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Nifty opening Flat today, Where is off to from here?

Good Morning everyone, As discussed in the weekly meet yesterday, there are no major cues from the market this week hence we will more or less reflect on the global market. Australia has recorded its first death from Omicron and Singapore has lifted a travel ban on a few African countries after it felt safe about Omicron. So things are still not clear on that front. We need to see how the market will react after a weekend close.

Also with the US market on holiday since Friday, we will have to wait till tomorrow to react to American market cues.

17000 can be an important level above which Nifty has to stay for some more upward movement, but with a flat opening to Nifty closely around 17000 mark can make it move either way, which we will keep track on.

On the lower side, 16800-16900 will offer support, and 17200 can act as resistance on the upper side.

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Global Markets:

US Market was shut on Friday for Christmas.

Shares in Asia-Pacific were mixed this morning trade, with multiple major markets in the region closed for holidays. Nikkei 225 in Japan slipped 0.22% while the Topix index shed 0.24%. South Korea’s Kospi climbed 0.26%. MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.07% higher.

China's securities watchdog on Friday proposed tightening rules governing Chinese companies listing abroad, which it said would improve oversight while allowing them to continue to do so, the latest in a spate of regulatory moves by Beijing in 2021.

The world's economic output will exceed $100 trillion for the first time next year and it will take China a little longer than previously thought to overtake the United States as the number 1 economy in the world, a report showed on Sunday.

British consultancy Cebr predicted China will become the world's top economy in dollar terms in 2030, two years later than forecast in last year's World Economic League Table report.

India looks set to overtake France next year and then Britain in 2023 to regain its place as the world's sixth-biggest economy, Cebr said.

BofA expects 8.2% GDP growth for India next fiscal with more downside risks

Warning that the new year will be riskier than the previous two in terms of growth, inflation, and the perils of monetary policy normalisation on consumption demand in particular, along with other external risks, a Wall Street brokerage has penciled in an 8.2 percent GDP growth next fiscal, with more downside risks to the projection.

The biggest risk to the projection is a derailed consumption demand that has been the main growth driver in the past many years, said the Bank of America Securities India house economists who still believe that consumer demand will remain the key driver of growth next fiscal as well.

These economists expect higher growth next fiscal on the back of higher overall gross value add (GVA) growth due to the lower outgo onto subsidies next fiscal, along with stable Agri growth at around 4 percent and robust services growth, adding up to an overall GVA growth of 7 percent, down from a likely 8.5 percent in FY22 and an 8.2 percent GDP growth in FY23, down from 9.3 percent in FY22.

Indian Market:

Trends on the SGX Nifty indicate a flat start to the Nifty in India. Let us watch if the market can sustain its levels above 17000 this week.

FII and DII data

Foreign institutional investors (FIIs) net sold shares worth Rs 715 crore, while domestic institutional investors (DIIs) net offloaded shares worth Rs 43.24 crore in the Indian equity market on December 24

Stock Specific News:

Reliance Industries | Oncology-focussed managed healthcare platform Karkinos Healthcare has received an undisclosed amount of investment from Reliance Digital Health, a statement said. The start-up, backed by Ratan Tata personally and the Tata Group.

HP Adhesives | Shares of the company will make their debut on the bourses today. The final issue price is Rs 274 per share.

Adani Transmission | The company has received a Letter of Intent for the acquisition of a renewable energy evacuation system under Khavda-Bhuj Transmission. With an estimated capital expenditure of more than Rs 1,200 crore, the company's execution of the project will help evacuate about 3 GW of renewable energy from Khavda, Gujarat. Further, it received an LoI for the acquisition of Karur Transmission.

RBL Bank | Rakesh Jhunjhunwala and RK Damani approached Reserve Bank of India to buy 10 percent stake in RBL Bank, CNBC-TV18 reported. RBI is in the process of examining the request, sources told CNBC-TV18. This comes at a time when Executive Director Rajeev Ahuja is named as the interim MD and CEO.

HCL Technologies | The technology major bought nearly 26 lakh shares of the company through a block deal on Friday. This has been bought by the company as a part of the ESOP trust. This is not the promoters acquiring a stake in HCL Technologies.

Vedanta | The promoter group Westglobe exited the company by selling stake via block deal on NSE. Westglobe sold its 1.19 percent stake in Vedanta to another promoter group Vedanta Holdings Mauritius.

India Ratings and Research have revised the company's Outlook to Positive from Stable while affirming its Long-Term Issuer Rating at 'AA-'.

Visagar Polytex | The company approved the raising of funds of Rs 49.75 crore through Rights Issue of equity shares up to 29.27 crores in the ratio of 1:1.

Banas Finance | The company approved the raising of funds up to Rs 49.80 crore through the Rights issue.

INOX Leisure | The company has commenced commercial operations at a multiplex cinema theatre taken on a lease basis in Gurugram, Haryana. The theatre has five screens and 904 seats.

Emami Realty | CARE has upgraded the credit rating of the long-term bank facilities to 'BBB; Stable' from 'BBB-; Stable'.

GMR Infrastructure | GMR Airports Netherlands, a step-down subsidiary of GMR Airports, signed agreements with Angkasa Pura II (AP II) for the development and operation of Kualanamu International Airport (Project) in Medan, Indonesia.

Lupin | The company has received approval from the US Food and Drug Administration (FDA) for its Abbreviated New Drug Application (ANDA) Sevelamer Carbonate for oral suspension.

Firstsource Solutions | Sourcepoint Inc, a step-down subsidiary of the company, has completed the acquisition of The StoneHill Group Inc. (TSG), a leading US mortgage services provider.

Manappuram Finance | The company Board has approved raising up to Rs 500 crore via NCDs.

Ircon International | The company has incorporated a wholly-owned subsidiary company - Ircon Ludhiana Rupnagar Highway Limited - as a special purpose vehicle for the construction of four/ six lane Greenfield Ludhiana Rupnagar National Highway in Punjab on Hybrid Annuity Mode.

VST Tillers Tractors | The country's largest manufacturer of power tillers meeting nearly two-thirds of demand is expecting to close this fiscal with a record topline of Rs 1,000 crore on better sales of its cash-cow tillers and rising demand for its compact tractors.

IDBI Bank | For the strategic sale of IDBI Bank, the government is gearing up to soon invite Expression of Interest from the interested entities to acquire the LIC-controlled lender. In May, the Cabinet had given in-principle approval to IDBI Bank's strategic disinvestment along with the transfer of management control.

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