Nifty Hits 10,100; Banking Stocks Witness Buying

Thu, 27 Jul 11:30 am

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Stock markets in India have continued their momentum and are presently trading on a positive note. Sectoral indices are in the green with stocks in the realty sector and banking sector witnessing maximum buying interest.

The BSE Sensex is trading up 285 points (up 0.9%) and the NSE Nifty is trading up 92 points (up 0.9%). The BSE Mid Cap index is trading up by 0.6%, while the BSE Small Cap index is trading up by 0.3%. The rupee is trading at 64.13 to the US$.

The recent rally in the stock markets is triggered by good monsoon, cooling inflation further fueling anticipation of a rate cut.

We still have some way to go before this bull market ends.

Our Sensex 40,000 call implies a Nifty level of about 12,375. Already, brokerages are predicting Nifty 12,000. Dalal Street is warming up to the idea of Sensex 40,000.

However, one must also note that the above rise in Indian stock markets has also led many stocks to trade at expensive valuations.

But even as the Equitymaster analysts grow increasingly wary of market valuations, their bottom-up approach continues to uncover new opportunities.

For instance, Richa's Hidden Treasure team has uncovered a batch of small caps that could lead to what Richa calls 'backdoor profits'. Download a copy of Richa's new FREE report, Backdoor Profits - The Small-Cap Way to Big Returns, to know about these stocks.

Apart from individual stocks, the recent run-up in share markets has also prompted a spate of activity in the insurance sector. This we say as IDBI Federal Life Insurance, a joint venture between IDBI Bank, Federal Bank and Ageas is exploring a 100% stake sale.

But that's not all. Apart from the above, SBI Life Insurance, a joint venture between the State Bank of India (SBI) and BNP Paribas Cardif, has also filed its draft red herring prospectus with the Securities and Exchange Board of India (SEBI).

This would make SBI Life Insurance the third major life insurer heading to stock exchanges after ICICI Prudential Life, which listed last September, and SBI Life which has filed an offer document with the markets regulator.

With life and general insurers queuing for the IPO route, it would be interesting to keep a close watch in this space.

The insurance sector in India is set to grow leaps and bounds. It is only a matter of time that this sector will witness a flurry of M&A activities which will require the regulator to act swiftly and proactively as far as matters such as approval are concerned.

That said, concerns for the insurance sector remain. From yesterday's edition of The 5 Minute WrapUp:

• While insurance companies make for an interesting business model, the life Insurance industry in India is quite competitive. At present, there are 23 private players in this space apart from the giant i.e Life Insurance corporation (LIC) of India. The industry has seen de-growth during the period 2010-2015.
  
  Moreover, the industry is tightly regulated.
  
  So it is hardly surprising that the insurance companies are trying to raise money at a time when market optimism is at its peak.

Our big-picture editor, Vivek Kaul, recently penned a pertinent report on entire insurance industry. We strongly recommend you go through the full report on what's really happening in the insurance industry in India...and how it affects you. If you have not accessed Vivek Kaul's Letter yet, sign up here.

By the way, we have also prepared a guide to help you understand the valuation of insurance businesses.

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