100% FDI In Single Retail Brand got its approval from Government

On January 10, 2018- The nifty opened at 10,652 then rose to a marginally high of 10,655 low of 10,592 and in the end closed at 10,632.20, 4.8 points lower than its previous close. The day was majorly ruled by bearish bear’s and in the end a Bearish HangingMan pattern was formed.

According to pivot charts, Key support is at 10,598 followed by 10,564 and key resistance is at 10,660 and 10,689.

Important news for the day:

1) Government has announced sweeping relaxations in FDI regulations in single brand retail to 100%. The government has also allowed overseas carriers to acquire as much as 49% of Air India to speed up its divestment.

2) Indian Pharma majors such as Aurobindo, Zydus Cadillac, Torrent Pharma and Intas have bids for Sanofi’s $2 billion European Generics business.

3) International Finance Corporation, part of World Bank Group, is Close to invest $440 million or (₹2800 Crores) in Rewa Ultra Mega Solar Park in Madhya Pradesh.

4) GMR Infrastructure is looking to raise ₹4000 to ₹5000 Crores through The listing of its Airport holding entity to pare debt and mobilise expansion bands and mobilise expansion funds.

5) World Bank has said that compared to other emerging companies, India’s has enormous growth potential and has projected country’s growth rate to 7.3 percent in 2018 and 7.5 for the next two years.

6) State Bank of India is expecting financial bidding process for resolution of 12 big stressed accounts to be over by January end.

7) Security Exchange Board Of India (SEBI) has barred Price Waterhouse from auditing listed companies in the country for two years after probe into a accounting fraud case in Satyam Computers that became India’s biggest Corporate Scandal.

8) Apollo Micro Systems, which caters primarily to the defence and aerospace sector, Intial Public Offering (IPO) was subscribed 2.14 times on its first day. The company is looking to raise ₹156 Crores.