Shuja Shabbir

The Nifty50 which started with a small gap on the higher side build the momentum to reclaim its crucial resistance level of 10,600 but last hour of sell-off pulled the index towards 10,550 making a small bullish candle on the daily candlestick charts.

The index witnessed some selling pressure around its 50-day exponential moving average and 5-DEMA which are placed around 10,614 levels. The trend might have just tilted towards the bulls as long as it holds 10,276 levels and the next target is placed around 10,700.

According to Pivot charts, the key support level is placed at 10,491.6, followed by 10,406.4. If the index starts to move higher, key resistance levels to watch out are 10,649.9 and 10,723.

The Nifty Bank closed at 25,920.65, up 0.98 percent. Important Pivot level, which will act as crucial support for the index, is placed at 25,663.27, followed by 25,405.83. On the upside, key resistance levels are placed at 26,152.27, followed by 26,383.83.

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.

Wall Street plummets 4%

US stocks plunged around 4 percent on Thursday in another dramatic session, confirming a correction that has thrown the market’s nearly nine-year bull run off course.

The Dow Jones Industrial Average fell 1,032.89 points, or 4.15 percent, to 23,860.46, the S&P 500 lost 100.66 points, or 3.75 percent, to 2,581 and the Nasdaq Composite dropped 274.83 points, or 3.9 percent, to 6,777.16, Reuters reported.

Asian stocks slide; Nikkei loses about 3%

Asian shares took a tumble early on Friday, taking cues from US indexes which extended sharp losses in the last session. Japan’s Nikkei 225 fell 2.95 percent in early trade, with losses seen in most sectors. The Kospi lost 2.16 percent, with most sectors trading in negative territory, CNBC reported.

Also Read: Trade setup for Friday: Top 15 things you should know before Opening Bell

SGX Nifty

Trends on SGX Nifty indicate a negative opening for the broader index in India, a fall of 205 points or 1.95 percent. Nifty futures were trading around 10,355-level on the Singaporean Exchange.

Rs 12K-cr relief for salaried class, senior citizens in Budget: FM

Finance Minister Arun Jaitley said the Budget has given Rs 12,000 crore benefits to salaried class and senior citizens and also defended the long-term capital gains tax on equities, saying this government knows how to “bite the bullet.”

“The total cost of relief to salaried class is Rs 8,000 crore, to the pensioners and senior citizens it was Rs 4,000 crore. Even in challenging times to give Rs 12,000 crore relief was demanding and yet I have kept the tradition of the last four budgets,” he said.

Loan stress to peak at 12.7%; mid-sized loans of Rs 1 lakh crore may turn NPAs over 12-18 months: Report

The impaired or stressed assets are expected to peak at 12.7 percent by FY19-FY20 while credit costs are set to witness an extended recovery period due to aging of a large stock of NPAs added over the last four quarters, said India Ratings and Research.

The bank credit as on September end stood at Rs 72,06,800 crore, of which 1.6 percent is Rs 1,15,308.8 crore, as per Reserve Bank of India data.

SBI may post Q3 profit at Rs 2,508 cr

State Bank of India is likely to turn profitable with Q3 net at Rs 2,507.6 crore against net loss of Rs 560 crore in year-ago. Net interest income, the difference between interest earned and interest expended, may grow 5.5 percent to Rs 19,088.7 crore for quarter ended December 2017 compared to Rs 18,094.7 crore in same quarter last year, according to average of estimates of analysts polled by CNBC-TV18.

Gold hits 4-week low on firmer dollar

Gold prices dropped for a third straight session on Thursday and hit a fresh four-week low, as investors liquidated their long positions on a firmer dollar, while expectations of more US rate hikes this year also weighed on the market.

Spot gold was down 0.4 percent at USD 1,312.41 per ounce as of 0755 GMT, after hitting its lowest since Jan. 10 at USD 1,309.51 earlier in the session, Reuters reported.

SEBI imposes Rs 18 lakh penalty on Metkore Alloys, 3 others

SEBI imposed a total penalty of Rs 18 lakh on Metkore Alloys & Industries, its promoter Prashant Boorugu and two others for disclosure lapses. The other two are Cronimet Mercon Invest (an erstwhile promoter of Metkore) and Bhuma Infrastructure.

Fine Organic Industries files IPO papers with SEBI

Fine Organic Industries filed draft papers with markets regulator SEBI to float an initial public offering. The initial public offer (IPO) will see sale of up to 76,64,994 equity shares by the existing shareholders, according to the draft prospectus filed with SEBI.

JM Financial and Edelweiss Financial Service will manage the company’s public issue. The equity shares are proposed to be listed on BSE and NSE.

Twitter hits a milestone with first-ever profit

Twitter reported its first-ever quarterly profit, in a key milestone for the social network which has been lagging for years against fast-growing rivals. It earned USD 91 million in the fourth quarter, the first positive net income since going public in 2013.

Revenue was up two percent from a year ago to a better- than-expected USD 732 million, AFP reported.

CCI slaps Rs 136 crore fine on Google

The Competition Commission of India (CCI) imposed a fine of Rs 136 crore on search engine major Google for unfair business practices in the Indian market for online search.

It was alleged that Google is indulging in abuse of dominant position in the market for online search through practices leading to search bias and search manipulation, among others.

262 companies are scheduled to report Q3 results today

As many as 262 companies are likely to report Q3 numbers today including Alkem Laboratories, Apex Frozen, Avanti Feeds, Bank of Baroda, Bata India, BPCL, GSFC, HPCL, India Cements, Kitex Garments, M&M, Marico, Max Financial Services, Mahanagar Gas, MOIL, NALCO, Oil India, State Bank of India, SJVN, Sobha Ltd, Sun TV, Suzlon Energy, Syndicate Bank, Tata Steel, UCO Bank etc. among others.