Insurance stocks underperformed the frontline indices on Tuesday following a faded listing of state-run giant Life Insurance Corporation.
Analysts' target price tops Rs 600
Except for Max Financial Services other insurance related shares seem to be on a weak ground, indicate technical charts.
Stocks to Watch Today: Shares of Bajaj Auto, Hindustan Unilever and Indian Hotels are likely to be in focus as the companies report Q4 results on Wednesday.
Long-term story remains good and valuations attractive, but near-term overhangs may keep stock prices subdued
HDFC, HDFC Bank, HDFC AMC and HDFC Life were underperforming the market by falling in the range of 3 per cent to 4 per as against a 1.7 per ent decline in the S&P BSE Sensex.
In Q3FY22, the company's gross premium income remained healthy with a 27 per cent increase to Rs 12,255 crore, led by traction in renewal premium and new business premium.
However, total income declined to Rs 14,222.22 crore in the latest December quarter from Rs 21,126.80 crore in October-December 2020
Shares of the major private insurers, HDFC Life and ICICI Prudential are seen testing key support levels currently.