Omicron is not a crisis as expected! Can Nifty take support at this level?

Good Morning Everyone, As discussed in the weekly meet yesterday, the Nifty is likely to be consolidating in the range of 16500 to 17500 for this week and we will have to look at stock-specific moves.


As per reports, There has been no death threat from Omicron and it can be considered a mild virus that could act as a common cold, hence let us hope the market recover in the coming days. However, as I said yesterday, I am expecting some good moves to the positive side only by Jan 2022.


Union Finance Minister Nirmala Sitharaman on Saturday said she doesn’t want to consider the Omicron variant of coronavirus as a threat to India but it's certainly a challenge, and so are supply-side issues.


Global Markets:

Stocks closed a bumpy week with more losses on Wall Street on Friday following a mixed reading in the US job market. The tech-heavy Nasdaq fell nearly 2 percent. The Dow Jones fell 0.2 percent. And S&P 500 rose nearly 1 percent.


Asian shares were trading in the red this morning as investors monitored Bitcoin prices that crashed 20 percent over the weekend. MSCI's broadest index of Asia-Pacific shares outside Japan declined 0.3 percent. Japan's Nikkei index was down 0.8 percent. Chinese blue chips were flat-to-positive. And South Korea’s Kospi was down 0.5 percent. Elsewhere, Australian shares lost 0.22 percent.


Indian Market:

Trends on the SGX Nifty indicate a flat to a positive start to the Nifty this morning, however, The FII activity is to be monitored to understand the situation in the market. Probably FIIs are playing the villain than the Omicron in the Indian market right now.


Stock Specific News:

Jubilant Ingrevia | The company approved the buyback of 1,000, 7.90 percent secured rated listed redeemable non-convertible debentures of Rs 10,00,000 each aggregating to Rs 100 crore.


DCB Bank | The bank revised its Base Rate to 10.50 percent per annum from the earlier Base Rate of 10.64 percent per annum. The revised rates will be applicable with effect from December 6, 2021.


Tata Motors | With input costs continuing to rise, automakers like Tata Motors are looking to increase vehicle prices from January next year to offset the impact. Already, car market leader Maruti Suzuki has announced to hike vehicle prices from next month.


State Bank of India | The largest PSU lender has invited bids from asset reconstruction companies, and other financial institutions to sell an NPA account KSK Mahanadi Power Company, with a total outstanding against the company standing over Rs 4,100 crore.


Indiabulls Housing Finance | The NBFC said it will raise up to Rs 1,000 crore through a public issue of bonds that opens next week. The base issue size of the bonds, in the nature of secured redeemable NCDs, is Rs 200 crore with an option to retain oversubscription up to Rs 800 crore, aggregating up to Rs 1,000 crore.


Aurobindo Pharma, Unichem Laboratories | The pharma players are recalling different products in the US market, the world's largest market for medicines, due to manufacturing issues. As per the latest enforcement report issued by the USFDA, Aurobindo's US-based unit is recalling 7,296 containers of hypertension drug Carvedilol tablets.


Narayana Hrudayalaya | The healthcare provider has joined hands with Ritesh Properties to set up a 225-bed multi-specialty hospital in Ludhiana, Punjab. The hospital would come up at the Ludhiana-Chandigarh highway. Spread over 2 lakh square feet, the hospital is expected to be operational by 2024.


Morepen Laboratories | The drug firm said it has received approval from the US health regulator to market its generic anti-allergy drug in the American market. The company sells the product in India under the Fexopen brand (Fexofinadine Hydrochloride). Morepen's product is the generic version of Sanofi Aventis' anti-allergy drug Allegra.


Krishna Institute of Medical Science | The recently listed healthcare services player was in the buzz as Malabar Select Fund offloaded more than 4 lakh equity shares of the company at Rs 1,319.04 a piece, the NSE bulk deal data showed.


Persistent Systems | HDFC Asset Management Company sold 15.76 lakh equity shares, representing a 2.06 percent stake, of the company through open market transactions on December 2. With this, the AMC's shareholding falls to 5.14 percent from 7.20 percent earlier.


TeamLease Services | The company sold 100 percent shareholding in subsidiary IIJT Education.


Tech Mahindra | The company through its subsidiary will acquire US-based Activus Connect LLC and Activus Connect PR LLC, for $62 million.


Lupin | The company and Biomm entered into a distribution and marketing agreement for Pegfilgrastim in Brazil.


Krsnaa Diagnostics | Crisil Ratings has upgraded the company’s long-term credit rating to CRISIL BBB+/Positive from CRISIL BBB/Positive and short-term credit rating to CRISIL A2 from CRISIL A3+.


Tatva Chintan Pharma Chem | The company appointed Ashok Bothra (Chartered Accountant) as Chief Financial Officer of the company.


Carborundum Universal | Subsidiary CUMI International, Cyprus (CIL) has entered into an agreement to acquire an existing company in Germany which will become a step-down subsidiary of CUMI. This acquisition will help CUMI Group in accessing markets in the European Union for its portfolio that is abrasives, ceramics, and electro minerals.


OnMobile Global | The company has incorporated a new wholly-owned subsidiary--OnMobile South Africa Technologies Ltd--to carry on the business of providing value-added services for telecom operators in South Africa.


India Pesticides | CARE Ratings has reviewed the credit ratings assigned to the company's long-term and short-term credit facilities to CARE A+ from CARE A with the outlook remaining stable.


Kopran | The meeting of the Board of Directors of the company is scheduled for December 8, inter alia, to consider and approve the issue of equity shares on a preferential basis to the promoter, promoter group, and others.



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