications of this decision: nothing will change for us, or the automotive industry, overnight.

Europe is a key strategic market for our business, comprising 20 percent of global sales, and we remain absolutely committed to our customers in the EU.

There will be a significant negotiating period, and we look forward to understanding more about that as details emerge. We look forward to working with the British Government and the automotive sector to ensure that the UK's automotive industry remains as competitive as ever, and that negotiations between the UK Government and the EU will continue to recognise the importance of car manufacturing to the UK and European economies.

11:50 am RBI action: The Reserve Bank of India likely sold dollars around 68.20 rupee levels through state-owned banks to prevent the rupee from falling further, three traders said on Friday, adding that appeared to be the level the central bank was keen on defending.

The Indian rupee was trading at 68.1225/68.1300 to the dollar at 9.24 a.m. after tumbling to as low as 68.22 to the dollar, its weakest since March 1.

The currency had closed at 67.25/67.26 per dollar on Thursday.

11:45 am FM's views: Finance Minister Arun Jaitley today said India is well prepared to deal with short and medium term consequences of Britain exiting the European Union and has solid immediate and medium-term firewalls in form of healthy forex reserves.

Stating that the verdict of the referendum will add to the volatility in the global markets, he said all countries around the world will have to brace themselves for a period of possible turbulence while being watchful about, and alert to, its medium term impacts.

"As regards the Indian economy, we are well prepared to deal with short and medium term consequences of Brexit," he said in a statement.

11:40 am Exclusive Governor Raghuran Rajan Says central bankers have to get together for currency stability. He says that there are some movement in currencies is warranted and is worried about global currency devaluation

11:35 am UK knocks off Indian money: Playing havoc, UK's vote to exit European Union knocked off nearly Rs 4 lakh crore from the investors' wealth in Indian stock markets within minutes they opened for trading this morning.

The total investor wealth, measured in terms of cumulative value of all listed stocks including that of promoters, fell below Rs 98 lakh crore level early morning as reports from the UK showed Britain voting against remaining with the EU block.

This marked a plunge of nearly Rs 4 lakh crore from Rs 101.4 lakh crore at the end of yesterday's trade.

11:30 am Market view: As India is a domestic-focused economy unlike other countries in Asia, the need of the hour for the economy is to get the GST Bill passed in the Parliament, said Ramesh Damani, Member of BSE and NSE. Speaking to CNBC-TV18, Damani says global markets will recover in time as Britain constitutes only 3 percent of the world's total economy.

11:25 am Market outlook: Panic will pass in a couple of days, says Nirmal Jain of IIFL. Long-term impacts could be bigger.

Jain says that it will take the UK two-to-three years to complete the whole process and hence the impact in near-term for India will be minimal.

India is bound to recover with expectations of good monsoon and recovery in demand. If market falls, then that is a buying opportunity, Jain says.

11:20 am Buzzing: Auto stocks are under immense selling pressure as UK has decided to march out of the European Union. BSE Auto index is down over 5 percent at 11 am with benchmark indices tumbling over 3 percent each.

Tata Motors sank 15 percent intraday on Friday. Tata Motors' British subsidiary Jaguar Land Rover (JLR) had earlier said that it may suffer an estimated 1 billion pounds by 2020 if Britain exits EU. The analysis expects the £1 billion hit to come from a 10 percent levy on vehicles being exported to Europe and 4 percent on imports of components for the production of vehicles.

11:15 am Can India withstand UK exit? India has the firepower to withstand Britain's likely exit from the European Union, will accelerate growth programmes to offset its impact, and does not expect its foreign trade to suffer, a senior finance ministry official said.

"India is prepared for all eventualities," Economic Affairs Secretary Shaktikanta Das said on Friday on the steps of the finance ministry after UK broadcasters called the outcome of Britain's EU referendum in favour of quitting the bloc.

11:10 am Govt's stance: Even with important economic zones like the European Union (EU) and the US going through turbulent times, getting Goods and Services Tax (GST) Bill passed in the first monsoon session of the Parliament will be a key step to prove India's strong fundamentals, said Jayant Sinha is the Minister of State for Finance. Sinha believes with an aggressive growth and reforms agenda in almost all the important institutions, India remains a haven of stability in increasingly turbulent times in the world. Fundamentals necessary for India to become competitive in the global scenario are all in its favour, Sinha stated. If Britain decides to leave, market adjustment process will happen and the government will provide liquidity in close collaboration with the leaders around the world, he told CNBC-TV18.

