Surprise, Surprise, Nirmala Sitharaman is the new FM!

As has been his track record, Narendra Modi has yet again managed to jolt the market with the announcement of Nirmala Sitharaman as the Finance Minister in his new cabinet.

Sitharaman had served as the Defence Minister in the Modi's first government. She was India’s second woman Defence Minister and now she will be India's first woman Finance Minister. She is also appointed Minister of Corporate Affair. Sitharaman served well and was appreciated as a Defence Minister during her tenure.

The most sought after leader for the post of Finance Minister Piyush Goyal will retain the position of Railway Minister along with the charge of Commerce Ministry.

Reacting to the announcement, market lost its ease and BSE Sensex was at 39,597.07, down by 234.90 or 0.59 per cent, while Nifty was at 11,881.25, down by 64.65 points or 0.54 per cent during the lunch session on Friday.