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Profit booking drags equity markets lower (Roundup)
Mumbai, Sep 13 (IANS) The key Indian equity indices closed on a flat-to-negative note on Wednesday, as profit booking and heavy selling pressure in oil and gas stocks eroded investors’ risk-taking appetite.
According to market observers, an improvement in the macro-economic industrial production data, along with broadly positive Asian markets had given a push to key indices — the BSE Sensex and the NSE Nifty 50 — during the initial trade session.
However, heavy selling pressure in oil marketing companies’ (OMCs) stocks over reports of a government proposal to curb their pricing powers and profit booking capped gains dragging the two indices lower.
Consequently, the wider 51-scrip Nifty 50 of the National Stock Exchange (NSE) closed at 10,079.30 points — down 13.75 points or 0.14 per cent.
The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,188.95 points, closed at 32,186.41 points — up only 27.75 points, or 0.09 per cent, from its previous close at 32,158.66 points.
The Sensex touched a high of 32,348.30 points and a low of 32,126.77 points during intra-day trade.
“Markets closed with divergent trends on Wednesday after a volatile session. While the Sensex ended with marginal gains, Nifty ended with marginal losses,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Broad market indices like BSE Mid-Cap and BSE Small-Cap indices fell more, thereby underperforming the main indices. Market breadth was negative on the NSE,” he said.
On the currency front, the Indian rupee strengthened by four paise to 64 against the US dollar from its previous close at 64.04.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrip worth Rs 826.77 crore while domestic institutional investors (DIIs) purchased stocks worth Rs 725.90 crore.
Sector-wise, stocks of realty, metal, auto and oil and gas showed weakness.
“Most Indian equity benchmarks declined as shares of oil marketers sold off on reports that the government may ask these companies to absorb fuel price increase,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“OMCs such as BPCL (Bharat Petroleum Corporation Ltd), HPCL (Hindustan Petroleum Corporation Limited) and IOC (Indian Oil Corporation Ltd) tanked as much as eight per cent following news reports that the OMCs may be told to absorb increase in oil prices due to inflation risks.”
Major Sensex gainers on Wednesday were: Sun Pharma, up 4.02 per cent at Rs 502.95; Reliance Industries, up 3.13 per cent at Rs 849.10; DrReddy’s Lab, up 2.09 per cent at Rs 2,210.10; Lupin, up 1.10 per cent to Rs 992.10 and Tata Motors, up 0.67 per cent at Rs 389.80.
Major Sensex losers were: ITC, down 2.18 per cent at Rs 271.50; HDFC, down 1.12 per cent at Rs 1,777.30; Bharti Airtel, down 0.96 per cent at Rs 401; Cipla, down 0.91 per cent at Rs 554.30; and Wipro, down 0.74 per cent at Rs 296.05.
–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
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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