Indian markets Rajan’s exit, Brexit worries set to hit Dalal Street
Indian Indices:
Indian benchmark are likely to open on a bearish note as the global cues look subdued with SGX Nifty trading 58.50 points lower.
The Indian equity benchmarks may witness a gap down opening on Monday as Raghuram Rajan’s abrupt decision to step down as the RBI governor following the end of his term in September may sour risk taking appetite.
Rajan, who was instrumental in helping tame down inflation and restoring macroeconomic stability, said that he won’t seek an extension to his term and will be returning back to academics. Rajan’s exit could spell volatility for equities and the rupee which may also take a hit from heightened global economic uncertainty amidst fears that a potential exit of the UK from the European Union may weaken the global economy.
The Brexit referendum slated on June 23, 2016 will decide whether the UK will break away from the European Union, an event which could hurt capital flows to emerging markets.
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