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Gaurav Ratnaparkhi, Head of Technical Research at Sharekhan, said the index had reached near a falling trendline on the hourly chart, which was around 17,200, but it tanked on Wednesday.

For the quarter ended March, net profit grew 97% from a year ago Rs 573 crore on the back of Rs 36% rise in revenue at Rs 3,445 crore.

An analyst poll conducted by ETNow poll had projected the profit at Rs 1,036 crore.

In the international market, gold was trading lower at USD 1,892 per ounce and silver was flat at USD 23.36 per ounce.

The board of the company also recommended a dividend of Rs 19 per share. Along with Rs 15 interim dividend paid in November, the total dividend for fiscal 2022 comes in at Rs 34 per share.

“We may have to rethink the strategy. Already we have changed the strategy to an extent where we have a separate fund for ULIPs, for example. ULIP is something where we cannot be just holding on to the stock, we will have to churn them. That is where we have been able to generate quite a good bit of CAGR on our ULIP products.”

“It is the right time for the banking index to start outperforming some of the other sectoral indices. We would add weight to the banking sector at this given point of time and possibly even advise a small switch from maybe an ICICI Bank and some of the other banks to HDFC Bank at this level because the long-term construct for the bank looks very attractive.”

The S&P/ASX 200 index ended 0.8% lower at 7,261.2, extending falls to a third session and hitting its lowest level in nearly six weeks.

“With the policyholders’ discount and with retail discount, the IPO comes at one times embedded value (EV). This is as good as you can get. For the largest insurer in India, the pricing is fantastic. We cannot complain on pricing and if LIC is able to deliver on a lot of business parameters now, there is money to be made here.”

This is perhaps the most expensive in recent memory and makes the company more expensive than not just its peers but also the likes of Adani Wilmar, Dixon Tech and IRCTC.