Stock market bounces back; banks, metals shine
Sensex was up 599.34 points, or 0.83 per cent at 73,088.33, while the Nifty was up 151.20 points or 0.69 per cent at 22,147.
Life Insurance Corporation of India (LIC) on Wednesday reclaimed its position as the most valued listed public sector undertaking, surpassing the market capitalization of State Bank of India.
At 9.30 AM, the SBI stock declined 1.5 per cent to Rs 624, while LIC traded at Rs 896 on the BSE, up 0.2per cent.
SBI boasts of a market value of Rs 5.63 lakh crore, while LIC has topped it with a market capitalisation (MCap) of Rs 5.64 lakh crore.
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It is worth highlighting that LIC has gained over 22 per cent in 2023 and jumped 7.5 per cent so far in 2024. On the other hand, SBI advanced nearly 5 per cent last year and lost over 1 per cent so far this year.
Kotak Institutional Equities in its latest note has increased the target price for SBI to Rs 760, maintaining a ‘buy’ rating. SBI is now Kotak’s preferred stock in the PSU sector, attributed to its demonstrated franchise strength over the last credit cycle.
LIC has recently said it plans to launch three-four products in the coming months to achieve double-digit growth in new business premium this fiscal year. It also launched a special scheme, Jeevan Utsav, in November last year.
A recent data compiled by Bloomberg has stated India emerged as an investor favourite, aided by solid earnings and a booming consumer market as the Indian stocks are trading near their most expensive levels against battered Chinese peers.
The Indian stocks are underscoring a growing divergence in investor preference between the two emerging market leaders.
The MSCI India Index trades at a 157 per cent premium over the China gauge on valuations based on forward earnings estimates, just 3 per cent points short of the record reached in October 2022, the data said.
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