Global Indices Positive, Moody's Upbeat on Indian Insurance & Cues to Watch out Today

Thu, 30 Nov Pre-Open

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On Monday, share markets in India finished in red after trading range bound throughout the day. The BSE Sensex closed lower by 16 points to end at 33,603 while the broader NSE Nifty ended the day lower by 9 points to close at 10,361.

Among BSE sectoral indices, metal stocks fell the most by 0.5%, followed by bank stocks by 0.4%. Axis Bank and HDFC were among the top losers.

Top Stocks in Action Today

Nestle India share price is set to be in focus today after the district administration in Uttar Pradesh's Shahjahanpur has slapped a fine on Nestle India and its distributors after popular noodles brand Maggi allegedly failed to pass a lab test.

The district administration had imposed a fine of Rs 4.5 million on the company, Rs 1.5 million on its three distributors and Rs 1.1 million on its two sellers.

NTPC share price is likely to be in focus today after the state-run power giant floated a tender to acquire commissioned stressed coal-based power plants in the country. According to the tender document, the company will shortlist the suitable operational domestic coal-based power assets located in India for possible acquisition after evaluating the offered projects.

Moody's Positive on India's Non-life Insurance Sector

Global rating agency, Moody's Investors Service in its first report on the domestic insurance sector has stated that Indian non-life insurance sector is expected to maintain its double-digit growth over the next three to four years, on the back of higher economic expansion and increased household spending.

Besides, it projected that gross domestic product (GDP) of the country will grow by 6.7% in the fiscal year ending March 2018, making it one of the fastest growing economies in the world. However, it noted that annual insurance penetration remains comparatively low in India at just 3.5% of GDP, but is likely to increase in line with household spending.

The rating agency further indicated that in 2016-17 fiscal, the top 10 non-life insurers, recorded 30% growth in gross direct premium to Rs 1 trillion, while their top five life counterparts reported a 14% rise in gross premium to Rs 3 trillion. It also pointed out that the large private insurers have benefited the most, growing premia by 42% year-on-year in the year to March 2017. It added that these insurers are well placed for continued expansion, given their strong brands and market positions.

The report also welcomed the liberalization in the reinsurance space, which is evident from eight private reinsurers, Munich Re, Swiss Re, Scor and RGA, entering the market this year.

Global Markets Turn Positive

Banks led stock markets in Europe and Japan higher Wednesday after a jump in shares of financial companies helped the S&P 500 and Dow Jones Industrial Average notch their best day since September. Banks stocks were helped by rising government bond yields in both the US and Europe. Meanwhile, Britain and the EU edged closer to reaching a financial settlement over Brexit, which would allow them to move onto other topics, but negotiations are continuing to finalize an agreement that can win backing from EU member states. Chiming in on the uptick in stocks, the European Central Bank (ECB) warned that despite the improved economic growth in the euro area there are concerns related to a sudden increase in volatility.

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