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Can IT power the Nifty higher today?

Good Morning, Everyone, Nifty opened with a gap up yesterday and went on a power buying mode to finally close at 17176 higher by 264 points or 1.56%. But IT has been underperforming for the past 2 days after Nasdaq crashed. But after 2 days of fall, Nasdaq has recovered yesterday, can this power the IT stocks today is to be seen.

FIIs continue their selling spree but DIIs have been strongly buying more than them, each time Nifty closes below 17000. However, it is very important to cross 17500 to get back to the positive momentum. Till then I will consider nifty bearish for the short term.

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On the daily timeframe, Nifty has formed a weak bull candle.

Index Watch:

Every index was up today, mainly led by the Nifty 50 pack due to strong DII buying.

Sector Watch:

On the sectoral front, the major power came in from the Metal sector followed by the banking and financial sector.

Top Gainers:

Hindalco was up more than 5% followed by Tata steel close to 4% which led the Nifty today.

Top Losers:

Nothing to talk big about here as it was minor falls in the 5 scrips.

Global Markets:

Stocks closed broadly higher on Wall Street Tuesday as investors wagered risks from the Omicron variant to the economy won’t be as bad as feared. The tech-heavy Nasdaq rose 3 percent. The Dow Jones rose nearly 1.5 percent. And S&P 500 rose over 2 percent.

Asian shares were trading higher this morning following Wall Street’s rebound from previous losses. MSCI's broadest index of Asia-Pacific shares outside Japan was up over 0.6 percent. Japan's Nikkei index rose nearly 1 percent. Chinese blue chips were trading flat-to-negative. And South Korea’s Kospi was up over 1 percent. Elsewhere, Australian shares rose 0.75 percent.

The Japanese economy shrank 3.6 percent in the third quarter, worse than the initial estimate of a 3.0 percent contraction, revised government data showed on Wednesday, posting a decline as private spending took a hit from a resurgence in COVID-19.

Indian Market:

Indian shares may open flat-to-positive Wednesday amid positive global cues. However, all eyes will be on the RBI monetary policy meeting today, which might be uneventful if rates are kept unchanged.

Oil-to-telecom conglomerate Reliance Industries Ltd (RIL) on December 7 announced the launch of a strategic joint venture with Abu Dhabi Chemicals Derivatives Company RSC Ltd (TA'ZIZ) for chemical projects worth $2 billion in Ruwais, a town located 240 km to the west of Abu Dhabi City.

The new joint-venture will construct and operate a Chlor-Alkali, Ethylene Dichloride (EDC) and Polyvinyl Chloride (PVC) production facility, with an investment of more than $2 billion,” RIL said in a statement. The joint venture, named ‘TA’ZIZ EDC & PVC’, will be a “world-scale chemical production partnership” at the TA’ZIZ Industrial Chemicals Zone in Ruwais.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 2,584.97 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 2,605.81 crore in the Indian equity market on December 7

Stock Specific News:

SpiceJet | Madras High Court has ordered the winding up of private carrier SpiceJet and directed the official liquidator attached to the High Court to take over its assets. SpiceJet informed that the High Court's stay is subject to the condition that the company deposits an amount equivalent to $5 million within a period of two weeks.

Larsen and Toubro | L&T has signed an agreement with the Saudi Arabian Oil Company Aramco to develop manufacturing capabilities in Saudi Arabia, as per a report.

California Software | The company has signed an agreement to acquire a majority stake in Pratsware Technologies which owns botbaba - a WhatsApp chatbot platform.

NHPC | The company has approved a proposal for monetisation by securitisation through a bidding process of return on equity (RoE) of Chamera-I power station, Himachal Pradesh. It will also further monetise the RoE of one or more power stations for 05/10/15 years in one go or rollover.

Polyplex Corporation | PT Polyplex Films Indonesia, a wholly-owned subsidiary of Polyplex (Thailand) Public Company, Thailand, has commenced operations of a 10.6-meter BOPP film line with a capacity of 60,000 tonnes per annum.

Texmaco Rail and Engineering | The company has informed about the successful completion of its rights issue aggregating to Rs 164 crore. The issue was oversubscribed 1.35 times.

Hindustan Zinc | The company approved an interim dividend of Rs 18 per equity share on a face value of Rs 2 per share for FY22. The company has announced a total of $1 billion as interim dividends to its shareholders.

Brightcom Group | The company has entered into a definitive agreement to acquire a 100 percent stake in Vuchi Media, operating under the brand name of MediaMint.

Praj Industries | The company has announced an innovative solution to process sugarcane juice into a new sustainable feedstock Biosyrup for round the year ethanol production.

Orchid Pharma | The company had availed a Rupee term loan from Union Bank of India which was at an outstanding level of Rs 164.67 crore on December 06. Orchid Pharma has executed a binding agreement with the lender for conversion of Rupee term loan to Foreign Currency term loan.

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