The Nifty which started with a gap on the higher side climbed Mount 11K in the first 5 minutes of the morning trade on Tuesday. The index closed near the record high forming a strong bull candle on the daily charts for the third consecutive session in a row.
The Nifty closed at 11,083.7 on Monday. According to Pivot charts, the key support level is placed at 11,021.17, followed by 10,958.63. If the index starts to move higher, key resistance levels to watch out are 11,119.57 and 11,155.43.
The Nifty Bank closed at 27,390.6. Important Pivot level, which will act as crucial support for the index, is placed at 27,163.83, followed by 26,937.07. On the upside, key resistance levels are placed at 27,519.73, followed by 27,648.87.
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.
Netflix lifts S&P, Nasdaq as US markets close higher
US stocks advanced on Tuesday, as strong results from Netflix helped lift the S&P and Nasdaq Composite, but the Dow Industrials were hemmed in by declines in Johnson & Johnson and Procter & Gamble.
The Dow Jones Industrial Average fell 3.79 points, or 0.01 percent, to 26,210.81, the S&P 500 gained 6.17 points, or 0.22 percent, to 2,839.14 and the Nasdaq Composite added 52.26 points, or 0.71 percent, to 7,460.29, Reuters reported,
Major Asian indexes trade mixed
Asian markets traded mixed early on Wednesday after Wall Street closed mostly higher as investors stateside focused on earnings releases. The Nikkei 225 slipped 0.42 percent after the index hit a fresh 26-year high on Tuesday while the benchmark Kospi index rose 0.37 percent, CNCB reported.
Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 27.5 points or 0.25 percent. Nifty futures were trading around 11,060.5-level on the Singaporean Exchange.
PM Modi makes waves in Davos
In his keynote speech at World Economic Forum in Davos Prime Minister Narendra Modi spoke about renewable energy, terrorism, data, reforms, among other things. India will be the world's fastest-growing major economy in 2018, according the IMF's latest World Economic Outlook update.
India has cut red tape and removed artificial borders within the nation by introducing one nation, one tax in the form of GST, he added. Modi also talked about how working, travelling and manufacturing in India is way easier now and added that all sectors of India are open for FDI.
Trump signs funding bill, ends 3-day US government shutdown
Claiming a "big win", President Donald Trump on Tuesday signed a bill to end a three-day government shutdown after striking a deal with Democrats to hold a debate on the future of over 700,000 young undocumented immigrants.
NASSCOM calls for tax cut, says discrimination against Indian investors must end
The Indian information technology services industry body has called for a reduction in taxes and the end of discriminatory treatment of Indian investors, with a view toward strengthening the startup ecosystem.
Given that the Indian IT industry accounts for over USD 100 billion in exports, and expects to cross the USD 150 billion revenue mark this year, NASSCOM has asked for “a comprehensive review of the foreign tax credit provisions be undertaken to ensure efficiency and ease of compliance.”
Japanese investment jumps to USD 4,709 mn in FY17
Japanese investments into India have risen manifold in the last ten years to reach USD 4,709 million in FY2017, says a Ficci report. The FDI inflow from the island nation was at USD 84.74 million in the fiscal 2006-07, the report titled 'India Japan Roadmap Towards Realising Vision 2025' said.
Private equity investment in real estate to touch $100 bn by 2026: JLL India
Private equity inflow in the real estate sector is estimated to touch USD 100 billion by 2026 and tier-1 and tier-2 cities will be its primary beneficiaries, property consultant JLL India said in a report.
In the past 12 years (2006-2017) India has seen investments of USD 42 billion, while in the next 10 years (2017-2026) it is expected to see inflows to the tune of USD 58 billion. According to the report, the flood gates will open wider when REITs (real estate investment trusts) get listed.
West can't go long way without emerging world's help: Raghuram Rajan
Former RBI Governor Raghuram Rajan on Tuesday said the Western world must realise they cannot go a long way without the help of the emerging economies and warned that no one would be able to resolve any problem of a 'fractured world' if things are not set right soon.
Bitcoins: Investors need to pay 20% advance tax
Investors, who have made a fortune selling the virtual currency, will need to pay 20 per cent advance tax on the earnings to avoid any action by the income tax (I-T) department.
“Since there is no clarity over whether cryptocurrency is a good, capital asset or business income, the tax department is not trying to distinguish. They are just saying, pay 20 percent advance tax on money earned,” said Sathvik Vishwanath, founder of cryptocurrency exchange, Business Standard reported.
66 companies are scheduled to report results today
As many as 66 companies on the BSE are scheduled to report results for the quarter ended December which include names like Biocon, Canara Bank, Capital First, Indiabulls Ventures Ltd, Idea Cellular, Pfizer, InterGlobe Aviation, TTK Prestige, etc. among others.