The market was in a tight range last week, from Monday to Thursday, though we saw mild recovery ahead of the Brexit voting results, on expectations that UK will remain in European Union (EU). On Friday, both the Nifty and Sensex opened with a gap down and Sensex moved down by around 1000 points after UK voted to leave the EU. Later in the day, the market recovered because of value buying at lower levels and Nifty finally closed at 8088.60.

A pug sits on a woman’s lap outside a bar in Edinburgh, Scotland, following the pro-Brexit result of the UK’s EU referendum vote. The vote has stunned and cleaved a section of the world. Pic/AFP