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Indian Share Markets Open Flat; TCS in Focus ahead of June Quarter Results
Thu, 8 Jul 09:30 am

Asian stock markets fell to a six-week low today as an extended sell-off in tech shares in Hong Kong and rising virus cases dampened sentiment.

A surprise dovish turn from Chinese policymakers also sparked a rally in sovereign Chinese debt and sent 10-year yields to a 10-month low.

The Hang Seng is down 0.8% while the Nikkei is trading lower by 0.7%. The Shanghai Composite is down 0.6%.

In US stock markets, the S&P 500 rose to a fresh record on Wednesday. It advanced 0.3% to an all-time high of 4,358 after the index ended a seven-day winning streak in the previous session.

The Dow Jones Industrial Average rose 104 points while the Nasdaq closed on a flat note despite hitting fresh intraday high in opening trade.

Back home, Indian share markets have opened on a flat note, following the trend on SGX Nifty.

Market participants are tracking TCS share price as the company is scheduled to announce its June quarter earnings later today.

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The BSE Sensex is trading up by 19 points. Meanwhile, the NSE Nifty is trading lower by 4 points.

Tech Mahindra is among the top gainers today. UltraTech Cement, on the other hand, is among the top losers today.

Both, the BSE Mid Cap index and the BSE Small Cap index have opened higher by 0.5%.

Sectoral indices are trading mixed with stocks in the IT sector and realty sector witnessing buying interest.

Metal stocks, on the other hand, are trading in red.

Shares of KPR Mill and Rain Industries hit their 52-week highs today.

The rupee is trading at 74.79 against the US$.

Gold prices are trading down by 0.3% at Rs 47,772 per 10 grams.

Meanwhile, silver prices are trading down by 0.6% at Rs 68,958 per kg.

Crude oil prices are lower for a third day amid anxiety about a rise in supply after talks among producers collapsed this week.

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Moving on to stock specific news...

Adani group stocks are among the top buzzing stocks today.

The Adani Group is planning to refinance its debt at lower rates with overseas funds.

Adani Airport Holdings, which will formally own a majority in Mumbai International Airport (MIAL), is now in talks with a global consortium of foreign lenders, including Standard Chartered Bank, Barclays, Deutsche and JP Morgan, to raise more than US$1 bn in offshore loans.

Reports state the proceeds will be used to repay public and private banks.

According to the latest annual report of Adani Enterprises, the total debt of MIAL taken over by Adani was Rs 111.4 bn as of March 2021.

Of that, Adani is aiming to refinance Rs 82.5 bn.

Adani Enterprises owns 100% of its airports holding company, Adani Airport Holdings.

Adani Airport Holdings has already acquired 23.5% of Mumbai International Airport Ltd (MIAL) from shareholders Bidvest and Airports Company South Africa.

Adani group stocks have opened on a positive note today.

Adani Enterprises and Adani Transmission have opened up by 1%.

While Adani Ports and Adani Power have opened higher by 0.5%.

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Moving on to news from the insurance sector, life insurers are assessing possibilities of increasing Covid-19 specific provisions in financial year 2022 to protect solvency margins in the event of a likely third wave.

A sudden spurt in Covid-19 cases in countries such Israel and the UK has created uncertainties among insurers on the extent of provisions to be made for a sudden increase in claims burden as seen during the second wave between April and June.

Some sections of the insurance industry also believe that the third wave of infections in India could also lead to a new round of price hikes for term premiums which have already been increased twice in the last 20 months owing to reinsurance pressures.

As per estimates shared by industry sources, India's life insurers settled around 25,000 death claims worth around Rs 15 bn in the first quarter of 2022, just on account of coronavirus.

This is more than what life insurers had settled in the first 12 months of the pandemic over financial year 2021.

An industry insider said that several companies that have been profitable for decades will be in the red for the first quarter of 2022.

This could see several insurers announcing fresh provisional reserves in the first half of FY22 beyond what they have already set aside. Kotak Life Insurance, for instance, was among the first companies to announce that it expects finances to be in the red for the first quarter.

How the above developments pan out in the coming quarter remains to be seen.

Speaking of the insurance sector, have a look at the chart below which shows the investment assets of non-life insurers and life insurers over the past 10 years:

Investment Assets of Non-Life Insurers 11x That of Life Insurers

As per Tanushree Banerjee, Co-Head of Research at Equitymaster, the above chart is enough proof of how big an earning opportunity is the zero-cost float to the non-life insurers. Their investment assets under management is nearly 11 times that of life insurers.

Tanushree recently recommended a high-quality stock from this space. Subscribers can read the report here (requires subscription).

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

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Dec 3, 2021 03:35 PM