The Nifty opened at 10,358 and closed virtually at a similar level at 10,348, thus forming a ’Doji’ pattern on Thursday. It rose to its intraday high of 10,374.30 which made an upper shadow and an intraday low of 10,307.30 which made a long lower shadow.

According to Pivot charts, the key support level is placed at 10,312.63, followed by 10,276.47. If the index starts to move higher, key resistance levels to watch out for are 10,379.63 and 10,410.47.

Nifty Bank closed at 25,736.2 on Thursday. Important Pivot level, which will act as crucial support for the index, is placed at 25625.2, followed by 25,514.2. On the upside, key resistance level is 25,842.9 followed by 25,949.6.

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 shares off 10-year peak

Asian shares hovered below their 10-year peak on Friday while investors viewed Chinese shares with caution after their big fall the previous day. MSCI’s broadest index of Asia-Pacific shares outside Japan ticked down 0.1 percent in early trade, led by 0.3 percent fall in Australian shares .

Japan’s Nikkei fell 0.6 percent after a market holiday on Thursday while US stock futures were little changed after shortened trading on Thursday, Reuters reported.

SGX Nifty

The Nifty50 futures on the Singapore Stock Exchange were trading 1.5 points higher at 10372 indicating a flat opening for the domestic market.

Promoters of stressed companies mulling legal help to bid for assets under new IBC ordinance

Promoters of stressed companies like Essar Steel, Bhushan Steel and others are mulling taking help of legal experts in an effort to keep their companies under the new ordinance for amending the Insolvency and Bankruptcy Code (IBC).

The promoters have little time to regain control of their firms as the 180-day deadline for resolution is coming to an end in January. The new Ordinace will now be tabled in the upcoming Winter Session of the Parliament.

Promoters with NPAs of a year or more barred from bidding in insolvency process

Promoters of large stressed accounts or bad loans, many of which are being resolved under the Insolvency and Bankruptcy Code (IBC), may no longer be allowed to bid for their own assets.

US Federal Reserve set for a rate increase next month 

The Federal Reserve is preparing to raise its benchmark interest rate in December despite the concerns of some Fed officials about the persistent weakness of inflation, according to an account of the Fed’s most recent policy meeting, New York Times reported.

ECB split over keeping bond buys open-ended: minutes

European Central Bank policymakers broadly agreed last month on extending their asset purchase scheme but a decision to keep the bond buys open-ended appeared to generate fiercer debate, minutes of the meeting released on Thursday showed, Reuters reported.

US oil hits 2-year high

US crude hit a two-year high in thin trade on Thursday as the shutdown of a major crude pipeline from Canada and a draw on fuel inventories pointed to a tightening market, despite rising output from US producers, Reuters reported.

Oil, gas PSU mergers exempt from CCI approval

Merger and acquisition deals involving public sector oil and gas companies have been exempted from seeking the Competition Commission approval, says a notification.

The corporate affairs ministry’s decision to exempt such deals from the ambit of the Competition Commission of India (CCI) comes against the backdrop of the proposed consolidation and stake purchases among state-owned oil and gas companies.

EPFO approves proposal to credit ETF units to PF accounts

EPFO on Thursday approved a proposal for crediting exchange traded fund (ETF) units to provident fund accounts of its 4.5 crore members. Employees’ Provident Fund Organisation (EPFO) subscribers would be able to see ETF units in their PF accounts by March- end next year.

ARCs can hold more than 26% equity in corporate borrowers after converting debt

Asset reconstruction companies (ARCs) will now be allowed to hold more than 26 percent equity in borrowing companies under reconstruction after converting debt into shares, the Reserve Bank of India said in a notification on Thursday.

Stickers on existing stock must show GST cut: Govt to FMCGs

The government told consumer goods firms and industry stakeholders that new price tags on existing stocks in the trade pipeline should clearly show the difference that the recent cut in GST has made.

The metrology division under the department of consumer affairs, which oversees matters related to measurement and labelling, has instructed the companies to this effect, Economic Times reported.

 24 Nov 2017, 07:03 AM