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The BSE building pictured next to a police van in Mumbai April 9, 2014.Reuters file

The Sensex recouped losses in the closing hours on Friday to close at 26,398, a loss of 605 points, or 2.24 percent, from its previous close. It had lost almost 1,050 in early trade, tracking global stock, currency and commodity markets that plunged on Britain voting to leave the European Union in Thursday's referendum.

Tata Motors, Tata Steel, L&T and ICICI Bank were the top losers, with the losses ranging from 4 to 8 percent. 

The BSE Auto was one of the biggest sectoral losers, ending with a loss of 2.63 percent. Tata Motors and Motherson Sumi Systems losing 7.99 percent and 8.48 percent, respectively. The BSE Bankex lost 2.69 percent and the BSE IT index ended 2.13 percent lower on "Black Friday".

The NSE Nifty 50 closed above the 8,000 mark at 8,088.60, a loss of 182 points, or 2.20 percent. The day saw 45 of the 50 stocks declining, with the five gainers being GAIL (India), M&M, Asian Paints, Bajaj Auto and Cipla.

Story republished with additional details at 3.30 p.m.

The 30-scrip BSE Sensex recovered about 375 points from the day's low and was trading at 26,286, a loss of 2.6 percent, at around 2.05 p.m.

Story republished with additional details at 2 p.m.

The Sensex had pared its losses substantially and was trading at 26,312 at around 2 p.m. as against the day's low of 25,911.

Top Sensex losers were Tata Motors, Tata Steel, ICICI Bank and Larsen &Toubro.

 Story republished with additional details at 2 p.m.

RBI governor Raghuram Rajan has said that India is well-positioned to face the consequences of Britain leaving the European Union (EU).  

"The Indian economy has good fundamentals, low short term external debt, and sizeable foreign reserves. These should stand the country in good stead in the days to come," Rajan said in a statment on Friday.

The Sensex was trading at 26,055, down 947 points, or 3.51 percent, at around 12.55 p.m. 

Story republished with additional details at 12.55 p.m.

Finance Minister Arun Jaitley said that India is in a position to deal with the consequences of Britain voting to exit the European Union in Thursday's referendum. 

"We respect the referendum's verdict. At the same time, we are also aware of its significance in the days ahead and also for the medium term.

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

"Our macro-economic fundamentals are sound with a very comfortable external position, a rock-solid commitment to fiscal discipline, and declining inflation. Our immediate and medium-term firewalls are solid too in the form of a healthy reserve position. 

"As investors look around the world for safe havens in these turbulent times, India stands out both in terms of stability and of growth. India, as you are all well aware, is amongst the fastest growing major economies in the world today," he said in an official statement.

Sensex now at 26,023, down 3.62 percent.

Story republished with additional details at 11.52 a.m.

The Sensex has plunged further at around 11.40 a.m. and was down 3.71 percent.

Story republished at 11.40 a.m.

Tata Motors pared losses partially at around 10.40 a.m. to trade with a loss of 11.33 percent at 432.70 on the BSE after plunging almost 13 percent to Rs. 425 in response to Britain exiting (Brexit) the European Union in the referendum conducted on Thursday. Tata Steel, ICICI Bank and SBI were other top Senex losers.

Story republished at 10.40 a.m. with additional details.  

Indian stock and currency markets fell sharply tracking global cues in response to Britain officially exiting the European Union, as is evident from the referendum results. The Sensex plunged over 1,000 points in early morning trade and was trading at 26,016, down 985 points, or 3.65 percent. 

The Indian rupee crossed 68 per dollar and plunged to a two-month low on Friday tracking global currency and stock markets that have crashed,  reports NDTVProfit.

The British pound fell to a 31-year low in line with the bloodbath across equity, commodity and stock markets even before the results were confirmed, reports the Mint.

More to follow...

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