Gift Nifty Down 84 Points | Adani Group Eyes E-Commerce | LIC Mulls Entering Health Insurance | Top Buzzing Stocks Today

Wed, 29 May Pre-Open

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Indian share turned negative as the session progressed and ended the day lower.

Benchmark S&P BSE Sensex, and the Nifty50 took a breather on Tuesday after hitting record highs for three consecutive days.

At the closing bell on Tuesday, the BSE Sensex stood lower by 220 points (down 0.3%).

Meanwhile, the NSE Nifty closed lower by 44 points (down 0.2%).

Grasim Industries, Hero MotoCorp and HDFC Life Insurance were among the top gainers.

Adani Ports, BPCL and Coal India, 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.

The BSE MidCap index ended 0.6% lower and BSE SmallCap index ended 1% lower.

Sectoral indices are trading on negative note with socks in power sector, telecom sector and realty sector witnessed selling pressure.

Gold prices for the latest contract on MCX were trading 0.3% lower at Rs 71,830 per 10 grams at the time of Indian market closing hours on Tuesday.

At 7:50 AM today, the Gift Nifty was trading down by 84 points at 22,833 levels.

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

Speaking of stock market, Research Analyst, Richa Agarwal, in her latest video talks that While data is the new gold, the data center ecosystem could be the goldmine to strike it rich.

Tune in for list of stocks to ride this opportunity.

Top buzzing stocks today

Bharat Dynamics share price will be in focus today.

shares of Bharat Dynamics have been on a roll, extending gains for the massive ten trading sessions until 28 May, when shares slipped 7% to Rs 1,431 as investors rushed to profits post the stellar rally in the counter.

Va Tech Wabag will also be a top buzzing stock.

shares of Va Tech Wabag rose today after the company bagged an Operation & Maintenance order worth Rs 850 m.

The company constructed this 8 MLD desalination plant over 10 years ago and was responsible for the O&M of the plant until 2018.

PNB Housing Finance Stake Sale

PNB Housing Finance may see a block deal of Rs 5 bn in the coming days.

The sellers of the stake sale were not disclosed yet.

The block deal is likely for the sale of 69.6 lakh shares of the company. The floor price for the deal is set at Rs 717 per share, which is a discount of almost 9% of the current market price.

Earlier this year, Singapore-based investor Investment Opportunities V had sold its entire 9.9% stake in the company for Rs 21.1 bn through an open market transaction.

PNB Housing Finance reported a 26% on-year rise in its net profit to 3.4 bn in the third quarter of the financial year 2023-24.

LIC Mulls Entering Health Insurance

The government-owned Life Insurance Corporation (LIC) is looking to foray into the health insurance sector, reports said on 28 May. The insurer is currently assessing potential acquisition prospects.

It could explore inorganic options if such an opportunity arises.

The move comes amid a proposal to allow composite insurance companies in the sector. There are currently expectations that composite licences may be permitted by amending the Insurance Act.

As per the Insurance Act, of 1938, and the regulations of the Insurance Regulatory Development Authority of India (IRDAI), composite licensing for an insurer to undertake life, general, or health insurance under one entity is not allowed.

In February 2024, a parliamentary committee recommended the implementation of composite insurance licenses to reduce expenses and regulatory burdens for insurance providers.

At present, life insurance companies are restricted to offering extended health insurance benefits. Enabling life insurance companies to furnish hospitalization and indemnity coverage would necessitate an amendment to the Insurance Act.

LIC's health insurance foray is expected to boost coverage.

India's insurance market remains significantly under-penetrated, with less than 2.3 crore health insurance policies issued by the end of 2022-23, covering approximately 55 crore individuals. Government-sponsored initiatives covered nearly 300 m individuals, while group insurance accounted for nearly 200 m. Both government and regulators are advocating for increased issuance of health insurance policies, with the entry of LIC expected to catalyze growth in this sector.

Allowing composite licensing could provide further impetus to the insurance sector because of its various benefits. Such a move can cut costs and compliance hassles for insurers, as they can run different insurance lines under one roof.

Adani Group Eyes E-Commerce

The Adani Group is considering applying for a licence to operate on India's public digital payments network and is in discussions with banks to finalise plans for a co-branded credit card.

