New Governor's appointment to direct the markets

Consolidation persisted in the markets till the end of the week where the benchmark indices opened higher but retreated to close on a flat to negative note. Broader markets as usual outshined with marginal gains of 0.45-0.5 per cent. Metal sector surged the most with 1.3 per cent gains post imposition of anti-dumping duty.
 
As breaking news, Urjit Patel the inflation hawk and the ex-deputy governor of RBI has been declared the new Governor of RBI. Being hawkish he would shy away from cutting interest rates too fast as he is supposed to do, and hence investors may react to the announcement.

On the global front, US markets witnessed a breather during the entire week post record highs with no major trigger to drive. Dow remained 0.24 per cent down and S&P500 was 0.14 per cent down; while Nasdaq closed flat. US Crude is trading 1 per cent down at USD 487.62/ barrel.

European markets ended lower posting their biggest weekly loss since BREXIT where mining and banking stocks added pressure on Friday. DAX closed down by 0.55 per cent and CAC40 closed lower by 0.82 per cent. FTSE100 closed flat to negative with 0.15 per cent losses.
 
Asian markets are trading in the mix, followed by the weak closure in major countries while investors are concerned about Fed chair Janet Yellen's declaration at Jackson Hole.
Nikkei 225 is up with 0.27 per cent gains. Hang Seng is marginally down with 0.28 per cent losses and China’s Shanghai Composite remains negative with 0.5 per cent losses. Australia’s S&P/ASX 200 Index is flat. New Zealand’s S&P/NZX 50 is up 0.43 per cent. South Korea’s KOSPI is down with 0.55 per cent.

Indian markets may open on a flat note, but will be further driven by the appointment of new governor in place. SGX Nifty is trading flat with just minor rise of 0.06 per cent at 8693 levels.