In October 2023, private insurers sold around 6.4 lakh policies, and their first-year premium increased by 24.2% YoY to Rs 11,171.9 crore.
In contrast, LIC sold 14.2 lakh schemes but saw a 13.7%% YoY decline in first-year premium to Rs 15,647.1 crore. Its market share also declined to 58.3%.
In October 2023, the Wholesale Price Index (WPI) inflation and Consumer Price Index (CPI) inflation fell. The PMI reading indicated growth, compared to the previous month.
The unemployment rate rose to a two-year high; Foreign Institutional Investment (FII) outflow surged; crude oil prices fell, while consumption increased.
The big four IT firms—Tata Consultancy Services (TCS), Infosys, HCL Technologies (HCL Tech) and Wipro—posted predictably subdued results in Q2FY24. The trend reflects the persistent unfavourable market conditions over the past few quarters. Cutbacks in discretionary spending, project ramp-downs, and decision-making delays have left these IT powerhouses and once-darlings of the stock market facing a challenging landscape.
The automobile industry saw a 7.7% YoY decline in retail sales, but rose by 12.5% MoM in October 2023 to around 21.2 lakh units. Retail sales of two-wheelers were down by 12.6% YoY to 15.1 lakh units, while that of cars fell by 1.4% YoY to 5.3 lakh units.
All segments of the industry observed a MoM rise during this period.
The total value of credit card transactions rose by 16.1% YoY to Rs 1,42,699.6 crore in September. The number of cards outstanding increased by 19.7% YoY. Private sector banks grew by 22.5% YoY in terms of value of transactions.
Despite its sharp rise in recent months, the Indian banking sector is now tightening its seatbelt, as it flies into some turbulence. Concerns for the global economy are growing, with the rising death count in the Israel-Hamas conflict, the China slowdown and tight oil prices.
Automobile wholesales for listed companies rose 23.3% year-on-year to 17.5 lakh units in October, while exports fell 1.1% year-on-year to 240,986 units.
Domestic two-wheeler wholesales for listed companies were up 26.2% year-on-year to 12.6 lakh units, and passenger vehicle sales rose 19.4% year-on-year to 2.6 lakh units.
The total number of passengers carried by domestic airlines rose by 22.8% YoY in August to 124.2 lakh. Total departures by scheduled carriers increased by 10% YoY to 86,076.
For most Indian families, real estate and gold have long been the de facto route for their savings and investments. While gold prices have moderated in the first half of FY24, realty stocks have skyrocketed. The Nifty Realty index has given returns of 36% in the past six months, outperforming the broader Nifty 50’s relatively modest 10.6%.
Is the auto sector revving back to life? A 20% YoY surge in September vehicle sales suggests that India’s auto market is shifting back into high gear. Climbing from 17 million to 21 million units within a year, the sector seems to be recovering from a prolonged slump, but it's not yet back to its 2020 peak of 26 million.
