US election jitters and Modi's black money crackdown will weigh on Indian markets as the SGX Nifty indicates a gap down opening on Dalal Street. Asia markets fell in Wednesday's choppy session, as polling closed in some US states in the world's most closely watched election of recent times.
Corporate India gives a thumbs up to the biggest crackdown on black money, calls it a short term pain for long term gain. Banks are likely to benefit with higher CASA growth and PSU banks may gain. MFIs and NBFC collection cycles could get disrupted temporarily, consumer staples oil marketing companies (OMCs) and autos may see significant change but temporary hit. Real-estate, jewellery, liquor stocks & tobacco and casino may get fall sharply.
Australia's ASX 200 was down 0.57 percent, slipping from gains of 0.8 percent at the open. The benchmark index's energy sub-index was down 2.14 percent, but losses were limited by the financials sub-index, which was down a more modest 0.18 percent.
Japan's Nikkei 225 shed 1.34 percent, after rising more than 1 percent, as the yen, regarded as a safe haven currency, climbed amid nervousness over the vote.
