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In a volatile session on December 5, the Indian equity market closed higher, with Nifty surpassing 24,700 for the fifth consecutive session, driven by broad-based buying except in the realty sector. The Sensex rose by 809.53 points to 81,765.86, while Nifty gained 240.95 points to close at 24,708.40. Key gainers included TCS, Infosys, and Titan Company, while SBI Life Insurance and Bajaj Auto were among the notable losers, as investors remained cautious ahead of the Reserve Bank of India's policy announcement.
Shares of life insurance companies plummeted, with declines of up to 4%, following reports that the insurance regulator IRDAI is considering capping the share of bancassurance business from parent banks to 50%. Currently, parent banks account for 85-95% of the bancassurance business for firms like HDFC Life, Max Life, and SBI Life, while ICICI Bank represents 50% for ICICI Prudential. The regulator's move aims to address concerns over the heavy reliance of insurers on bancassurance.
Indian equity markets showed moderate gains on November 28, with the BSE Sensex up 146 points at 80,380 and the NSE Nifty rising 55 points to 24,330, buoyed by positive FII flows following recent state election results. Market breadth was favorable, with 2,427 shares advancing against 719 declining. Kranthi Bathini from WealthMills Securities noted a positive trend, with Nifty consolidating near 24,500, while Adani Enterprises led gains, surging over 4 percent.
Zomato will replace JSW Steel in the Sensex index starting December 23, as announced by BSE. Additionally, several changes will occur in other indices, with companies like Ashok Leyland and IDFC First Bank being dropped from BSE 100, while Jio Financial Services and others will be added. In the BSE SENSEX 50, HDFC Life, BPCL, and LTI Mindtree will be replaced by Zomato, Jio Financial, and HAL.
Indian equity markets ended a seven-day losing streak on November 19, with the Nifty closing at 23,518.50, up 64.70 points or 0.28%. Key gainers included M&M, Trent, and HDFC Bank, while SBI Life Insurance and Reliance Industries were among the top losers. The market was closed on November 20 for Maharashtra Assembly polls, with sectors like media, auto, and realty showing gains, while metal and oil & gas sectors declined.
Private insurance stocks, including HDFC Life and Star Health, fell over 3% amid reports of the Central government"s plans to introduce reforms allowing 100% foreign direct investment (FDI) in the sector. The proposed Insurance Amendment Bill, expected in the winter session of Parliament, aims to lift the current 74% FDI cap and permit insurance agents to sell policies from multiple companies, enhancing competition and investment opportunities.
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