What changed for the market while you were sleeping? 12 things you should know

By Sandip Das

The Nifty broke six straight sessions of decline on Thursday and formed a Hammer-like pattern on the daily candlestick charts, but experts feel that bulls are here to stay for a few more sessions. Traders should, therefore, avoid shorting the market.

The index opened at 10,216 and rose to an intraday high of 10,270. It slipped to an intraday low of 10,146 before closing the day at 10,242, up 88 points.

“Finally, bulls garnered the courage to defend 200-days moving average (DEMA) and bravely staged a sustainable pullback at least for the session by overcoming intraday setbacks before signing of the day in style with Hammer kind of formation,” said Mazhar Mohammad, Chief Strategist – Technical Research & Trading Advisory, Chartviewindia.in.

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India VIX fell down by 7.10 percent at 14.58 and the decline in volatility is supporting the index for a bounce back.

The Nifty closed at 10,242.7. According to Pivot charts, the key support level is placed at 10,169.3, followed by 10,095.9. If the index starts to move higher, key resistance levels to watch out are 10,293.2 and 10,343.7.

The Nifty Bank closed at 24,477.7. Important Pivot level, which will act as crucial support for the index, is placed at 24,172.7, followed by 23,867.7. On the upside, key resistance levels are placed at 24,658.6, followed by 24,839.5.

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 rises as Trump softens tariff plan

The three major US stock indexes closed higher on Thursday after President Donald Trump appeared to soften his stance on trade tariffs, easing trade war fears that had had the market on edge for a week.

The Dow Jones Industrial Average rose 93.85 points, or 0.38 percent, to close at 24,895.21, the S&P 500 gained 12.17 points, or 0.45 percent, to 2,738.97 and the Nasdaq Composite added 31.30 points, or 0.42 percent, to 7,427.95, Reuters reported.

Asian shares gain after US tariffs signed

Markets in Asia traded higher early on Friday, tracking moderate gains seen on Wall Street following the implementation of US tariffs on steel and aluminum. Japan's Nikkei 225 rose 1.19 percent in early trade and the broader Topix index gained 1 percent, CNBC reported.

SGX Nifty

Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 49 points or 0.48 percent. Nifty futures were trading around 10,287-level on the Singaporean Exchange.

Trump ready to meet North Korean leader Kim by May: South Korea

President Donald Trump is ready to meet North Korean leader Kim Jung by May in response to Kim’s invitation to hold the first-ever US-North Korea summit, a South Korean envoy said, marking a potentially dramatic breakthrough in the North Korea nuclear standoff, a Reuters report said.

Kim has committed to “denuclearization” and to suspending nuclear or missile tests, South Korea’s National Security Office head Chung Eui-yong told reporters at the White House after briefing Trump on South Korean officials’ meeting with Kim on Monday.

Trump sets steel and aluminum tariffs

US President Donald Trump pressed ahead on Thursday with import tariffs of 25 percent on steel and 10 percent for aluminum but exempted Canada and Mexico, Reuters reported.

Canada, the largest supplier of both steel and aluminum to the United States, welcomed the news it would not immediately be subject to the tariffs.

World Bank warns Trump to be 'careful' on tariffs

The chief executive of the World Bank urged US President Donald Trump today to be "careful" before imposing controversial steel and aluminium tariffs, warning that they could affect global trade.

Kristalina Georgieva said Trump should "assess the implications" before going ahead with a plan that has sparked fears of a trade war with China and Europe and spooked world markets.

Over 12 PSBs to get Rs 46K cr capital infusion this month

Over a dozen public sector banks (PSBs) will get Rs 46,101 crore as part of capital infusion in the current fiscal ending this month to allot shares to the government in lieu of equity capital.

These banks, including SBI, PNB, Bank of Baroda, Central Bank, Union Bank and OBC, have called shareholders' meetings this month to pass the resolution to allot preferential shares to government so as to receive the capital.

PNB may be given 1 year to provision against Rs 127-billion fraud

The RBI may provide four quarters to Punjab National Bank for making provisions against the country's biggest ever banking fraud of Rs 127 billion allegedly masterminded by billionaire diamantaire Nirav Modi.

Although there is a direction of the RBI on provisioning to be made in case of loan fraud, the bank is taking pre-emptive action to deal with extraordinary situation created by unearthing of this mega fraud.

NSE hopes to float IPO in next fiscal

NSE said it hopes to float its initial public offer (IPO) next fiscal even as markets regulator Sebi returned its consent application in a high-profile probe into the co-location issue.

The exchange's Rs 10,000 crore IPO has been delayed because of the probe in the co-location matter and the regulator had earlier issued show cause notices to several individuals as well as the exchange, while the role of some brokers is also being probed.

Direct tax mop up rises 19.5% to Rs 7.44 lakh cr in Apr-Feb

The Direct Tax collection has risen 19.5 percent to Rs 7.44 lakh crore in the April-February period of the current fiscal, buoyed by a strong pick up in corporate tax. The net direct tax collection represents 74.3 percent of the Rs 10.05 lakh crore as per the revised estimates given in Union Budget 2018-19, presented in Parliament last month.

The gross collections, before adjusting for refunds, rose 14.5 percent to Rs 8.83 lakh crore during 11 month period of the current financial year. Refunds amounting to Rs 1.39 lakh crore have been issued till February.

Govt to invite initial bids for Air India stake sale in couple of weeks

India will invite initial bids for a stake sale in state-run carrier Air India in the next couple of weeks, Civil Aviation Secretary Rajiv Choubey said on Thursday, Reuters report said.

Companies including low-cost Indian carrier IndiGo, owned by InterGlobe Aviation, Tata Group and Turkey's Celebi Aviation Holdings, have expressed an interest in buying some of Air India's businesses.

Rupee wipes out 3-day gains, tumbles 25 paise

The rupee crumbled against the US dollar and ended lower by 25 paise at 65.14 on fresh bouts of demand for the American currency from importers and banks amid rising uncertainty stemming from Trump's possible trade war.

The local unit touched an intra-day low of 65.15 in tail-end trade before ending at 65.14, revealing a steep loss of 25 paise, 0.39 percent.

Bandhan Bank to raise up to Rs 4,473 cr

Bandhan Bank will be raising up to about Rs 4,473.75 crore from the public through sale of 11.93 crore equity shares, making it one of the biggest IPOs (initial public offering) by a local private sector bank. The price band of the much-awaited IPO has been finalised at Rs 370-375 per share and the bid would remain open from March 15 to 19.

Bandhan Bank has appointed five merchant bankers for its IPO including Goldman Sachs (India) Securities Pvt Ltd, Kotak Mahindra Capital Company Ltd, Axis Capital Ltd, JM Financial Institutional Securities and JP Morgan India Private Ltd while Karvy Computershare Private Ltd is the registrar to the issue.