Global markets rebound after the Omicron scare fall. Where will Nifty go today?
Good Morning, Everyone, The Nifty had a strong close above 17400 yesterday and that shows the investors have reacted enough to the initial Omicron scare and don't mind investing in good stocks at a good price during this time until another scare comes from Omicron.
FIIs continued to sell, but what gives us confidence is the DIIs who kept on buying more than double of what the FIIs sell. This shows the confidence of DIIs in the market.
As for today, I will be bearish for the short term if Nifty goes below 17300 and will turn bullish once Nifty crosses 17600.
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Look at the bullishness in the market that too on an expiry day.
On the daily timeframe, the Nifty has formed a strong bullish candle, which indicates the more power for short term.
Yesterday was led by the Nifty heavyweights, mainly by HDFC, with led the Nifty 50 to 1.37% rise in the market.
Sector Watch:
Every sector closed in green yesterday, but IT led the day with a more than 2% rise.
Top Gainers:
Adani Ports was up more than 4.5% after the news to start copper smelter and solar panel manufacturing at Mundra SEZ.
Powergrid was also up more than 3% after PowerGrid was ranked 44th in Fortune India 500 Companies 2021.
Top Losers:
There were just 3 losers in the entire Nifty 50 pack yesterday.
Global Markets:
Stocks rose broadly on Wall Street on Thursday with investors monitoring the spread of the virus and the steps governments were taking to restrain it. The tech-heavy Nasdaq gained nearly 1 percent. The Dow Jones gained nearly 2 percent. And S&P 500 rose 1.5 percent.
The number of Americans applying for unemployment benefits rose last week even though the US job market has been rebounding from last year’s coronavirus recession. Jobless claims climbed by 28,000 to 222,000 from the previous week’s pandemic low 194,000, the Labor Department reported Thursday. The four-week average of claims, which smooths out week-to-week ups and downs, fell below 239,000, a pandemic low.
Asian shares were trading mixed on Friday morning as investors monitored the situation surrounding the Omicron variant of coronavirus. MSCI's broadest index of Asia-Pacific shares outside Japan declined half a percent. Japan's Nikkei index was trading flat-to-negative. Chinese blue chips were flat-to-positive. And South Korea’s Kospi was down 0.3 percent. Elsewhere, Australian shares rose over 0.13 percent.
Japan's services sector activity grew at the fastest pace in more than two years in November on a jump in new business, signaling stronger consumer confidence as the coronavirus pandemic subsided.
The final au Jibun Bank Japan Services Purchasing Managers' Index (PMI) rose to a seasonally adjusted 53.0 from the prior month's 50.7 and a 52.1 flash reading.
Indian Market:
Trends on the SGX Nifty indicate a flat to a negative start to the Nifty today.
Markets regulator Sebi on Thursday asked stock brokers to disclose investors' charter as well as data pertaining to complaints they received on their websites. The new guidelines will come into effect from January 1, 2022, the Securities and Exchange Board of India (Sebi) said in a circular.
FII and DII data
Foreign institutional investors (FIIs) net sold shares worth Rs 909.71 crore, while domestic institutional investors (DIIs) net bought shares worth Rs 1372.65 crore in the Indian equity market on December 2
Stock Specific News:
Biocon | The company's subsidiary, Biocon Pharma, has received approval for its abbreviated new drug application for Mycophenolic Acid from the US Food and Drug Administration. This approval further adds to Biocon’s portfolio of vertically integrated complex drug products.
Unichem Laboratories | The company got abbreviated new drug application approval from the US Food and Drug Administration for its Aripiprazole Tablets USP.
Dhanlaxmi Bank | G Subramonia Iyer, Part-Time Chairman and Independent Director of Dhanlaxmi Bank, has submitted his resignation from the Board of Directors of the Bank, and the resignation will be effective from December 31. Iyer's resignation was due to certain urgent and emergent domestic and personal reasons and there were no other material reasons for his resignation.
Punjab Alkalies & Chemicals | The company approved sub-division of each equity share of the face value of Rs 10 each into 5 equity shares of the face value of Rs 2 each subject to the approval of shareholders.
Rushil Decor | The company's medium density fiberboard manufacturing unit (MDF plant) at Chikmagalur, Karnataka, has again started the commercial operation partially. Further, it will start the regular commercial operation on or before December 6, 2021.
Tantia Constructions | The company has received a Letter of Allotment for a bid value amounting to Rs 6.79 crore, from the Tripura government, for the construction of the RCC bridge over river Manu on Sonaimuri-Telia road.
Jubilant Ingrevia | The company has approved buyback of 1,000 7.90 percent Secured Rated Listed Redeemable Non-Convertible Debentures aggregating to Rs 100 Crore.
Prataap Snacks | SBI Funds Management sold 9,948 equity shares of the company through an open market transaction on December 1, thereby reducing its shareholding to 3.39 percent from 3.43 percent earlier.
Aarti Industries | HDFC Asset Management Company sold 1,74,221 equity shares of the company through open market transactions on November 30. With this, the AMC's shareholding falls to 3.04 percent from 3.09 percent earlier.
ABB India | The company completed the sale of the Dodge Business to Dodge Industrial India, an affiliate of RBC Bearings Incorporated (Dodge India).
Unichem Laboratories | The company received ANDA approval for its Aripiprazole Tablets USP from USFDA.
Larsen & Toubro | Larsen & Toubro announced that it will jointly own and operate green hydrogen projects with Goldman Sachs-backed green energy producer ReNew Power. "Under this agreement, L&T and ReNew will jointly develop, own, execute and operate green hydrogen projects in India," a joint statement said.
Maruti Suzuki | The auto major announced that it would increase prices in January 2022, owing to an increase in input costs. The price hike shall vary for different models.
Jet Airways | The company is reportedly in talks with airplane makers Boeing Co and Airbus SE to place an order worth $12 billion, Reuters reported on December 2, citing Bloomberg News.
Reliance Capital | The Reserve Bank said it has filed an application with the National Company Law Tribunal (NCLT) for initiation of bankruptcy proceedings against Reliance Capital.
DCB Bank | The bank revised its Base Rate to 10.50% per annum from the earlier Base Rate of 10.64% per annum. The revised rates will be applicable with effect from December 6, 2021.
Sona BLW Precision Forgings | India Ratings & Research has upgraded the company's long-term issuer rating to 'AA' from 'AA-' and the outlook is stable.
Nagarjuna Fertilizers and Chemicals | The company has restarted urea production in Plant - I (at Kakinada, Andhra Pradesh), from December 1.
Redington India | Marina IV (Singapore) Pte Limited sold 54.4 lakh equity shares in the company at Rs 150.42 per share on the BSE, the bulk deals data showed.