Big gap-up opening, will Nifty sustain these levels?

Good Morning Everyone, As discussed in the meeting yesterday, 17600 is an important resistance to Nifty, but the trends on the SGX Nifty indicates a gap up opening to the market at 17666, which can be important to watch, as any close above 17600 could mean more rally in the Nifty. And on the lower side we can keep 17400 as a temporary support for the Nifty.

Let us keep a close watch on the Indian inflation data that is due today.

Global Markets:

The Dow Jones Industrial Average rose 216.3 points, or 0.6%, to 35,970.99, the S&P 500 gained 44.57 points, or 0.95%, to 4,712.02 and the Nasdaq Composite added 113.23 points, or 0.73%, to 15,630.60.

US consumer prices rose 6.8% in November, biggest jump since 1982

US consumer prices continued to surge in November, climbing 6.8 percent compared to the same month in 2020, the biggest jump since June 1982, the government said Friday.

The leap in the consumer price index (CPI) was caused by increases in a wide range of items, including a 6.1 percent jump in gasoline prices, while rents, used car and food costs also increased, according to the Labor Department.

Asia-Pacific markets jumped in morning trade on Monday as investors turn their focus to a number of monetary policy meetings happening this week.

In Japan, the Nikkei 225 rose 0.86% while the Topix index added 0.51%. South Korea’s Kospi added 0.53% and Australia’s benchmark ASX 200 rose 0.39%.

Indian Market:

Trends on SGX Nifty indicate a gap-up opening for the index in India with a 143 points gain.

The Index of Industrial Production (IIP) grew by 3.2 percent in October 2021 compared to the corresponding period in the previous year, as per the data released by the government on December 10. The IIP growth rate has marginally slowed down as compared to September 2021 when a 3.3 percent surge was recorded as per the revised estimates.

India’s recovery from the slowdown inflicted by the coronavirus pandemic is projected to be higher than other member nations, according to the BRICS Economic Bulletin 2021 released by the Reserve Bank of India (RBI) on December 10.

"Charting the expected growth recovery for 2021, India’s recovery is projected to be higher than other BRICS nations," the bulletin said.

Among the BRICS nations, Brazil’s response has been the largest of the most emerging market economies (EMEs), including the other BRICS countries, the bulletin said citing the IMF’s data on countries fiscal measures in response to the COVID-19 pandemic.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 1,092.40 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 386.63 crore in the Indian equity market on December 10.

Stock Specific News:

Tega Industries | The company will make a debut on the bourses today and the issue price has been fixed at Rs 453 per share.

UltraTech Cement | The company participated in the e-auction of Ravur Limestone Block conducted by the Government of Karnataka and has been declared as the preferred bidder.

Zensar Technologies | The company's board of directors has approved mutual termination of the agreement entered between Marina Holdco and Zensar Technologies in 2015. With this, the non-executive director, Shashank Singh, who was a nominee of Marina on the Board, has resigned from the Board and its committees and has ceased to hold the office of director.

Antony Waste Handling Cell | The company's material subsidiary, AG Enviro Infra Projects has received a letter of intent for contract namely 'door to door collection and transportation of municipal solid waste to a disposal site and operation & maintenance of equipment/machineries’ from the city - Sadar Paharganj Zone of North Delhi Municipal Corporation.

Vedanta | The company has approved a second interim dividend of Rs 13.50 per equity share on the face value of Re 1 per share for FY22, amounting to Rs 5,019 crore.

Burger King India | The company's board of directors will meet on December 15 to consider the proposal to raise funds via a further issue of securities through public and/or private offerings or other permissible modes in one or more tranches.

IIFL Securities | The company will sell its entire stake of 21.47 percent in Giskard Datatech (Tendlyne), an associate of the company, to IIFL Capital Enhance Fund (AIF Category II). With this, Tendlyne will cease to be an associate of the company.

Minda Industries | The company has entered into a joint venture agreement with FRIWO AG Germany to combine their manufacturing prowess and technical expertise to manufacture and supply various electric vehicle components in the Indian subcontinent. The company will hold a majority stake of 50.1 percent in the joint venture entity.

Alembic Pharmaceuticals | The company has announced that it has made a strategic investment in RIGlmmune Inc, a biopharmaceutical research company co-founded by two prominent Yale University professors.

Globus Spirits | The company has resumed its operation at its plant located in Dhudhua, Bihar which was temporarily disrupted owing to flooding and water-logging at the factory premises caused by heavy rains since August 15, 2021.

Ashiana Housing | The company's joint venture entity Kairav Developers has acquired a piece of land admeasuring 10.44 acres at Nemmeli Village in Tamil Nadu to develop a senior living project with an approximate saleable area of 5 lakh sq ft.