GIC Re corrects on profit selling

General Insurance Corporation of India (GIC Re) fell 1.50% to Rs 174.10 on profit selling after recent steep gains.

Shares of GIC Re rallied 24.65% in the past four sessions.

The stock had outperformed the market over the past one month, soaring 26.21% compared with 0.73% rise in the Sensex.

The scrip outperformed the market in past one quarter, surging 41.66% as against Sensex's 4.57% rise.

The scrip had outperformed the market in past one year, jumping 26.48% as against Sensex's 6.27% rise.

On the technical front, the stock's daily RSI (relative strength index) stood at 75.18. The RSI oscillates between zero and 100. Traditionally, the RSI is considered overbought when above 70 and oversold when below 30.

On the daily chart, the stock was trading above its 50-day, 100-day and 200-day simple moving average (SMA) placed at 136.08, 129.26 and 123.29, respectively. These levels will act as crucial support zones in near term.

GIC Re is the largest reinsurer in the domestic reinsurance market in India and leads most of the domestic companies' treaty programmes and facultative placements. The company has been identified as Domestic Systemically Important Insurers (D-SIIs) for 2020-21 by insurance regulator IRDAI. GIC Re is transacting business across the world in 160 countries.

On a consolidated basis, net profit of GIC Re rose 64.41% to Rs 2216.55 crore on 6.6% decline in total income to Rs 12571.92 crore in Q2 September 2022 over Q2 September 2021.

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