The Nikkei fell 2.3% while the Hang Seng fell 3.8%. Shanghai Composite is trading on a flat note.
In the US stock markets, a turbulent week ended with more losses on Friday and the stock market posted a fifth consecutive weekly decline.
Despite a strong US jobs report, US markets fell on Friday amid concerns that the Federal Reserve could trigger a slowdown in its campaign to contain inflation.
The Dow Jones fell 0.3% while the Nasdaq fell 1.4%.
Back home, Indian stock markets are trading deep in the red.
Benchmark indices started today’s session with a deep cut as weak global sentiment continued to weigh on equities.
Market participants are tracking the stocks of UPL, PVR and Vedanta Fashion as these companies will announce their March quarter results later today.
Meanwhile, Campus Activewear made its stock market debut today. IPO India’s largest sports and athleisure footwear brand was open for subscription between 26-28 April, as picked up by the company 14 billion by selling shares in the range of 278-292.
BSE Sensex is trading with a fall of 572 points. Meanwhile, NSE Nifty is trading with a fall of 164 points.
HCL Tech is among the top gainers today. On the other hand, IndusInd Bank and Tech Mahindra are among the top losers today.
Both BSE Mid Cap Index and BSE Small Cap Index are trading down 1.7%.
Barring IT, all sectoral indices are trading with the biggest selloff in metal sector, energy sector and banking sector stocks.
Shares of Power Grid and Coromandel International hit 52-week highs today.
Rupee is trading at 77.34 against US Dollar.
Gold prices are trading with a fall of 0.1% 51,326 per 10 grams.
Crude oil prices fell as investors negotiate a Russian oil embargo in the European Union, which is expected to tighten global supplies.
To understand what our readers are thinking, we conducted a survey on the current scenario of the stock market Equitymaster’s Telegram Channel in the weekends.
Here’s what we asked our readers…
BSE Sensex is currently at 54,835. What is your best estimate of Sensex levels near 31st December 2022?
45,000
50,000
55,000
60,000
65,000
can’t say
With feedback from over 1,200 participants, here’s the final result:
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Government can put flood in the news of insurance sector 30-50 billion additional capital in three public sector general insurance companies depending on their performance and requirement during the year.
According to sources, the infusion of capital will improve the financial health of general insurance companies National Insurance Company, Oriental Insurance Company and United India Insurance Company.
In the last financial year, the government infused a capital 50 billion to these companies during 2020-21, 99.5 billion was invested.
The three public sector general insurers are below solvency margin and an external consultant will be appointed soon to improve operational efficiencies.
Note that the government has already announced its intention to privatize a general insurance company. To facilitate privatization, Parliament has already approved amendments to the General Insurance Business (Nationalisation) Act (GIBNA).
Finance Minister Nirmala Sitharaman had announced a massive privatization agenda in this year’s budget, which included two public sector banks (PSBs) and a general insurance company.
We will keep you informed about the latest developments in this field. stay tuned.
are talking aboutinsurance sectorTake a look at the chart below which shows the investment assets of non-life insurers and life insurers over the past 10 years:
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According to Tanushree Banerjee, co-head of research at Equitymaster, the above chart is ample proof of just how big a earning opportunity zero-cost float is for non-life insurers. Their investment assets under management are about 11 times higher than that of life insurance companies.
Stocks are moving up on specific news…
Federal Bank is one of the top buzzing stocks today.
Federal Bank reported a 13.1% jump in its net profit for the January-March quarter 2022, aided by lower provisions.
Private Lender’s Net Profit in the Quarter 5.4 billion, which was the highest in a quarter. comparison of 4.8 billion in the year-ago period.
Bank’s net interest income up 7.4% 15.3 billion in the quarter compared to 14.2 billion in the year-ago period.
Other income declined 2.6% during the same period 4.7 billion
Net interest margin, a measure of banks’ profitability, stood at 3.16%, a decline of 11 basis points sequentially. Bank management said other earnings were impacted by lower Treasury gains and losses on revaluation of security receipts.
provisions dropped 752.4m in the reporting quarter as compared to In the year-ago period, 2,544.9 m.
Federal Bank’s asset quality has improved with gross non-performing assets (NPAs) falling 26 basis points to 2.80%. Net NPAs declined by 9 basis points to 0.96%.
Federal Bank’s share price is currently trading down 0.8%.
This article is syndicated from Equitymaster.com