Gift Nifty Up 22 Points | PSU Stocks Hit Seven-Year's High | Why Insurance Stocks are Falling | Top Buzzing Stocks Today

Fri, 31 May Pre-Open

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Indian share markets Slipped further as the session progressed and ended the day weak.

Indian stock markets saw intense selling on Thursday, extending their weakness into fifth day. The Sensex saw exacerbated selling in the second half, tanking lower.

At the closing bell on Thursday, the BSE Sensex stood lower by 617 points (down 0.8%).

Meanwhile, the NSE Nifty closed lower by 216 points (down 0.9%).

ICICI Bank, Axis Bank and SBI were among the top gainers.

Tata Steel, Tech Mahindra and Wipro, 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 1.2% lower and the BSE Small Cap index ended 1.3% lower.

Barring banking sector all other sectoral indices are trading on negative note with stocks in power sector and metal sector witnessing buying most selling pressure.

Gold prices for the latest contract on MCX were trading 0.4% lower at Rs 71,951 per 10 grams at the time of Indian market closing hours on Thursday.

At 7:50 AM today, the Gift Nifty was trading down by 22 points at 22,689 levels.

Indian share markets are headed for a positive 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

Sun Pharma share price will be in focus today.

Sun Pharmaceutical shares were trading in red on 30 May after reports suggested that the US Food & Drug Administration (US FDA) issued four observations to one of the pharma major's manufacturing facilities.

According to reports, USFDA made several observations about Sun Pharma. First, the firm didn't take adequate precautions to prevent API contamination.

Paytm will also be a top buzzing stock.

Shares of Paytm hit a 5% upper circuit for the second straight session on 30 May. The stock has seen a sharp rally after a report said that billionaire Gautam Adani is considering buying a stake in Paytm's parent company One97 Communications.

Paytm, however, issued a clarification later stating that the report was nothing but speculation.

PSU Stocks Hit Seven-Year High

While there are some concerns about valuations, the overall sentiment remains positive, driven by strong fundamentals, healthy order books, and improving performance metrics.

The share of public sector companies in India's total stock market capitalization has soared to a seven-year high of over 16% in May, driven by a strong rally in state-owned companies. This surge is a significant rise from the low of 7.8% in October 2020, doubling since then, and stands in contrast to the peak of 29% in February 2009.

This year, listed PSU firms have collectively added almost Rs 18 trillion (tn), reaching a total market capitalization of Rs 67.4 tn. The recent addition of newly listed PSUs has also contributed to this increase. In contrast, the BSE PSU Index has seen a significant gain of 35%, while the benchmark Sensex and Nifty have only risen by 3%.

PSU pack, have managed to clear their books after a prolonged period of bad loans. They're now clocking good ROEs, with SBI achieving double-digit ROEs, bettering several private sector banks. This transformation has prompted a rerating of PSU stocks and a reduction in the gap between multiples of PSUs and private firms.

Awfis Space Solution Lists at 10% Premium

Awfis Space Solutions shares maintained the Rs 400 mark throughout the session and closed 10% higher on 30 May, the listing day, despite sharp weakness in the equity markets.

The BSE Sensex and Nifty 50 fell nearly 1%, while the Nifty Midcap 100 and Smallcap 100 indices corrected 1.3% and 1.6% respectively amid caution ahead of exit polls due on 1 June.

The stock opened 13.6% higher at Rs 435, compared to the issue price of Rs 383 on the NSE, which was much lower than the analysts' expectations of 25-30% gains. It climbed up to Rs 451.45, but witnessed some profit-taking from the late morning deals and hit a day's low at Rs 415.2 in late trade.

The workspace solutions provider has mobilised Rs 5.9 bn through its initial public offering which was subscribed over 108 times during May 22-27. The IPO was comprised of a fresh issue of Rs 128 crore worth of shares and an offer-for-sale of 1.22 crore shares worth Rs 4.7 bn.

This is the largest flexible workspace solutions company in India, based on a total number of centres. Also, it is ranked first among the top 5 benchmarked players in the flexible workspace segment with a presence in 16 cities in India.

Why Insurance Stocks are Falling

Insurance stocks like LIC, HDFC Life, SBI Life, ICICI Prudential Life, and ICICI Lombard were on a slippery slope on May 30, declining up to 1% after reports suggested that the Insurance Regulatory Development and Authority of India (IRDAI) may hike surrender value for insurance policies, revisiting its March proposal.

According to media reports, RDAI may require insurers to pay higher guaranteed value or special surrender value if policies are voluntarily terminated. The development follows after the insurance regulator did not change the surrender value in March 2024.

Simply put, surrender value is the amount an insurance company pays to the policyholder when he or she decides to terminate the plan before maturity.

When a policyholder opts to surrender a policy, the insurance company calculates the surrender value based on the number of premiums paid, the duration of the policy, and other factors.

Currently, if a policy is surrendered during the first year, the insurance company won't pay any amount. However, if surrendered in the second year, the insurance company will pay 30% of the total premiums to the policyholder.

Similarly, if it is surrendered during the third year, the company is liable to pay 35%. On the other hand, it will pay 50% of total premiums if the policy is surrendered between the fourth and seventh year, while 90% if surrendered during the last two years.

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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