Indian shares spring back

Indian shares reversed two sessions of losses to close higher on Thursday as poll booths opened for Britons to vote on a referendum about whether or not to exit the European Union. The BSE index ended 0.88 percent higher at 27,002.22, while the broader NSE index rose 0.81 percent to 8,270.45.
Reliance Communications said late in the afternoon that a deal with Aircel will be announced shortly, triggering shares to rise as much as 5.77 percent. Opinion polls taken before the vote indicated the outcome is far too close to forecast, with results expected to be out on Friday in India.
Most polls put the "Leave" and "Remain" camps neck-and-neck at the end of the campaign that was dominated by immigration and the economy, and shaken by the murder of a pro-EU MP, though late on Wednesday two showed a swing to "Remain". Shares of companies with considerable exposure to Europe traded mixed, with Tata Motors Ltd and Bharat Forge Ltd recovering some ground after Wednesday's losses and software services exporters trading lower. Investors just want the Brexit vote to pass, as they have hedged their positions substantially, said Harjit Singh, deputy research head of Aldmondz Global Securities Ltd.
"There is an appetite at the lower level should markets react," he said. Tata Motors gained 2.17 percent, recovering from a fall of 3.47 percent in the previous session after Reuters reported unit Jaguar Land Rover's annual profit could be cut by 1 billion pounds if Britain left the 28-member trading bloc.
Bharat Forge Ltd rose 1.78 percent, also recovering from Wednesday's decline. But software services exporters fell, with Tech Mahindra down 1.15 percent and HCL Technologies Ltd 1.10 percent lower. Healthcare stocks led the gains, with Natco Pharma Ltd rising as much as 8.1 percent after CNBC-TV18 tweeted that the company won US FDA approval for ulcer drug glycopyrrolate. Sun Pharmaceutical Industries Ltd rose as much as 2.4 percent ahead of the company's board meeting to consider a share buyback plan.