TCS met Market Expectations, Infosys Q3 Results today

On January 11, 2018- The nifty opened at 10,637 then rose to a record high of 10,664.60 low of 10,612.35 and in the end closed at 10,651- 19 points higher than its previous close. The day was majorly ruled by bearish bear’s however buying in last one hour of the session pushed the market to close above record of 10,650 levels.

According to pivot charts, Key support is at 10,620 followed by 10,590 and key resistance is at 10,673 and 10,695.

Important news for the day:

1) Tata Consultancy Services posted its Q3 results and missed the market expectation by a whisker, however had good tidings for the future when it expects to rebound on the back of strong growth in the key sectors like in retail and in major markets like US.

2) The Tata Group has paid around ₹17000 Crores to Bank earlier in this week to settle a lion’s share of the outstanding debt of Tata Teleservices.

3) French Foods maker Danone is exiting its dairy products portfolio in India after it entered the categorically dominated by Amul, Mother Dairy, Nestle and Briatania.

4) Reliance Jio Infocomm has added as many as 6.11 million customers in November, taking its market share past 13%. Currently, Reliance Jio has a customer base of 152 million.

5) Rating Agency ICRA has said that Indian Telecom Industry’s Revenue and operating income are expected to increase by 10% and 42% respectively in the next fiscal year.

6) IndusInd Bank has reported its Q3 results and has reported a net profit rise by 25%, Capex recovery underway.

7) The Government has stepped up action against Benami properties, with the Income Tax ( IT) Department attaching properties worth ₹3500 Crores.

8) GST Council may take up rationalisation of the goods and services Tax (GST) rates for a handful of items such as bio-diesel buses, electric vehicles and irrigation equipment in its meeting next week.