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US rate-hike fear drags equity indices lower; metals, banks plunge (Lead)

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Mumbai, Sep 21 (IANS) Mixed global cues, coupled with heavy selling pressure in banking, consumer durables and metal stocks, dragged the key Indian equity indices lower during the mid-afternoon trade session on Thursday.

According to market observers, investors remained cautious as the US Federal Reserve on Wednesday night signalled another rate-hike in December, while kept its interest rates steady for now. A rate-hike can potentially lead foreign portfolio investors (FPI) away from emerging markets such as India.

The US Fed also announced that it would start unwinding its $4.5 trillion balance sheet from October, a further step to end the loose monetary policy.

Around 1 p.m., the wider Nifty50 of the National Stock Exchange (NSE) traded lower by 43.70 points, or 0.43 per cent, at 10,097.45 points.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 32,406.42 points, traded at 32,287.35 points — down 113.16 points, or 0.35 per cent, from its previous close at 32,400.51 points.

The Sensex has so far touched a high of 32,462.61 points and a low of 32,164.42 during intra-day trade.

The BSE market breadth was bearish — 1,564 declines and 824 advances.

Dhruv Desai, Director and Chief Operating Officer of Tradebulls, said the benchmark indices extended losses as Asian markets were trading mixed after the US Fed signalled it expects another interest rate hike by year-end and disclosed timing for reducing its balance sheet.

“The Fed left rates unchanged for now, as was widely anticipated, but investors’ expectations changed for December after the US central bank signalled one more rate hike by year-end despite recent weak inflation readings,” Desai told IANS.

“Top gainers on the NSE were Dr. Reddy’s Lab, Lupin and Cipla, while on the losing side were Tata Motors (DVR), Hindalco and Coal India.”

On Wednesday, benchmark indices closed with fractional losses as heavy outflow of foreign funds and selling pressure kept investors’ sentiments subdued.

The Nifty50 of the National Stock Exchange (NSE) fell by 6.40 points or 0.06 per cent to close at 10,141.15 points, while the Sensex closed at 32,400.51 points — down 1.86 points, or 0.01 per cent.

–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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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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