The world is not coming to an end as some may have feared. The election results are out and on expected lines Narendra Modi has managed to romp home comfortably for the third time in a row. Critics argue that BJP’s failure at the hustings in Himachal Pradesh is a sign that Modi remains a Gujarat phenomenon only. So will he give up any ambition on becoming PM? That’s still a long way ahead.
The market remains in a sort of uncertainty with some kind of year-end fatigue. Christmas is round the corner but no signs of a Santa Claus rally here. The opening today will be subdued. On a lower day, the Nifty managed to end above 5900 levels. However, it has been stuck in a trading band of 5800-5960 for last 15 trading session so a breakout either side is anxiously awaited to determine the near term direction.
Asian stocks are in the red. US House Speaker John Boehner said fiscal cliff plan won't come to a vote because "it did not have sufficient support from our members to pass. Now it is up to the president to work with Sen. (Harry) Reid on legislation to avert the fiscal cliff."