Indian markets hit a fresh record closing high last Friday to sign off on a bullish note. The index rose 0.27 percent for the week ended January 5. The Nifty made a small bullish candle on the daily candlestick charts and a Hanging Man kind of patterns on the weekly charts.
The Nifty which opened at 10,534 slipped marginally to hit its intraday low of 10,520. The bulls soon took control over D-Street to touch its fresh record high of 10,566.10. The index finally closed 54 points higher at 10,558.
The Nifty closed at 10,558.8 on Friday. According to Pivot charts, the key support level is placed at 10,530.57, followed by 10,502.33. If the index starts to move higher, key resistance levels to watch out are 10,576.57 and 10,594.33.
The Nifty Bank closed at 25,601.8. Important Pivot level, which will act as crucial support for the index, is placed at 25,519.84, followed by 25,437.87. On the upside, key resistance levels are 25,663.54, followed by 25,725.27.
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.
US markets end higher
With the New Year’s Day holiday falling on a Monday this year, it was the strongest first four trading days to a year in more than a decade for all three major indices, according to Reuters data.
The Dow Jones Industrial Average rose 220.74 points, or 0.88 percent, to 25,295.87, the S&P 500 gained 19.16 points, or 0.70 percent, to 2,743.15 and the Nasdaq Composite added 58.64 points, or 0.83 percent, to 7,136.56, Reuters reported.
Asian stocks gain following firm US lead
Asian shares gained on Monday, following the strong lead from Wall Street in the last session. With few data releases expected during the session, many investors awaited earnings releases from regional corporates later in the week.
The S&P/ASX 200 edged up 0.21 percent in the morning. South Korea's Kospi hovered around break even, gaining 0.08 percent after earlier slipping below the flat line. MSCI's broad index of shares in Asia Pacific excluding Japan was higher by 0.09 percent, CNBC reported.
SGX Nifty
Trends on SGX Nifty indicate a positive opening for the broader index in India. Nifty futures were trading around 10,626-level on the Singaporean Exchange.
Would 'absolutely' talk to North Korea's Kim on phone: Donald Trump
US President Donald Trump said on Saturday he would “absolutely” be willing to talk on the phone to North Korean leader Kim Jong Un and that he hopes a positive development results from talks between North Korea and South Korea.
Trump suggested the talks might lead to an easing of tensions and took credit for the diplomatic breakthrough, saying it was a result of his steady pressure, Reuters reported.
Also Read: Trade setup for Monday: Top 15 things you should know before Opening Bell
Centre pegs FY18 GDP at 6.5%
India will likely grow at 6.5 percent in 2017-18, slower than the previous year’s 7.1 percent expansion, but a rebound in household spending and corporate investments held out hopes of rapid recovery from the twin disruptions of demonetisation and goods and services tax (GST).
The government estimated that gross value added (GVA), which is GDP minus net taxes, will grow at 6.1 percent in 2017-18.
Credit growth took off post bank recapitalisation: Govt
The Centre's move to recapitalise public sector banks (PSBs) has resulted in a surge in credit growth, a sign of revival of private sector investment in the country, a top finance ministry official said on Saturday.
Lenders, which will receive capital through preferential issue of shares, include Bank of India, IDBI Bank and UCO Bank. The actual fund infusion will take place in the next few weeks after they get necessary regulatory approval, including nod from shareholders.
Green shoots already visible from structural reforms: FM
Asserting that India is the only economy to undertake a number of structural reforms, Finance Minister Arun Jaitley on Sunday said these measures can create a "transient hiatus" but "green shoots" are already coming out.
These measures "can create a temporary challenge. Then as soon as the challenge gets over, the curve starts moving again, it moves for the better and we can see those green shoots already coming," he said.
Base effect lifts credit growth to 10.65% in Dec: RBI
Credit growth after a long gap grew in double digits to 10.65 percent at Rs 80,96,727 crore in the fortnight ended December 22, 2017 due to the base effect, according to the RBI data. The advances had stood at Rs 73,17,391 crore in the fortnight ended December 23, 2016.
In the previous fortnight, the banks' advances had grown by 9.77 percent to Rs 80,26,901 crore from Rs 73,12,107 crore in the year ago period. In the reporting fortnight, banks' deposits had risen by 3.96 percent to Rs 108,85,118 crore as against Rs 104,69,807 crore in the period ended December 23, 2016, the data showed.
BSE to auction investment limits for Rs 6.6K cr government bonds today
BSE will auction investment limits for foreign investors for purchase of government bonds worth over Rs 6,600 crore on Monday. The auction will be conducted on BSE's ebidxchange platform from 3:30 pm to 5:30 pm, after the close of market hours. The debt auction quota gives overseas investors the right to invest in the debt up to the limit purchased.
FPIs net inflow at Rs 1.5 lakh cr in debt market in 2017
Overseas investors poured in a staggering Rs 1.5 lakh crore in the Indian debt markets in 2017 on the back of higher bond yields and stable currency, after pulling out massive funds in the preceding year. The overall net inflow has made 2017 as the best period for debt markets in terms of overseas investment since 2014.
United States suspends about $2 bn security assistance to Pakistan
The US on Friday suspended about USD 2 billion in security aid to Pakistan for failing to clamp down on the Afghan Taliban and the Haqqani Network terror groups and dismantle their safe havens, a White House official said.
Equity MFs inflow at record Rs 1.3 lakh cr in 2017
Investors pumped in a record Rs 1.3 lakh crore in equity mutual funds in 2017 on the back of low bank deposit rates and lacklustre performance of gold and real estate.
The strong inflows pushed the asset base of equity MFs to Rs 7.7 lakh crore last year from Rs 4.7 lakh crore in 2016, latest data with the Association of Mutual Funds in India (Amfi) showed.
1,463 bad loan accounts owe PSU banks Rs 100 cr or more
As many as 1,463 entities account for bad loans of Rs 100 crore or more in 21 public sector banks (PSBs), finance ministry data showed. In State Bank of India alone, 265 accounts had bad loans of more than Rs 100 crore each, totalling Rs 77,538 crore, at the end of the September quarter.
Varroc Engineering plans to launch IPO
Tata Opportunities Fund-backed auto components maker Varroc Engineering Ltd plans to go public and has hired investment banks to advise it on the share sale, Mint reported.
Newgen Software plans Rs 450 crore IPO
Newgen Software Technologies is planning to raise around Rs450 crore through initial public offer (IPO), which it expects to launch this month. Ascent Capital, IDG Ventures, Vistra ITCL and SAP Ventures are investors in Newgen Software.
H-1B visa: Trump administration's move will have a short-term impact for India
Nearly a year after US President Donald Trump took office, the H-1B visa issue seems to have returned to haunt Indian techies, but if the unconfirmed proposals go through, they will at best have a short-term impact for India.
Bitcoin not a legal tender, not a recognised medium of exchange
Bitcoins or cryptocurrencies are not a legal tender in the country and are not recognised as a medium of exchange, Corporate Affairs Minister Arun Jaitley said.
According to him, the virtual currencies (VCs) including Bitcoins do not have any underlying assets and their price is entirely speculative, which can expose the investors to heightened risk.
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