Market mayhem continues on Dalal Street as UK decides to leave European Union. The Sensex is down 940.99 points or 3.5 percent at 26061.23, and the Nifty down 297.50 points or 3.6 percent at 7972.95. About 182 shares have advanced, 1911 shares declined, and 73 shares are unchanged.

Tata Motors, Tata Steel, ICICI Bank, Axis Bank and SBI are losers in the Sensex. Auto, banks, metals are bleeding.

Britain has voted to leave the European Union, results from Thursday's landmark referendum showed, an outcome that sets the country on an uncertain path and deals the largest setback to European efforts to forge greater unity since World War Two.

World financial markets dived as nearly complete results showed a 51.8/48.2 percent split for leaving. Sterling suffered its biggest one-day fall of more than 10 percent against the dollar, hitting a 31-year low on market fears the decision will hit investment in the world's 5th largest economy.

The vote will initiate at least two years of messy divorce proceedings with the EU, raise questions over London's role as a global financial capital and put huge pressure on Prime Minister David Cameron to resign, though he pledged during the campaign to stay on whatever the result.

10:59 am The Sensex fell 982.82 points or 3.64 percent to 26019.40 and the Nifty slipped 310.85 points or 3.76 percent to 7959.60.

About 10 shares declined for every share advancing on BSE.

10:58 am IIFL on market: Selling-off which is expected now will impact markets. However, panic will pass in a couple of days, says Nirmal Jain of IIFL. Long-term impacts could be bigger.

Jain says that it will take the UK two-to-three years to complete the whole process and hence the impact in near-term for India will be minimal.

India is bound to recover with expectations of good monsoon and recovery in demand. If market falls, then that is a buying opportunity, Jain says.

10:56 am Citi says, "We do not expect a post-Referendum compromise or prospect for a counter-offer from the EU that would reverse the result of the referendum. We expect EU Heads of States and Governments to meet
perhaps as early as Saturday and issue a statement respecting the result, while reassuring the rest of the EU that contingency plans are in place."

10:54 am Sajjan Jindal, chairman, managing director of JSW Steel says markets and currencies will nosedive on Brexit. It will be one historic divorce this Britain leaving the EU.

10:53 am Expert: Brexit will dominate the headlines for a few days till the attention of the world is diverted to some new event, says Rajeev Thakkar, CIO, PPFAS Mutual Fund.

"Britain was never a part of the single currency and the impact on business fundamentals is expected to be at the margins. The knee-jerk reaction seems to be on account of the fact that most people expected a verdict of remain in the EU and the vote has turned out to be exit. Selective buy opportunities may emerge in the turmoil."

10:52 am UK independence party leader says, "June 23 is our independence day."

10:49 am Deutsche Bank on Brexit: Extreme reaction in UK pound is right, says Deutsche, adding pound-dollar is likely to reach 1.3 today.

The brokerage expects Bank of England to ease but extent depends on forex move.

French 10-year bond yields hit record low after UK votes for leave Euroepan Union.

10:45 am Market Update: Equity benchmarks cracked after the UK voted for leaving European Union.

The Sensex lost 922.23 points or 3.42 percent at 26079.99, and the Nifty fell 291.70 points or 3.53 percent at 7978.75.

About 1884 shares declined against 175 advancing shares on BSE.

German 10-yr bond yields at record low

10:42 am Brexit reactions: Nomura says Brexit may likely delay Fed rate hike. It expects US rate hike only in December.

10:39 am Economic Affairs Secy on Brexit: India has the firepower to withstand Britain's likely exit from the European Union, will accelerate growth programmes to offset its impact, and does not expect its foreign trade to suffer, a senior finance ministry official said.

"India is prepared for all eventualities," Economic Affairs Secretary Shaktikanta Das said on Friday on the steps of the finance ministry after UK broadcasters called the outcome of Britain's EU referendum in favour of quitting the bloc.

10:35 am UK votes for Brexit is final as "Leave' gets 51.8 percent votes.

10:30 am 'Leave' needs 37,665 more votes to win.

