Asia opens Mixed; Nikkei Gains 1.6%, Kospi Down 0.7%

Asia markets opened mixed on Monday, as traders continued to digest the UK's unexpected vote to leave the European Union (EU). Australia's ASX 200 dropped 0.91 percent in early trade; the financial subindex, which accounts for nearly half of the broader index, was down 2.19 percent, with major Australian banks down more than 1 percent each. 

Shares of ANZ dropped 3.11 percent, Commonwealth Bank of Australia down 1.85 percent, Westpac off 2.08 percent and NAB off by 2.44 percent. In South Korea, the Kospi was off 0.7 percent. 

Bucking the trend was Japan, where the Nikkei 225 saw a 1.61 percent gain in early trade Japan's government and central bank will hold an emergency meeting on Monday to discuss how to respond to Brexit-related market turbulence, Reuters reported. Prime Minister Shinzo Abe, Finance Minister Taro Aso and Bank of Japan Deputy Governor Hiroshi Nakaso will attend the meeting, to be held at 8:00 a.m. local time, a Ministry of Finance official said.

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How Brexit Could Stress out Markets this Week

Stocks and risk assets could continue to get smacked and currency volatility remain at extreme highs this week as investors weigh the fallout of the UK Brexit vote. Analysts warn the market moves in stocks and bonds and other assets could also be more exaggerated than normal, as fund managers around the world juggle positions, selling both winners and losers ahead of the end of the second quarter Thursday. 

US stock futures were in the red, and investors moved into bonds and gold as the potential impact on financial markets and the global economy remained unclear. Japanese stocks were higher in early trading Monday morning after Japanese officials signaled they may take action to control the wild move higher in the yen. 

The shock of Thursday's vote by the UK to leave the European union triggered Friday's selling avalanche, resulting in a record $2 trillion wipe out in global stock markets. Currency volatility was at an extreme high, with sterling the most dramatic, swinging from 1.50 to the dollar to a 30-year low of 1.32. It remained under pressure Sunday, trading at about 1.338.

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Indian ADRs: ICICI Bank Gains 4%, Dr Reddy's Lab Up 3%

Indian ADRs ended higher on Thursday. In the IT space, Infosys rose 2.15 percent at USD 18.98 and Wipro added 0.57 percent at USD 12.32.

In the banking space, ICICI Bank jumped 3.94 percent to USD 7.38 and HDFC Bank gained 0.88 percent at USD 66.72. 

In the other sectors, Tata Motors added 2.62 percent at USD 36.79 and Dr Reddy's Laboratories advanced 3.18 percent at USD 47.98.

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Rupee Declines 66 Paise, Opens at 67.91 per Dollar

The Indian rupee declined in the opening trade on Friday ahead of Brexit referendum. 

It has opened lower by 66 paise at 67.91 per dollar versus previous close of 67.25. 

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,we may see pullback on dollar/rupee."

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Asia Stocks Tumble as UK Referendum Polls lean Towards Brexit

Asia markets were mixed in volatile morning trade on Friday, with big swings in the currency market, as results from the United Kingdom (UK) referendum on European Union membership pointed to a very tight race.

Australia's ASX 200 gave up early gains of as much as 0.81 percent to trade lower by 2.41 percent, as stocks with exposure to the UK came under pressure. In Japan, the Nikkei 225 fell 3.05 percent on the back of renewed strength in the yen.

Across the Korean Strait, the Kospi was down 1.49 percent. Chinese mainland markets traded mixed after opening up, with the Shanghai composite down 0.42 percent and the Shenzhen composite down 0.13 percent. In Hong Kong, the Hang Seng index was down 2.25 percent.

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Emerging Markets could Move Down 10% on a leave Vote

Geoffrey Dennis of UBS said the UK referendum vote is turning to be a closer call. Investors should hold their horses till the results are out, he said, adding that the emerging markets will be down by 10 percent with a leave vote.

"We feel a leave vote will hit the UK, whereas a remain vote might not create a better environment," he said.

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Live Market Update

The Nifty’s support is seen around 8,050-8,100 while resistance is likely around 2016 high of 8273. 

The Sensex is down 3.27 points at 26762.38, and the 

Nifty down 3.85 points at 8199.85. 

About 415 shares have advanced, 271 shares declined, and 32 shares are unchanged. 

Tata Motors, Lupin, Dr Reddy's Labs, Coal India and Sun Pharma are top gainers while NTPC, ONGC, HDFC Bank, Tata Steel and TCS are losers in the Sensex.

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Indian ADRs: Dr Reddy's Lab, Wipro, ICICI Bank gain

Indian ADRs ended mostly higher on Wednesday. In the IT space, Infosys rose 0.22 percent at USD 18.58 and Wipro added 0.41 percent at USD 12.25. 

In the banking space, ICICI Bank shed 0.28 percent at USD 7.10 and HDFC Bank was up 0.02 percent at USD 66.14. 

In the other sectors, Tata Motors was unchanged at USD 35.85 and Dr Reddy's Laboratories gained 1.97 percent at USD 46.50.

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F&O cues: Nifty 8000 Put adds 4.8 lakh Shares in Open Interest

Nifty 8100 Call shed 1.7 lakh shares in Open Interest on June 22 

Nifty 8250 Call added 5.1 lakh shares in Open Interest 

Nifty 8300 Call added 1.7 lakh shares in Open Interest 

Nifty 8000 Put added 4.8 lakh shares in Open Interest 

Nifty 8100 Put shed 3.5 lakh shares in Open Interest 

Nifty 8200 Put shed 3.6 lakh shares in Open Interest

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Rupee opens Marginally Higher at 67.43 per Dollar

The Indian rupee opened marginally higher at 67.43 per dollar on Thursday versus previous close 67.48. 

"Global currency markets are expected to stay flat in a tight range a day prior to Brexit referendum. Markets are currently expecting UK to vote for 'remain in EU'. 

However, a Brexit vote can cause volatility in currency markets particularly in EM currencies." "The USD-INR trading range for the day is seen between 67.20-67.50/dollar," he said.

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