A list of important headlines from across news agencies that could help in your trade today.
The Nifty which started on a muted note on Friday rose to fresh record highs towards the end of the trading session and made a strong bull candle on the daily candlestick charts. The candle engulfed the profit booking seen in the previous session.
The Nifty which opened at 10,829.20 slipped below 10,800 to hit an intraday low of 10,793. It bounced back from its 5-day exponential moving average (DEMA) placed at 10,793 to close 77 points higher from its previous close at 10,894.70.
According to Pivot charts, the key support level is placed at 10,823.47, followed by 10,752.23. If the index starts to move higher, key resistance levels to watch out are 10,936.37 and 10,978.03.
The Nifty Bank closed at 26,909.5. Important Pivot level, which will act as crucial support for the index, is placed at 26,576.13, followed by 26,242.77. On the upside, key resistance levels are placed at 27,100.33, followed by 27,291.17.
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.
Asian markets trade lower
Asian markets traded lower early on Monday as investors kept an eye on political developments in the US after a government shutdown began last week. Japan's Nikkei 225 hovered around the flat line. South Korea's Kospi declined 0.54 percent as index heavyweight Samsung Electronics fell 2.11 percent in early trade, CNBC reported.
SGX Nifty
Trends on SGX Nifty indicate a positive opening for the broader index in India, a rise of 71.5 points or 0.66 percent. Nifty futures were trading around 10,758-level on the Singaporean Exchange.
US government shutdown begins as spending bill fails in Senate
The US government shut down at midnight on Friday after Democrats and Republicans, locked in a bitter dispute over immigration and border security, failed to agree on a last-minute deal to fund its operations.
In a late-night session, senators blocked a bill to extend government funding through February 16. The bill needed 60 votes in the 100-member Senate but only 50 supported it, Reuters reported.
Develop a US-style online platform to sell bad loans: Viral Acharya
The Reserve Bank has called for putting in place an online trading platform on the lines of the system in the US, to sell distressed assets to ensure more transparency and better price-discovery.
Deputy governor Viral Acharya has opined that such an online trading platform can help create a thriving market for selling bad loans, which is plaguing the domestic banking system, and asked all the stakeholders to come together to develop such a mechanism.
Budget 2018 may not be populist, indicates PM Modi
Prime Minister Narendra Modi indicated that the upcoming Budget will not be a populist one and it's a myth that the common ma n expects "freebies and sops" from the government.
In an interview with Times Now television broadcast , he also pledged that his government will stay on the course of the reforms agenda that has pulled out India from being among the 'fragile five' economies of the world to being a 'bright spot', Economic Times reported.
Budgetary support for Indian Railways to be cut by 27% in FY18
The Union government has cut budgetary support to the Indian Railways by Rs 150 billion for the financial year 2017-18. It is set to rely on borrowings, asset monetisation, and internal generation so that it does not fall short of the capital expenditure target of Rs 1.31 trillion for the fiscal year, Business Standard reported.
Apollo Micro Systems to debut on bourses today
Apollo Micro Systems will debut on the bourses on Monday. The issue price for its initial public offer was Rs 275 per share. Shares of the company will be listed on NSE and BSE. Aryaman Financial Services was the book running lead manager to the offer.
India to become fastest growing large economy in 2018: Report
India will overtake China to be the fastest growing large economy in 2018 and the country's equity market will become the fifth largest in the world, says a report.
According to a Sanctum Wealth Management report, when the rest of the world offers low growth and insufficient structural change, India, by contrast, is seen as a reforming economy with the prospect of strong long-term growth.
RIL Q3 net, petchem EBIT up 16%; Jio posts first ever profit at Rs 504 cr
Reliance Industries has reported consolidated profit growth of 16.2 percent QoQ (25.1 percent year-on-year) at Rs 9,423 crore for October-December quarter, driven by petrochemical and Jio businesses.
Consolidated revenue from operations during the quarter grew 7.8 percent quarter-on-quarter (21.75 percent YoY) to Rs 1,02,500 crore, aided by volume increase with start-up of petrochemicals projects and increase in prices in refining and petrochemical businesses.
India's richest 1% grabbed 73% of wealth generation in 2017: Survey
The richest 1 percent in India cornered 73 percent of the wealth generated in the country last year, a new survey showed on Sunday, presenting a worrying picture of rising income inequality.
Besides, 67 crore Indians comprising the population's poorest half saw their wealth rise by just 1 percent, as per the survey released by the international rights group Oxfam hours.
Arun Jaitley to skip WEF Davos meet to focus on Budget 2018
Finance minister Arun Jaitley is unlikely to travel to the World Economic Forum (WEF) annual meeting in Davos next week, preferring instead to put the finishing touches on the Union Budget due to be unveiled on February 1.
ONGC to pay Rs 36,915 cr for 51.11% stake in HPCL
Oil and Natural Gas Corporation (ONGC) will pay Rs 36,915 crore for a 51.11 percent stake in Hindustan Petroleum Corporation (HPCL), the former said in a filing to stock exchanges. ONGC will pay Rs 473.97 per share and will complete the acquisition of government's stake in HPCL by January end.
The finance ministry on Saturday said that ONGC will now have presence across the entire value chain and will become the country's first vertically-integrated oil major.
FPI flow to Indian market so far in January at Rs 8.7K cr
Overseas investors have put in a whopping Rs 8,700 crore in the Indian capital markets this month so far on expectation of recovery in corporate earnings and attractive yields.
Equity investment limit for EPFO may be raised to 25%
A greater proportion of provident fund savings could be headed for the stock market with shares rising to successive records in past weeks, said a government official. The government is considering a plan to raise the equity investment limit for the Employees' Provident Fund Organisation to 25 percent, Economic Times reported.
29 companies are scheduled to report results today:
As many as 29 companies are scheduled to report their results today which include names like Asian Paints, Axis Bank, Diwan Housing, Havells India, JustDial, Rallis India, Videocon Industries etc. among others.
MORE WILL UPDATE SOON!!
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