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Nifty closed positive in spite of heavy FIIs selling! Who is driving the market?

Good Morning Everyone, Yesterday the Nifty opened with a gap up but saw heavy selling pressure by the FIIs initially, but it was a V-shaped recovery to finally close the day slightly higher up by 47 points (0.27%). This is in spite of the FIIs selling heavily (Almost double of what the DIIs bought). But in this case, who do you think is driving the positivity in the market?

Of course, it looks like the retailers are getting stronger in the market in India, and I would see that as a good sign in the longer run. It shows the confidence of the retailers in the Indian Economy.

Today's markets can be jittery as the US inflation data is due today, and there is a market expectation that it can be higher than last month, if that happens, we can see the US markets correcting itself too.

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On the daily timeframe, Nifty has formed a bullish hammer candle, however, will it sustain these levels is an important question as of today.

Index Watch:

Yesterday was again led by small-cap stocks, though all indices closed in green.

Sector Watch:

The media and FMCG sector was up the most. ITC power the FMCG sector with a 4% up move.

Top Gainers:

ITC was among the top gainer for a long time again after the cigarette-to-hotel conglomerate announced its first analyst meet which it will hold next week on Tuesday, December 14, 2021.

LT and Asian paints continued to gain.

Top Losers:

HDFC Bank and Titan came under heavy selling pressure, probably due to heavy selling by FIIs.

Global Markets:

Stocks tapped breaks after three days of gains and closed lower on Wall Street Thursday. US inflation data is expected to come today, with experts expecting the reading to be highest in 40 years. The tech-heavy Nasdaq fell 1.7 percent. The Dow Jones fell less than 0.1 percent. And S&P 500 fell 0.7 percent.

Asian shares declined this morning following Wall Street overnight and Evergrande’s default. MSCI's broadest index of Asia-Pacific shares outside Japan was down nearly 0.5 percent. Japan's Nikkei index was down 0.6 percent. Chinese blue chips were down 0.4 percent. And South Korea’s Kospi was down 0.5 percent. Elsewhere, Australian shares declined nearly half a percent.

Japan's wholesale inflation hit a record 9.0% in November, pushing gains for a ninth straight month, a significant of upward pressure on prices from supply bottlenecks, and rising raw material costs were broadening.

Indian Market:

Trends on the SGX Nifty futures indicate a flat start to Nifty today. The rupee fell to 16-month lows of 75.60 Thursday amid foreign fund outflows from greenback in overseas markets. Meanwhile, the dollar index rose 0.20 percent to 96.08.

IDFC MF expects a repo rate hike in April, Suyash Choudhary, head-fixed income.

Swiss brokerage Credit Suisse expects the economy to continue to show positive surprises and record up to 9 percent growth in the next fiscal. For the current financial year too, the brokerage anticipates growth to be higher than the consensus forecast of 8.4-9.5 percent and printing in at around 10.5 percent.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 1,585.55 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 782.84 crore in the Indian equity market on December 9

Stock Specific News:

Star Health and Allied Insurance Company | Ace investor Rakesh Jhunjhunwala-backed Star Health and Allied Insurance Company's shares will make a debut on the bourses today.

InterGlobe Aviation and SpiceJet | The Directorate General of Civil Aviation have extended the suspension of scheduled international commercial passenger services till January 31, 2022.

Weizmann | The company approved the proposal to buy back up to 14,12,515 fully paid-up equity shares at a price of Rs 60 per share on a proportionate basis through the tender offer process.

Infosys | Infosys Equinox collaborated with Packable to help amplify its direct-to-consumer e-commerce offerings for its brand partners.

HFCL | The company closed the qualified institutional placement issue and raised Rs 600 crore by allocating 8,72,72,727 equity shares at an issue price of Rs 68.75 per share.

Marksans Pharma | UK MHRA (Medicines and Healthcare products Regulatory Agency) has granted market authorisation to the company's wholly-owned subsidiary Relonchem for Loperamide 2mg hard capsules.

Automobile companies | According to a news report, the Indian Government is planning to provide incentives worth Rs 76,000 crore towards setting up over 20 semiconductor design, components manufacturing and display fabrication units over the next six years.

RBL Bank | The lender is seeking buyers for its Rs 105-crore loan exposure to Future Corporate Resources which holds a majority stake in Future Coupon, a 51:49 joint venture with Amazon, a news report said.

Bajaj Electricals | The company has authorised some of the directors and officials to review its corporate structure to unlock growth and value creation for all business segments.

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