The benchmark S&P BSE Sensex 702 points higher at 57,521 level, while the Nifty50 settled at 17,245, up 207 points.
This was, however, lower than their intra-day highs of 57,791 and 17,322, respectively.
26 of the 30 Sensex constituents and 45 of the 50 Nifty constituents ended the day in the green led by HUL, HDFC Life, SBI Life, Asian Paints, UPL, PowerGrid, L&T, NTPC, SBI, and Infosys.
In the broader markets, the BSE MidCap index added 0.86 per cent while the BSE Smallcap index edged only 0.19 pee cent higher.
European stocks advanced on Thursday as investors reacted to a slew of earnings and continued to monitor developments in Ukraine, and Russia’s next move on its gas supplies to Europe. The pan-European Stoxx 600 climbed 1 per cent in early trade, while Germany’s DAX advanced 2 per cent. The UK’s FTSE100 gained 0.9 per cent.
On Wall Street, Nasdaq Futures were up 2 per cent, while Dow Jones and S&P500 Futures added 1 per cent each. Earlier in Asia, Japan’s Nikkei soared 1.7 per cent, South Korea’s Kospi ended 1 per cent up, and China’s Shanghai Composite gained 0.6 per cent.
Meanwhile, Motilal Oswal Financial Services on Thursday reported the highest-ever operating PAT of Rs 905 crore, 69% on-year growth in FY22. In Q4FY22, consolidated revenues grew by 21% YoY at Rs 1,100 crore, Consolidated PAT stood at Rs 300 crore including gains on investments. In FY22, Consolidated revenues grew by 33% YoY at Rs 4,051 crore, consolidated PAT stood at Rs 1,310 crore.
Global asset manager Brookfield-owned Sagen has made its foray into the Indian mortgage market and took a nearly one-third stake in India Mortgage Guarantee Corporation (IMGC), the company announced Thursday. Sagen, which is the largest private-sector residential mortgage insurer in Canada, has taken about a 31 per cent stake in IMGC as a primary funding round. The investment makes the Canadian firm IMGC’s second-largest stakeholder. The company did not disclose the acquisition price.
LIC is the country’s largest life insurer with a size that is 8x of its next competitor having a 61.6% market share in terms of premiums (or GWP), a 61.4% market share in terms of New Business Premium (or NBP), a 71.8% market share in terms of the number of individual policies issued, an 88.8% market share in terms of the number of group policies issued for Fiscal 2021. It’s also the fifth-largest life insurer in the world in terms of the total premium collected. With a balance sheet size of ~Rs. 41 lac crore, LIC is the largest asset manager in the country accounting for 30% of DII equity AUM and 19% of outstanding government bonds (centre+state). The behemoth has delivered the best in the industry ROE of >80% last year highest amongst its Indian peers.