HSBC cuts UK pound forecast to $1.20 by year-end. Currently, pound trades at 1.3383 a dollar, down over 10 percent.

Equity markets extended loses with the Sensex falling more than 1000 points.

10:28 am The pound plunged to a more-than-30-year low against the dollar and the safe-haven yen surged as results of the referendum on whether to stay in the European Union (EU) showed the UK was on course to leave, according to the latest media projections.

10:25 am Market Expert: As India is a domestic-focused economy unlike other countries in Asia, the need of the hour for the economy is to get the GST Bill passed in the Parliament, said Ramesh Damani, Member of BSE and NSE.

Speaking to CNBC-TV18, Damani says global markets will recover in time as Britain constitutes only 3 percent of the world's total economy.

10:22 am RBI supports rupee: The Reserve Bank of India likely sold dollars around 68.20 rupee levels through state-owned banks to prevent the rupee from falling further, three traders said on Friday, adding that appeared to be the level the central bank was keen on defending.

The Indian rupee was trading at 68.10 to the dollar, after tumbling to as low as 68.22 to the dollar, its weakest since March 1.

The currency had closed at 67.25/67.26 per dollar on Thursday.

The currency was plunging in line with Asian currencies after a referendum in Britain appeared to be leaning towards leaving the European Union.

10:20 am Media agencies predicted that Britain leaving European Union is imminent now as majority of votes are in favour of leave than remain. 'Leave' needs 3.7 lakh votes to win.

10:18 am UK pound fell 10 percent against US dollar on Brexit concerns, trading at 1.3408 a dollar.

'Leave' needs 5.2 lakh votes to win. Nifty slipped below 50-DMA, down 3.6 percent to 7969.

10:14 am Tech Mahindra on Brexit: With Brexit becoming imminent how it would impact the Indian information technology companies that are exposed to UK, is the big question.

Vineet Nayyar, Executive VC, Tech Mahindra does not see a significant impact on Indian IT companies. According to him the sterling may fall but it will have only a marginal impact for them. He said, they keep facing these kind of currency problems time and again.

Although their exports to UK form 20-25 percent of their total revenues, he is not overly worried because the currency will float back according to him. ''These are temporary movements, UK economy is strong,'' he said.

10:13 am All Nifty, Nifty Bank & Midcap Index stocks continued be in the red. Dow futures fell almost 700 points, indicating weak opening on Wall Street.

10:10 am Britain to leave in European Union needs 7.41 lakh votes to win. So far 'leave' has 51.8 percent of votes counted.

10:05 am Expert view: Volatility in commodities and markets all over has increased with UK votes tipping towards a 'leave' for the UK. The pound has lost 10 percent already.

''It is bad news,'' says CNBC-TV18's Consulting Editor Udayan Mukherjee. Brexit, he says, will not be a one-time issue, but will impact markets over the medium-term.

If the UK leaves, other countries in the EU too might follow the lead. ''When the big boy goes, a lot of small boys will go tagging along,'' he says. Continuing issues in China and the Brexit could drive the markets towards a recession.

While 2008's Lehman was a financial problem, Brexit will be an economical and political issue and is likely to be more dangerous. It can have serious ramifications over the next 2-3 years.

10:00 am Market Check: The market remained under pressure in morning trade, tracking weakness in global peers after the Brexit is imminent.

The 30-share BSE Sensex plunged 926.10 points or 3.43 percent to 26076.12 and the 50-share NSE Nifty fell 289.80 points or 3.50 percent to 7980.65.

The market breadth was pathetic as about 12 shares declined for every share advancing on Bombay Stock Exchange.

Asian markets hit very badly with the Nikkei falling 1100 points and Hang Seng down 4.7 percent.

10 am Market dives again: The Sensex is down 871.85 points or 3.2 percent at 26130.37, and the Nifty down 273.00 points or 3.3 percent at 7997.45. About 149 shares have advanced, 1678 shares declined, and 51 shares are unchanged.

9:55 am Will other countries follow UK in leaving EU? The UK is all set to decide its fate on whether to continue staying in the European Union or break away. The vote counting is on for the UK referendum and the results are expected at around noon today.

If Brexit happens, economies all over the world are expected to get hit. India, who is not insulated either, is likely to be cushioned on back on strong fundamentals, says Sajjid Chinoy of JPMorgan.  Other emerging markets except India are far vulnerable.

