Markets end in red on Brexit, Jatley and Rajan seek calm

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SME Times News Bureau | 24 Jun, 2016
Britain's decision to opt out of the European Union (Brexit) rattled the Indian financial markets on Friday, even as key government officials tried to calm investors.

The equity indices had plunged to over four per cent, as an initial reaction to Brexit vote, but later stabilised in the late-hour trade.

The wider 51-scrip Nifty of the NSE plunged by 181.85 points or 2.20 per cent at 8,088.60 points.

The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 26,367.48 points, provisionally closed at 26,397.71 points (at 3.30 p.m) - down 604.51 points or 2.24 per cent, from its previous close at 27,002.22 points.

It touched a high of 26,367.48 points and a low of 25,911.33 points in the intra-day trade.

Senior government authorities like Finance Minister Arun Jaitley and Reserve Bank of India Governor Raghuram Rajan sought to calm the markets and assured that there was no cause for panic as India's economic fundamentals remained strong along with other macro indicators.

According to market analysts, value buying and short covering at lower levels aided key indices to pare their initial losses.