May makes way

Theresa May, the Prime Minister of the United Kingdom, announced on Friday that she would resign from her office on June 7. In her address to the media, May expressed regret that she could not deliver Brexit. European markets cheers the development, London-based FTSE 100 was trading at 7,281.30, up by 50.26 points or 0.70 per cent on Friday's morning session.

In 2016, the UK held a referendum on whether to stay or leave the European Union. To the government's surprise, the Britishers voted to leave the European Union. After the mandate the then Prime Minister David Cameron resigned and Theresa May was elected PM and given the responsibility to negotiate a deal with the European Union on the terms of Brexit. May initiated the official process of withdrawing Britain from the EU by triggering Article 50 in March 2017. She spent three grilling years at 10 Downing Street trying to get the British parliament to agree to her template of Brexit terms, but failed miserably missing two Brexit deadlines.

In face of mounting pressure from opposition as well as her own party members, May announced her resignation on Friday. Her resignation is expected to trigger a gruesome leadership contest among the members of the ruling Conservative Party. 

Indian indices followed the global cues and added some more points to its upward rally. The BSE Sensex closed at 39,434.72, up by 623.33 points or 1.61 per cent, while Nifty closed at 11,845.40, up by 188.35 points or 1.62 per cent.