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Geo-political developments, US Fed meet to guide equities (Market Outlook)
By Porisma P. Gogoi
Mumbai, Sep 17 (IANS) The Indian equity markets are expected to take cues from geo-political developments in the Korean peninsula, as well as the policy meet of the US Federal Reserve, during the upcoming week starting September 18, according to market analysts.
In addition to global cues, experts maintain that the direction of foreign fund flows will have a major bearing on the stock markets.
“On geo-political concern over Japan, North Korea will set the tone for markets in the coming new week. While peaceful talks can have a positive impact, any more test-firing (of missiles) can lead to a full-scale war over the Korean peninsula,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
According to Devendra Nevgi, Chief Executive of Zyfin Advisors, the upcoming week is likely to be dominated by action from global central bank meetings — the US Federal Reserve and Bank of Japan.
“While a 25 basis points hike in Fed funds rate is almost certain, given the stronger macro data and higher CPI (Consumer Price Index) levels, the language for the future path remains crucial. Hence, global risk sentiment remains important, especially the North Korean developments,” said Nevgi.
The US Fed’s Federal Open Market Committee will meet on September 20-21.
The risk of a US Fed rate hike and delay in earnings revival has accelerated foreign institutional investors’ (FIIs) outflows, said Vinod Nair, Head of Research, Geojit Financial Services.
“However, DIIs (domestic institutional investors) inflows continue to be strong — supported by higher mutual fund inflows — while continuation of this remains to be seen,” said Nair.
Provisional figures from the stock exchanges showed that FIIs continued with their selling spree and offloaded stocks worth Rs 3,365.4 crore during the week. This outflow was offset by continuous injection of funds by the DIIs, which bought scrips worth Rs 3,835.21 crore.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 119.46 crore, or $18.79 million, during September 11-15.
“Currently, domestic market is under-performing versus other EMs (emerging markets) due to peak valuation… Going forward, actions from global central banks will curtail the near-term liquidity and domestic market may under-perform,” added Nair.
During the week, the Indian rupee weakened by 28-29 paise to close at 64.07-08 to a US dollar from its previous week’s close at 63.79.
On technical levels, Deepak Jasani, Head – Retail Research, HDFC Securities, explained: “Technically, with the Nifty breaking out of a range this week, the intermediate trend remains up.”
“Further, upsides are likely once the Nifty crosses the immediate resistances of 10,132. Downside support to watch for emergence of weakness is at 9,913,” Jasani told IANS.
Last week, the equity markets rode the bulls with a fillip given by healthy domestic industrial production data and persistent pumping in of funds by domestic investors.
The two key Indian equity indices reclaimed their psychologically important 32,000 and 10,000 levels. Despite that, the equity markets ended the week on a muted note as investors booked profits.
On a weekly basis, the Sensex of the BSE surged by 585.09 points or 1.85 per cent to close at 32,272.61 points, while the Nifty50 closed at 10,085.40 points, up 150.6 points or 1.52 per cent.
(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
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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