Sensex, Nifty set for negative start after Urjit Patel resignation; SBI, Lupin, in focus
Episode 148, Dec 11, 2018, 02:30 AM
The Indian market is set for a negative start after Reserve Bank of India's (RBI) governor Urjit Patel tendered his resignation with immediate effect on Monday.
"Markets certainly will be concerned unless there is further clarification that comes through tonight," R Sivakumar, head of fixed income at Axis Mutual Fund, told Reuters.
Indian investors are also cautious ahead of the outcome of the assembly elections in the five major states — Rajasthan, Chattisgarh, Madhya Pradesh, Mizoram and Telangana — which is due Tuesday.
At 07:15 AM, SGX Nifty, an early indicator of the Nifty 50's trend in India, was down 1.51 percent at 10,359.00, indicating a negative opening for the Indian market.