Gift Nifty Down 36 Points | SpiceJet Settles Liabilities | Why Insurance Stocks are Rising | Top Buzzing Stocks Today

Wed, 27 Mar Pre-Open

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Indian share markets continued the downtrend as the session progressed and ended the day lower.

Equity markets were trading on a tepid note Tuesday amid a largely muted trend in Asia.

At the closing bell on Tuesday, the BSE Sensex closed lower by 361 points (down 0.5%).

Meanwhile, the NSE Nifty closed lower by 76 points (down 0.3%).

Hindalco, Adani Ports and NTPC were among the top gainers.

Wipro, HDFC Bank and Eicher Motors on the other hand, were among the top losers.

For impact of the Bank Nifty companies and comprehensive overview of the index, check out Equitymaster's Bank Nifty Companies list.

Broader markets ended the day mixed. The BSE Mid Cap ended 0.7% higher and the BSE Small Cap index ended 0.2% lower.

Sectoral indices are trading mixed, with stocks in realty sector and capital goods sector witnessing buying. Meanwhile stocks in IT sector and telecom sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.3% higher at Rs 66,247 grams at the time of Indian market closing hours on Tuesday.

At 7:35 AM today, the Gift Nifty was trading 36 points lower at 22,054 levels.

Indian share markets are headed for a negative start today following the trend on Gift Nifty.

Speaking of stock markets, in 1947 a group of researchers at Bell Labs, a subsidiary of AT&T, invented the transistor, a switch that controls electric current.

A thriving industry grew up around California, outsourcing low-value tasks, such as chip assembly, to Asia, where labour was cheaper.

Japanese firms such as Toshibaa a and Fujitsu managed to take a share of some chip markets.

Decades later China's tech titans reduced the country's dependence on foreign chips.

Now it is India's turn.

Co-head of Research at Equitymaster, Tanushree Banerjee talks about how you could cash in, in her latest video.

Tune in to the below video:

Top buzzing stocks today

Adani Power share price will be in focus today.

Shares of Adani Power edged lower on 26 March after the company announced the disclosure of a new litigation matter.

The Maharashtra State Electricity Distribution Company (MSEDCL) has filed a petition with the Maharashtra Electricity Regulatory Commission (MERC) about how to calculate domestic coal transportation costs.

RailTel Corporation will also be a top buzzing stock.

RailTel Corporation of India's share price gained 2% in the opening trade on 26 March after the company bagged a work order worth Rs 363.5 million (m).

The said contract is to be executed by 19 July 2024.

Why Insurance Stocks are Rising

HDFC Life, Life Insurance Corporation of India (LIC), ICICI Prudential Life Insurance, Max Financial Services, and SBI Life gained up to 5% on 26 March intra-day deals after the Insurance Regulatory and Development Authority of India (IRDAI) left surrender values for non-linked and linked policies unchanged.

Life insurers had raised concerns about IRDAI's December 2023 proposal, which suggested the introduction of threshold premiums and higher surrender values for endowment policies.

Surrender value is the amount paid by the insurance company to the policyholder upon terminating the policy before the maturity date.

Under the final IRDAI guidelines, which will take effect from 1 April, the surrender values for life insurance policies are expected to largely remain the same or even lower if policies are surrendered within three years. For life insurance policies surrendered between the fourth to seventh year, surrender value may see a minor increase.

SpiceJet Settles Liabilities

SpiceJet airline on Tuesday said it has signed an agreement with aircraft lessor Export Development Canada (EDC) to settle liabilities worth Rs 7.6 bn regarding 13 Q400 Planes.

The carrier stated that it would acquire full ownership of these 13 planes as a part of the agreement. It mentioned that the liabilities arose from a loan taken by the airline to procure these planes.

SpiceJet has been facing a cash crunch for the past several quarters. It is also dealing with multiple court cases regarding money owed to former owner Kalanithi Maran, financial services firm Credit Suisse, aircraft lessors and engine lessors.

In the last two months, the airline has settled its matters with three aircraft lessors - Echelon Ireland Madison One, Cross Ocean Partners, and Celestial Aviation.

The airline said that its 12 Q400 planes are currently grounded, and this settlement will now allow the airline to refurbish these aircraft and bring them back into service. The settlement with EDC will enable the airline to save Rs 5.7 bn.

Aviation consultancy firm CAPA India had in December stated that SpiceJet's resurgence, once the new funding is in place, has the potential to disrupt the Indian aviation market in 2024 as the airline will bring its grounded aircraft back into service and lease as many planes as possible to be competitively relevant.

On 11 January, the beleaguered airline's shareholders approved raising a total of Rs 22.4 bn through the issuance of equity and warrants - Rs 15.9 bn by issuing equity to 58 entities and Rs 6.5 bn by issuing warrants on a preferential basis to five other entities.

On 26 January, the first tranche of Rs 7.4 bn was infused into the airline. SpiceJet on 22 February, raised a second tranche of Rs 3.2 bn under the preferential issue of equity and warrants.

Rategain Partners Spanish Company

Rategain Travel Technologies announced a strategic partnership with Madrid-based Summerwind GSA for airline representation.

The company's AI-powered pricing solution AirGain will collaborate with Summerwind's deep industry experience and global reach.

Summerwind can offer its airline clients access to AirGain's data and insights, giving them a competitive edge in the fast-paced aviation market.

This strategic partnership provides airlines with AI-powered tools to effectively navigate market trends and dynamically adjust to pricing fluctuations.

Last week, US-based Brightline Trains chose Rategain AirGain for advanced rail and airline pricing intelligence in the US rail market. This partnership enables Brightline to access accurate and real-time competitive pricing insights, bolstering its position in the US rail sector.

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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