MARKETS LIVE: State poll results\, appointment of RBI guv to steer indices

MARKETS LIVE: State poll results, appointment of RBI guv to steer indices

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SI Reporter  |  New Delhi 

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Markets are likely to remain range-bound in trade today as they assess and interpret the outcome of assembly polls announced Tuesday. However, bank and NBFC stocks are likely to be in focus following the appointment of Shaktikanta Das as the new RBI governor. 

STATE POLL OUTCOME

While the outcome of the Madhya Pradesh election still hung in the balance, the results of the five Assembly polls marked a resurgence of the Congress in northern India. The Congress’ rise and the Bharatiya Janata Party’s (BJP’s) below-par performance can be ascribed, in part, to people’s anger at the latter’s failure to address agrarian distress and rural poverty.

GET THE FULL COVERAGE OF ASSEMBLY POLLS HERE

The government on Tuesday appointed Shaktikanta Das as the 25th governor of the Reserve Bank of India (RBI). As early as Wednesday, Das is expected to move to the Mint Road corner room, vacated by Urjit Patel after his sudden exit as RBI governor. While there’s been much speculation on whether the RBI board meeting scheduled for December 14 will be put off or not, it is learnt that there’s no change in date.

SGX NIFTY

At 8 am Indian Standard Time, the SGX Nifty was trading flat at 10,599 levels.

GLOBAL CUES

Asian markets faced a fraught session on Wednesday as conflicting reports deepened confusion over Sino-U.S. trade, while sterling was battered by talk of an imminent party coup against British Prime Minister Theresa May.

MSCI’s broadest index of Asia-Pacific shares outside Japan firmed 0.09 per cent in sporadic early trading.

Overnight on Wall Street, the Dow down 0.22 per cent and the S&P 500 0.04 per cent, while the Nasdaq added 0.16 per cent.

(with Reuters input)
MARKETS LIVE: State poll results, appointment of RBI guv to steer indices

How will Shaktikanta Das bridge the trust deficit between RBI and govt? It’s not known what a new governor at Mint Road does in his first few hours after taking over office, but if as economist Alice Rivlin said, “the job of the central bank is to worry”, Shaktikanta Das the 25th governer of the Reserve Bank of India’s (RBI) in Mumbai will have plenty of it.   Ask Duvvuri Subbarao, former RBI governor, to suggest a way out of the current impasse, and he says: “The way forward is to take corrective actions because the credibility of the central bank is important.” Read more  

MARKETS LIVE: State poll results, appointment of RBI guv to steer indices

SGX Nifty The SGX Nifty was at 10,587.50, down 0.12 per cent from the previous close.

MARKETS LIVE: State poll results, appointment of RBI guv to steer indices

Asian Markets Asian stock markets edged ahead on Wednesday as US President Donald trump sounded upbeat about a trade deal with China, while sterling struggled with talk of an imminent party coup against British Prime Minister Theresa May. Markets were careful to not get too optimistic and MSCI’s broadest index of Asia-Pacific shares outside Japan firmed a modest 0.27 per cent. Japan's Nikkei rose 1.5 per cent, while E-Mini futures for the S&P 500 were up 0.07 per cent.

MARKETS LIVE: State poll results, appointment of RBI guv to steer indices

Wall Street The Dow Jones Industrial Average closed lower on Tuesday after alternating between gains and losses throughout the session in the latest bout of market volatility.   The 30-stock Dow fell 53.02 points to 24,370.24. At its high of the day, the Dow rose as much as 368 points. It also fell as much as 202 points. The S&P 500 also slipped to close at 2,636.78 while the Nasdaq Composite rose 0.16 per cent to 7,031.83.

MARKETS LIVE: State poll results, appointment of RBI guv to steer indices

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First Published: Wed, December 12 2018. 08:06 IST