The situation is like the World War II, but with the concern that if UK leaves, will the other EU companies too decide to drift away, he adds.

9:40 am Udayan's views: Volatility in commodities and markets all over has increased with Brexit votes tipping towards a leave for the UK. The pound has lost 10 percent already.

''It is a bad news,'' says CNBC-TV18's Consulting Editor Udayan Mukherjee. Brexit, he says, will not be a one-time issue, but will impact markets over the medium-term.

If UK leaves, other countries in EU too might follow the lead. ''When the big boy goes, lot of small boys will go tagging along,'' he says. Continuing issues in China and the BRexit could drive the markets towards a recession.

9:35 am Market outlook: Deven Choksey, Managing Director, KR Choksey Investement Managers, says even if Brexit happens, there are still 18 months for the real exit to happen. UK will leave EU only by December 31, 2017.

So, there is no need to sell out but do not buy either, take a wait and watch approach, he says.

In the coming 18 months a lot of things will change and the country as well companies that are exposed to UK will reposition themselves. Business environment will change, which could be interesting, says Choksey in an interview to CNBC-TV18.

Moreover, most Indian companies are domestic-oriented and nothing is going to change overnight for them and many things would change in the next 18 months, so, wait for clarity to emerge before taking drastic steps.

9:34 am Market recovers: The Sensex is down 746.34 points or 3 percent at 26255.88, and the Nifty is down 234.05 points or 2.8 percent at 8036.40. About 130 shares have advanced, 1487 shares declined, and 41 shares are unchanged.

9:27 am UK about to leave EU: A majority of British voters said that the United Kingdom should leave the European Union. Markets are moving wildly, and currencies are making big moves, but the actually political process will be much, much slower.

First - technically speaking - the referendum is not legally binding. In theory, British Prime Minister David Cameron could ignore the will of a slight majority of voters, and not make any moves to exit the political and economic bloc.
But that is highly unlikely. Assuming Cameron respects the democratic process, he will invoke Article 50 of the Lisbon Treaty, which begins the formal, legal process for leaving the EU.

9:20 am Interview: Even with important economic zones like the European Union (EU) and the US going through turbulent times, getting Goods and Services Tax (GST) passed in the Parliament in the first monsoon session will be a key step to prove India's strong fundamentals, said Jayant Sinha is the Minister of State for Finance.

Sinha believes with an aggressive growth and reforms agenda in almost all the important institutions, India remains a haven of stability in increasingly turbulent times in the world. Fundamentals necessary for India to become competitive in the global scenario are all in its favour, Sinha stated. 

The market has opended sharply lower. The Sensex is down 940.07 points or 3.5 percent at 26062.15, and the Nifty down 287.70 points or 3.5 percent at 7982.75. About 57 shares have advanced, 1065 shares declined, and 18 shares are unchanged.

Tata Motors is down 10 percent. Tata Steel is down 8 percent, ICICI Bank, Maruti and Adani Ports are major losers.

BBC has projected 'leave' win in UK referendum. FTSE futures crashed 7.5 percent to 5813. "The UK's EU referendum is proving close but the Remain campaign appears to be failing to pick up enough support outside London to win."

The Indian rupee declined in the opening trade on Friday ahead of UK vote results. Devesh Divya, Asia FX Strategist at Standard Chartered Bank said, "Brexit will see a massive risk-off event for global markets, dollar/rupee will move sharply higher, which may see Central Bank's intervention but if its Bremain, we may see pullback on dollar/rupee."

The pound collapsed to its lowest level since 1985 as the unit takes a beating on fears that Britain will vote to leave the European Union, in what critics warned would be a hammer blow to financial markets.

The unit tumbled to USD 1.3466, its weakest level in three decades, according to Bloomberg data, as results in the EU membership referendum showed the "Leave" camp posting big wins and bookmakers Pound collapses to lowest since 1985 on Brexit shock.

US stock index futures dipped sharply lower Thursday evening ET as results from the British referendum continued to roll in.

Dow Jones futures briefly saw an implied open down more than 400 points, before then recovering some of those losses. Those moves, however, occurred on extremely light volume.

Asia stocks are weak, with Nikkei tumbling over 500 points.