Govt thinking of 100% FDI in Private Banks - Bharti Airtel, Yes Bank Q3 results today.

On January 17, 2018- The nifty opened at 10,702 then rose to record high of 10,803 low of 10,666.75 and in the end closed at 10,788.55 - a significant 88.10 points higher than its previous close. The day was majorly ruled by bullish bear’s and pushed the market to close at all time high levels.

According to pivot charts, Key support is at 10,702 followed by 10,616 and key resistance is at 10,838 and 10,888.

Important news for the day:

1) The Government’s has decided to cut additional borrowing requirements to ₹20,000 Crores from ₹50,000 Crores announced last month, sending relief for investors, who responded by pushing the Sensex to beyond 35000 levels.

2) The Government is expected to sharply increase its asset sale target for the next fiscal year with about 36 companies lined up for strategic disinvestment. 

3) JSW Group has emerged as the highest bidder for Binani Cement. The bid was worth of ₹5900 Crores. The bank to call the final winner in upcoming days.

4) Banks led by SBI have decided to ring fence assets of the Videocon Industries by folding in its dozen step-down subsidiaries and overseas oil and gas business in bankruptcy proceedings.

5) Price Waterhouse (PW) has challenged a two year ban by SEBI over the Satyam Computers Services fraud on the grounds that the regulator doesn’t have any jurisdiction.

6) The Tax Department has said that direct tax collection during the first nine and a half months of the current fiscal have risen by 18.7 percent to 6.89 Lakh Crores.

7) The Government is thinking of allowing 100 percent foreign direct investment in private banks. Also, increasing the permissible limit for FDI in public sectors bank to 49% from the current 20% is in talks.

8) Amber Enterprises ₹600 Crores IPO was fully subscribed on the first day of its bidding.

9) Companies such as Bharti Airtel, Yes Bank, UltraTech Cement along with 18 others to report their Quater 3 results today.