Daily Digest Market Movers: Indian Rupee remains firm amid the uncertainties
- The NSE Nifty 50 closed down nearly 6% at 21,884.5 points on Tuesday, its steepest fall since India's first Covid lockdowns in March 2020. The S&P BSE Sensex also fell sharply, closing 5.7% lower at 72,079.05.
- The biggest fall for over four years for Indian stocks came after vote counting in India's general election indicated Prime Minister Narendra Modi's party might not be able to form a majority government, per BBC.
- Modi is set to negotiate with coalition partners in order to form a government. The BJP and its political allies, known as the National Democratic Alliance (NDA), have enough seats to form a majority government to rule for the next five years and return Modi to office for a third term, per the Guardian.
- "USD-INR to stabilize around current levels in the near term; strong service exports, index flows and FX reserves to support INR," said Standard Chartered Economist and FX Analyst Jonathan Koh
- The US JOLTs Job Openings declined from 8.355 million to 8.059 million in April, below the market consensus of 8.34 million.
- The final reading US ISM Services PMI is estimated to improve to 50.5 in May from 49.4 in April.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
If you like, reward to support.
Hot
No comment on record. Start new comment.