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Share markets in India fell nearly 1% today tracking weakness in global markets owing to the rapid spread of coronavirus beyond China.

Heavy foreign fund outflows too weighed on market sentiment. Foreign portfolio investors offloaded shares worth Rs 33.8 billion on Wednesday, taking their total sales to over Rs 69 billion in past three days.

Barring consumer durable stocks, all sectoral indices are trading on a negative note with stocks in the realty sector, metal sector and power sector witnessing most of the selling pressure.

The BSE Sensex is trading down by 391 points (down 0.9%), while the NSE Nifty is trading down by 123 points (down 1%).

The BSE MidCap index is trading down by 1.2%, while the BSE SmallCap index is trading down by 1.5%.

The rupee is currently trading at 71.61 against the US$.

In news from the pharma sector, Sun Pharma's wholly owned subsidiary has launched Riomet ER in the US as an adjunct to diet and exercise to improve glycemic control in patients 10 years of age and older with type 2 diabetes mellitus.

Riomet ER was approved by the US Food and Drug Administration (USFDA) on August 29, 2019.

Riomet ER is the first and only FDA-approved liquid formulation of extended-release metformin.

Sun Pharma share price is presently trading up by 1.7%.

Speaking of the pharma sector, co-head of research at Equitymaster, Tanushree Banerjee talks in great detail about the sector in the video below.

She tells us where the sector stands now and also about the potential for a rebound.

Watch Now...

Moving on to news from the insurance sector, the Insurance Regulatory and Development Authority of India (IRDAI) has set up a committee to study the feasibility of allowing life insurers to sell indemnity-based health products.

Until now, these companies were allowed to sell only benefits-based health products.

As per an article in The Economic Times, if the nine-member panel recommends the move and the Centre gives the green light, this will pave the way for Life Insurance Corporation (LIC) to further consolidate its dominance of the country's insurance landscape using its expansive distribution network to potentially seize market share from health insurers ahead of its IPO next year.

However, stakeholders and market observers point out that while such a move can bring much needed improvement in coverage of health-based products, the proposition may face stiff resistance from health insurers.

How this pans out remains to be seen. Meanwhile, we will keep you updated on the latest developments from this space.

In other news, Fitch ratings on Wednesday said that the proposed initial share sale of LIC will improve the accountability and transparency of the country's largest insurer and benefit the insurance industry.

Fitch said it expects that the initial public offering (IPO), once executed, may also encourage some of the other private sector insurance companies to list some of their shares in the stock market over the medium term, although the current insurance regulation does not require all insurers to be listed publicly.

Finance Minister Nirmala Sitharaman had said that LIC will be listed as part of government's disinvestment initiative.

Currently, the government owns the entire 100% stake in LIC.

Fitch expects the state to reduce ownership only marginally in the insurer in the near term, but could gradually reduce the stake over the long run to meet the minimum public holding requirement for listed companies.

Speaking of the life insurance sector, this is one sector which is a clear outperformer in this volatile market.

With the huge future potential of the sector, the outperformance is not surprising. India's life insurance penetration i.e. insurance premiums as a percentage of GDP, is very low compared to the global average.

Life Insurance Sector - Megatrend in the Making

The industry is expected to grow at a CAGR of 11-13% over the next five years. India's large youth population and growing awareness about insurance is bound to accelerate growth.

As per Tanushree, this is one of the megatrends that will help what she calls the Rebirth of India.

She has identified the 7 best stocks that will profit from the Rebirth of India. You can read about these top 7 stocks here.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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