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US rate-hike fear, weak rupee pull equity indices lower (Roundup)
Mumbai, Sep 21 (IANS) Caution over a US Federal Reserve rate-hike in December, coupled with a weak rupee and profit booking by investors, pulled the key Indian equity indices lower to close in the red on Thursday.
According to market observers, an upsurge in pharma heavyweights like Dr. Reddy’s Lab, Lupin, Cipla and Sun Pharma, along with pumping in of funds by domestic institutional investors (DIIs), however, aided to trim some losses.
The wider Nifty50 of the National Stock Exchange (NSE) fell by 19.25 points, or 0.19 per cent, to close at 10,121.90 points.
The 30-scrip Sensitive Index (Sensex) of the BSE closed at 32,370.04 points — down 30.47 points, or 0.09 per cent, from its previous close. It 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 with 1,581 declines and 993 advances.
“Markets ended with modest losses on Thursday after a sharp recovery from the lows. Pharma stocks were in limelight,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“The markets, however, watched subdued trading on Asian bourses after the outcome of the Federal Reserve meeting. Major Asian markets ended on a mixed note, while European indices like FTSE 100, DAX and CAC 40 traded higher,” said Jasani.
In terms of the broader markets, the S&P BSE mid-cap index fell by 0.34 per cent and the small-cap index by 0.51 per cent.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Fall in rupee on account of Fed’s plan to unwind the balance sheet and a rate hike by the end of the year impacted the market sentiment.”
“However, market gradually recovered from low as liquidity was driven to export oriented sectors like IT and pharma to take the benefit of the dollar and of regulatory approvals,” Nair added.
During the day, the rupee weakened by 54-55 paise to 64.81 against the US dollar from its previous close at 64.26-27.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrip worth Rs 1,204.95 crore while DIIs purchased stocks worth Rs 1,416.55 crore.
“Benchmark indices pared some of the morning losses to end flat after pharma stocks rallied on positive corporate announcements,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.
“The Nifty Pharma index rose over 3 per cent hitting 7-week high on Thursday,” Desai told IANS.
Sector-wise, the S&P BSE metals consumer durables index dipped by 259.76 points, banking index by 208.79 points and automobile index by 115.69 points.
On the other hand, the S&P BSE healthcare index surged by 377.56 points, IT index was up 17.95 points and telecom index was a tad up by 0.37 points.
Major Sensex gainers on Thursday were: Dr. Reddy’s Lab, up 7.47 per cent at Rs 2,486.45; Cipla, up 4.04 per cent at Rs 591.45; Lupin, up 3.02 per cent at Rs 1,032.45; Sun Pharma, up 2.59 per cent at Rs 519.55; and Tata Consultancy Services, up 1.34 per cent at Rs 2,525.85.
Major Sensex losers were: Tata Motors (DVR), down 2.14 per cent at Rs 233.25; ICICI Bank, down 1.99 per cent at Rs 285; Axis Bank, down 1.37 per cent at Rs 512.25; Coal India, down 1.09 per cent at Rs 253.60; and ONGC, down 0.93 per cent at Rs 166.
–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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