This move marks a significant step in the conglomerate's efforts to diversify into the fast-growing consumer markets of digital payments and e-commerce.

The group, led by billionaire Gautam Adani, is looking to expand its digital footprint by entering India's Unified Payments Interface (UPI) network. Additionally, Adani is in negotiations to offer online shopping through the Open Network for Digital Commerce (ONDC), a government-backed platform designed to facilitate e-commerce.

These initiatives are part of a broader strategy to build a digital business that can compete with established players such as Google and Mukesh Ambani's Reliance Industries, FT noted.

The Adani Group plans to offer these new services through its consumer app, Adani One. This app launched in late 2022 and currently offers travel services, including flight and hotel bookings.

Adani's push into consumer-facing businesses comes as the group looks to recover from recent controversies.

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

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INDICESBSE (Rs 0 to 1)BSE (Rs 1 to 2)BSE (Rs 2 to 4)BSE (Rs 4 to 10)BSE (Rs 10 to 20)BSE (Above Rs 20)BSE - AllBSE-30BSE-100BSE-200BSE-500BSE AutoBSE BankexBSE Capital GoodsBSE Consumer DurablesBSE FMCGBSE HealthcareBSE ITBSE MetalBSE Oil & GasBSE PSUBSE TeckBSE RealtyBSE PowerBSE A GroupBSE B GroupBSE Mid-CapBSE Small-CapBSE Basic MaterialsBSE Consumer DiscretionaryBSE IndustrialsBSE UtilitiesBSE Sensex 50BSE Sensex Next 50BSE Bharat 22BSE 150 MidCapBSE 250 SmallCapBSE 250 LargeMidCapBSE 400 MidSmallCapBSE AllCapBSE LargeCapBSE SmallCap SelectBSE 100 LargeCap TMCBSE InfraBSE ManufacturingBSE CPSEBSE Private BankBSE Diversified FinancialsBSE MomentumBSE Low VolatilityBSE QualityBSE Enhanced ValueBSE Divident StabilityS&P BSE IPOBSE SMEIPOBSE 100 ESGBSE CarbonexBSE GreenexNSE (Rs 0 to 10)NSE (Rs 10 to 20)NSE (Above Rs 20)NSE - AllNSE-50NSE ITNSE Nifty Midcap 50NSE JR. NiftyNSE Bank NiftyNIFTY Next 50NIFTY 100NIFTY 200NIFTY 500NIFTY MidCap 100NIFTY SmallCap 250NIFTY SmallCap 50NIFTY SmallCap 100NIFTY LargeMidCap 250NIFTY MidSmallCap 400NIFTY AutoNIFTY Consumer DurablesNIFTY FinanceNIFTY FMCGNIFTY MediaNIFTY MetalNIFTY PharmaNIFTY Private BankNIFTY PSU BankNIFTY RealtyNIFTY Oil & GasNIFTY SME EmergeNIFTY CommoditiesNIFTY CPSENIFTY EnergyNIFTY India ConsumptionNIFTY InfraNIFTY MNCNIFTY PSENIFTY Serv SectorNIFTY100 Liquid 15NIFTY Midcap Liquid 15NIFTY Midcap 150 Quality 50NIFTY50 Equal WeightNIFTY100 Equal WeightNIFTY100 Low Volatility 30NIFTY100 Alpha 30NIFTY Alpha 50NIFTY Dividend Opportunities 50NIFTY High Beta 50NIFTY Low Volatility 50NIFTY200 Quality 30NIFTY 500 Value 50NIFTY 100 Quality 30SECTORSAgricultureAirlinesAluminiumAsset Management CompaniesAutomobilesAuto AncillariesBanks (Private)Banks (PSU)BankingCementChemicalsDefenceDiagnosticsDronesEngineeringElectric VehicleElectric Vehicle BatteryEnergy SourcesESGEthanolFertilizersFintechFMCGFoodGreen HydrogenHotelsInfrastructureInsuranceInvestment and FinanceInvITIT (Large)IT (Others)LogisticsMediaMetalMiningIndia's Big Tech StocksIndian PharmaMNC PharmaPSUPaintPaperPlasticPowerRating AgenciesReal EstateREITsRenewable EnergyRetailingSemiconductorShippingSteelSugarSupply ChainTelecomTextilesTravel Support Services

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