Global Markets fall with Omicron scare! What should we do now?
Good Morning Everyone, It was a complete blood bath in the Nifty yesterday as all major supports were broken to finally take support at 16400 and finally close at 16614. For today, 16400 will remain to be the support which if broken can take nifty further down, and on the higher side, 16800 will remain as resistance, which if broken can have 17000 as the next resistance.
Today can be a crucial day to watch if the market will take some support here or more fall coming in. If the market takes support, we can look forward to adding some amazing stocks to our portfolio and if the market falls further, it is time to wait and watch as to when it will take the next support.
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On the daily time frame, Nifty has formed a bearish candle with a positive bias. Let us watch them closely.
Index Watch:
The small-cap sector fell the most yesterday down by 4%, followed by the mid-cap down by 3.8% and the Nifty 50 stocks too were down 2%.
Sector Watch:
All sectors fell yesterday in the broad-based selling, but PSU Banks and Realty sector fell by more than 4.5% as the top losing sectors.
Top Gainers:
Only Cipla, Hindustan Unilever, and Dr. Reddys, closed in green yesterday during the fall.
Top Losers:
BPCL was the top loser for the day and fell by 6.5%, followed by Tata Steel and Tata Motors, down by more than 5% in the day.
Global Markets:
Stocks added to the latest string of losses on Wall Street Monday amid worries about how badly the Omicron variant, inflation, and other forces can affect the market. The tech-heavy Nasdaq, Dow Jones, and the S&P 500 fell over 1 percent, each.
Asian shares were trading in the green Tuesday morning despite bearish sentiments on Wall Street overnight. MSCI's broadest index of Asia-Pacific shares outside Japan rose nearly half a percent. Japan's Nikkei index surged over 1.5 percent. Chinese blue chips were up 0.3 percent. Hong Kong’s HSI rose half a percent. South Korea’s Kospi was up 0.1 percent. Elsewhere, Australian shares rose over 0.4 percent.
Indian Market:
Trends on the SGX Nifty indicate a positive start to the Nifty today. However, we need to see for the first 45 minutes of trading to see the trend in the market.
Bond yields have risen across the board as the RBI announced a 3-day variable rate reverse repo auction. The 10-year bond yields hit a fresh 20-month high post the announcement.
Finance Minister Nirmala Sitharaman on Monday said that banks have recovered over Rs 13,000 crore from asset sale of fugitives like Vijay Mallya, Nirav Modi, and Mehul Choksi.
The Competition Commission of India (CCI) on December 20 approved the acquisition of a shareholding in national carrier Air India by Talace, an entity affiliated to salt-to-software conglomerate Tata Group.
Talace, which is a wholly-owned subsidiary of Tata Sons, has also been allowed by the anti-trust regulator to acquire shares in Air India Express and Air India SATS Airport Services, the CCI tweeted.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 3,565.36 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 2,764.02 crore in the Indian equity market on December 20
Stock Specific News:
CE Info Systems (MapmyIndia) | The company will make its debut on the bourses today. The issue price is Rs 1,033 per share.
Wipro | The company will acquire the entire stake in Texas-headquartered Edgile, for $230 million, to strengthen its leadership in strategic cybersecurity services.
Adani Enterprises | The company received orders from Uttar Pradesh Expressways Industrial Development Authority for three Greenfield Ganga Expressway Projects in Uttar Pradesh on a toll basis.
RailTel Corporation of India | The company has received a work order from Defence R&D Organisation for expansion and enhancement of CIAG network capacity at a total cost of Rs 68.31 crore.
IRB Infrastructure Developers | Competition Commission of India approves acquisition up to 16.94 percent equity share capital of IRB Infrastructure Developers by Bricklayers Investment.
Rolex Rings | The company has entered into an agreement with the Gujarat Government for the development of Textile & Apparel Park, IT Park, and Toy Park at Gondal district.
KPI Global Infrastructure | The company has received confirmation of the order for executing the solar power project of 2.50 MWdc capacity under the Captive Power Producer segment.
TeamLease Services | The company's step-down wholly-owned subsidiary Evolve Technologies and Services has been merged into the company's wholly-owned subsidiary, TeamLease Digital.
Excel Realty N Infra | The company has expressed its intention to diversify its core business activities and focus more on trading, import, and export of agro-products, including rice, pulses, soya, sunflower from January 2022 onwards.
Hatsun Agro Product | The Ice Cream manufacturing plant with a production capacity of 1,00,000 kg per day at Govindapur, Telangana has started commercial production.