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Equities close with marginal gains; healthcare stocks, DIIs aid bull run (Market Review)

Published

7 years ago

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By Porisma P. Gogoi
Mumbai, Aug 25 (IANS) Continuing the bull run for the second consecutive week, key Indian equity indices — the Sensex and the Nifty50 — closed with minimal gains as short covering in healthcare and banking stocks coupled with continuous purchasing activities by domestic institutional investors (DIIs) kept market sentiment afloat.

On a weekly basis, the 30-scrip Sensitive Index (Sensex) of the BSE rose by 71.38 points or 0.99 per cent to close at 31,596.06 points.

Meanwhile, the Nifty50 of the National Stock Exchange (NSE) closed at 9,857.05 points, up 19.65 points or 0.2 per cent.

“Nifty witnessed minor upside bounce this week and closed the week with minor gains of around 20 points (0.20 per cent). Sectorally, the top weekly gainers were the pharma, metal and banking indices, while the losers were IT and FMCG indices,” Deepak Jasani, Head of Retail Research, HDFC Securities, told IANS.

According to D.K. Aggarwal, Chairman and Managing Director, SMC Investments and Advisors, the domestic market took pressure due to crack-down of market regulator Securities and Exchange Board of India (SEBI) on shell companies and geopolitical tension between India-China and USA-North Korea.

“However, on Wednesday, domestic market moved little higher aided by fresh buying mainly in realty, healthcare and banks, coupled with positive global cues,” Aggarwal told IANS.

“Also, the news that the Union Cabinet has moved another step towards the merger of some of the state-owned banks supported the bulls.”

On August 23, Finance Minister Arun Jaitley announced that “in principle” approval has been granted by the Union Cabinet for the consolidation of state-run banks through mergers. The announcement led to massive gains in public sector bank’s (PSU banks) stocks.

On the currency front, the Indian rupee strengthened by 10-11 paise to close the week at 64.03-04 to a US dollar from its previous week’s close at 64.14.

Vinod Nair, Head of Research, Geojit Financial Services, observed that pull-out of foreign funds and persistent miss in quarter earnings, which could end up with drop in FY18 profit-after-tax estimate, kept investors a little jittery.

“Month-to-date, foreign institutional investors (FIIs) were net sellers in the market on concerns of premium valuation, whereas DIIs continued to pour money into domestic market, which is keeping the market trend positive. Further, short covering due to shorter trading days (Friday which is a holiday) and nearness of August futures and options (F&O) expiry also supported the sentiment,” said Nair.

Provisional figures from the stock exchanges showed that FIIs sold stocks worth Rs 4,666.53 crore, while DIIs bought scrips worth Rs 2,883.99 crore during August 21-24.

Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 5,281.52 crore, or $824.17 million, during the trade week ended August 24.

“IT sector continued to witness pressure due to recent management turbulence in Infosys despite a premium buyback announcement. NPA (non-performing assets) worries in PSU Banks may cloud the outlook, whereas cabinet nod for fast track consolidation of PSU banks attain investors attention,” added Nair.

The top weekly Sensex gainers were: Bharti Airtel (up 3.95 per cent at Rs 433); Lupin (up 3.95 per cent at Rs 991.75); Dr Reddy’s Lab (up 3.88 per cent at Rs 2,087.90); Tata Steel (up 2.09 per cent at Rs 638.95); and Axis Bank (up 1.77 per cent at Rs 505.60).

The losers were: Infosys (down 10.64 per cent at Rs 912.50); NTPC (down 4.35 per cent at Rs 169.15); Bajaj Auto (down 3.15 per cent at Rs 2,731.85); Hero MotoCorp (down 3.06 per cent at Rs 3,874.50); and Adani Ports (down 2.64 per cent at Rs 379.95).

(Porisma P. Gogoi can be contacted at [email protected])

–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

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3 months ago

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September 3, 2024

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World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.

Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.

During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.

On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”

Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.

It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.

Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.

Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”

On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”

The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.

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