What changed for the market while you were sleeping? 10 things you should know

Bulls were back strongly at Dalal Street on Thursday, the day of expiry of January futures & options contracts. The Nifty50 recovered losses seen in previous four consecutive sessions and closed above 10,800 levels ahead of Interim Budget 2019, which will be presented on February 1.

The index reclaimed its 50 DEMA and formed big bullish candle, which resembles a Long White Day kind of formation on the daily charts.

Ideally looking at Thursday's rally the market could head towards its upper end of consolidation range (10,950), but as it is a Budget day, there could be

rangebound trade, experts said.

The Nifty50 after opening higher at 10,690.55 extended gains gradually as the day progressed and hit an intraday high of 10,838.05. The index rallied 179.20 points or 1.68 percent to close at 10,831 while in the first month of 2019, it lost 0.3 percent and formed 'Doji' kind of pattern on monthly charts.

According to Pivot charts, the key support level is placed at 10,727.0, followed by 10,623.0. If the index starts moving upward, key resistance levels to watch out are 10,886.5 and then 10,942.0.

The Nifty Bank index closed at 27,295.4 on January 31. The important Pivot level, which will act as crucial support for the index, is placed at 27,015.97, followed by 26,736.53. On the upside, key resistance levels are placed at 27,449.97, followed by 27,604.53.

Stay tuned to Moneycontrol to find out what happens in currency and equity markets today. We have collated a list of important headlines from across news agencies.

Wall Street extended its rally on Thursday as strong earnings from Facebook Inc added to optimism after the Federal Reserve’s dovish remarks the previous day, while investors waited for the outcome of US-China trade talks.

The Dow Jones Industrial Average fell 5.96 points, or 0.02 percent, to 25,008.9, the S&P 500 gained 23.65 points, or 0.88 percent, to 2,704.7 and the Nasdaq Composite added 98.66 points, or 1.37 percent, to 7,281.74.

Asian shares ticked up to four-month highs on Friday on hopes the leaders from the United States and China could strike a trade deal and as the Federal

Reserve appeared to have all but abandoned a plan to raise borrowing rates further.

MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.1 percent after a stellar 7.2 percent gain in January. Japan’s Nikkei gained 0.5 percent.

Trends on SGX Nifty indicate a positive opening for the broader index in India, a risel of 47 points or 0.43 percent. Nifty futures were trading around 10,902-level on the Singaporean Exchange.

The Indian economy grew at 7.2 percent in 2017-18, as compared to earlier estimates of 6.7 percent, according to first revised estimates of GDP released by the central statistics office.

The provisional estimate of gross domestic product (GDP) for 2017-18 was released by the Centre on May 31, 2018, which showed real or inflation-adjusted GDP growth at 6.7 percent.

The revised GDP data indicates that the impact of demonetisation on India’s growth wasn’t as severe as it was expected, which would be a shot in the arm for the Narendra Modi-led government ahead of the cruicial Lok Sabha elections in April-May.

US oil prices edged higher on Friday, recovering from losses of nearly 1 percent in the previous session, as data showed major exporters are quickly reducing output in line with a supply cutting pact.

US West Texas Intermediate (WTI) futures were at $53.96 per barrel at 0009 GMT, up 17 cents, or 0.3 percent, from their last settlement. In the previous

session, WTI hit $55.37 a barrel, the highest since November 21, before reversing course to end lower.

The Indian rupee on Thursday edged higher by 4 paise to 71.08 against the US dollar amid weakness in the greenback in overseas markets after the US Fed kept interest rate unchanged. Also, a massive rally in domestic equities lifted trading sentiment in forex market.

At the Interbank Foreign Exchange, the Indian currency opened significantly higher but erased the morning gains during the course of the day due to month-end dollar demand from oil importers and shed 22 paise from the day's high.

After opening on a firm note at 70.92, the rupee climbed further to a high of 70.86 following dollar selling by exporters, before finally closing at 71.08, up 4 paise.

US President Donald Trump said on Thursday he will meet with Chinese President Xi Jinping soon to try to seal a comprehensive trade deal as Trump and his top trade negotiator both cited substantial progress in two days of high-level talks.

Trump, speaking at the White House during a meeting with Chinese Vice Premier Liu He, said he was optimistic that the world’s two largest economies could reach “the biggest deal ever made.”

The initial public offering of Chalet Hotels, which owns, develops and manages high-end hotels in key metro cities in India, was subscribed 1.57 times on the last day of bidding on Thursday.

The initial public offering (IPO) to raise about Rs 1,641 crore received bids for 6,49,07,563 shares against the total issue size of 4,13,26,672 shares, as per NSE data till 1800 hrs.

The offer comprises a fresh issue of Rs 950 crore and an offer for sale of up to 2,46,85,000 equity shares (including anchor portion of 1,75,84,071 equity shares). Its price range is at Rs 275-280 per equity share. JM Financial Limited, Axis Capital Limited and Morgan Stanley India Company are managing the offer.

Markets regulator Sebi on Thursday exempted state-run Oil India from complying with buyback regulations with regard to its proposed 5.04 crore share purchase programme. The order comes after the PSU filed an application in December with the Securities and Exchange Board of India (Sebi) seeking exemption from the strict enforcement of the buyback norms.

The application has been necessitated on account of transfer of 3,33,20,401 equity shares of Oil India, which were held by the promoter (government), to the asset management company of the Central Public Sector Enterprise Exchange Traded Fund (CPSE–ETF) on December 4, 2018.

The Reserve Bank of India (RBI) on Thursday removed three state-owned banks from its weak-bank watch list, a move that will lift lending restrictions on them.

"It has been decided that Bank of India (BoI) and Bank of Maharashtra (BoM) which meet the regulatory norms including Capital Conservation Buffer (CCB) and have Net NPAs (non-performing assets) of less than 6 percent as per third quarter results, are taken out of the PCA (prompt corrective action) framework subject to certain conditions and continuous monitoring," the RBI said in a statement.

As many as 72 companies will be declaring their results for December quarter which include names like Berger Paints, Dr Reddy’s Laboratories, EID Parry, Jubilant LifeSciences, National Fertilisers, Rajesh Exports, State Bank of India, and Titan Company Ltd.