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Will Nifty end on a good note to end the first week of 2022?

Good Morning, Everyone, Nifty opened with a gap down yesterday owing to weak global cues and continued to fall till it took support at 17700 and went higher to close near 17745.

Yesterday the US markets continued to fall led by the Tech companies as investors moved their funds to safer heavens. But after the fall which was more of a sudden reaction, looks like the worst is over and we might see some power coming into the bulls today.

17700 will continue to act as good support to Nifty and 17800-17900 will act as immediate resistance. We can see some stock-specific movement as the result season starts.

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On the daily chart, Nifty has formed an indecisive candle.

Global Markets:

More declines in tech stocks pulled indices lower on Wall Street on Thursday. S&P fell 0.1 percent. The Dow Jones fell over 0.5 percent, and the tech-heavy Nasdaq declined 0.1 percent.

The number of Americans applying for unemployment benefits rose last week but remained at historically low levels, suggesting that the job market remains strong. US jobless claims rose by 7,000 last week to 207,000. The four-week average of claims, which smooths out week-to-week gyrations, rose by nearly 4,800 to just below 205,000.

Despite the increases, the numbers show that weekly claims are below the 220,000 typical before the pandemic struck the US economy in March 2020.

Asian shares were trading higher this morning despite losses on Wall Street. MSCI's broadest index of Asia-Pacific shares outside Japan is up over half a percent. Shares in Japan rose by 0.5 percent. Chinese blue chips surged 0.35 percent. Hong Kong’s HSI inched 0.8 percent higher. South Korea’s Kospi rose 1 percent. Elsewhere in Australia, stocks surged over 1.5 percent.

Indian Market:

Trends on the SGX Nifty indicate a flat opening to Nifty today.

The Omicron variant spread will impact the January-March quarter GDP by 0.40 percent and shave off 0.10 percent from the FY22 growth, as many states resort to restrictions to limit infections, a domestic rating agency said on Thursday. Curbs in various forms such as reducing the capacity of market/market complexes and night/weekend curfews to check human mobility/contact have already started in several states, which are impacting economic activities, India Ratings and Research said in a note.

India is aiming for a fiscal deficit of 6.3 percent to 6.5 percent of gross domestic product for the next financial year, a less ambitious target than previously planned as COVID-19 infections threaten the economic recovery, three government officials said.

Finance Minister Nirmala Sitharaman is due to unveil the 2022/2023 federal budget on February 1 and officials said the thinking was that sharp cuts in government expenditure could hurt growth prospects.

The plan now is to target a 30-50 basis point cut in the fiscal deficit for the next financial year, the officials involved in the discussions said. They declined to be named as they were not authorized to speak to the media.

Stock Specific News:

RIL's Reliance Retail has bought a 25.8 percent stake in Dunzo, the leading quick commerce player, for $200 million as it looks to expand its presence in the online grocery delivery business.

Shriram Transport Finance | Fitch has rated the company's proposed USD senior secured bonds 'BB(EXP)'.

Godrej Consumer Products | At a consolidated level, the company expects to deliver close to high single-digit sales growth. On the profitability front, Godrej Consumer Products sees its quality of profits to improve sequentially thereby expanding gross margins, however, lower on a year-over-year basis due to unprecedented cost inflation.

HCL Technologies | The company completed the acquisition of a 51% stake in German IT Consulting Company, Gesellschaft für Banksysteme.

Ujjivan Small Finance Bank | Gross loan book increased 22 percent YoY to Rs 16,600 crore, and disbursements rose 120% YoY to Rs 4,800 crore, while total deposits jumped 34% to Rs 15,600 crore in Q3FY22.

Anand Rathi Wealth | The company has declared an interim dividend of 100 percent i.e. Rs 5 per equity share, for FY22. The company reported consolidated profit at Rs 32.03 crore in Q3FY22 against Rs 13.12 crore in Q3FY21 and revenue jumped to Rs 105.69 crore from Rs 68.08 crore YoY in the same period.

Titan Company | Jewellery business grew by 37 percent in Q3FY22 YoY, watches & wearables increased by 28 percent, eyewear by 27 percent and other businesses grew by 44 percent.

HFCL | The company, in its wholly-owned subsidiary in the Netherlands, has onboarded Andrew Westerman as the Vice-President of International Sales, Communication Products to lead the sales and business development for the communication products in global markets. The Company has also onboarded Rajesh Jain as the Executive President of the EPC Projects Business. And, to strengthen its R&D capability, the company has onboarded Santanu Bhattacharyya as the Vice President and Head of FPGA Engineering.

Hinduja Global Solutions | The board of directors has approved an interim dividend of Rs 150 per share. Further, it also approved a 1-for-1 Bonus Share Issue.

Gujarat Pipavav Port | Container volume fell 21 percent on year in Oct-Dec period, the company said.

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