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Economic stimulus to influence equity indices’ movement (Market Outlook)

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7 years ago

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By Rohit Vaid
Mumbai, Sep 24 (IANS) Expectations of an economic stimulus package, along with derivatives expiry and movement of foreign funds, are expected to drive equity investors’ sentiment next week.

According to market observers, other major factors, such as the government’s plans to recapitalise public sector banks and a volatile geo-political situation in the Korean Peninsula will also influence market movements.

“Markets’ sentiment next week would be dominated by what the government offers as stimulus to the economy, especially how it balances the goals of pump-priming the economy yet keeping inflation and fiscal deficit under control,” said Devendra Nevgi, Chief Executive, Zyfin Advisors.

“Global markets and the situation in North Korea will be closely watched.”

Apart from global geo-political issues, derivatives expiry on September 28, Thursday, and likely outflows of foreign funds will be other major themes for the week ahead, experts opined.

“Markets are likely to remain volatile in the next week ahead of the expiry of September derivative contracts as traders roll over positions to the October 2017 series,” D.K. Aggarwal, Chairman and Managing Director, SMC Investments and Advisors, told IANS.

“Nifty is expected to move in the range of 9,900-10,150 levels in the next week.”

In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors (FIIs) continued with their selling spree and off-loaded stocks worth Rs 5,448.66 crore during the week ended September 22.

Figures from the National Securities Depository Ltd (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 3,911.21 crore during September 18-22.

However, domestic institutional investors (DII) bought scrips worth Rs 3,581.88 crore.

“Though DIIs flows are very strong, but any earnings hiccups in coming quarters may limit these inflows,” said Vinod Nair, Head of Research, Geojit Financial Services.

“Going ahead, the markets will look for more cues from government on its stimulus programme and road map on fiscal deficit. Any sharp depreciation of INR will heighten the FIIs outflow.”

On a weekly basis, the Indian rupee had weakened by 72 paise to close on last Friday at 64.80 to a US dollar from its previous week’s close at 64.08.

In addition, investors will take further cues from macro-economic data points like the Index of ECI (eight core industries) for August 2017, external debt and the country’s fiscal deficit which will be released next week.

As per technical analysis, on a downside, the Nifty is expected to further consolidate towards its next support level of 9,861 points.

“Traders will need to watch if the Nifty can now hold above support (level of 9,950 points) early next week; else a further correction is likely towards the next supports of 9,861 points,” elaborated Deepak Jasani, Head of Retail Research for HDFC Securities.

“On an up-move, 10,000-10,040 points band can provide resistance.”

Last week, subdued macro-economic sentiment, coupled with rising tensions in the Korean peninsula dragged the two key indices — the BSE Sensex and the NSE Nifty — below their psychologically important levels of 32,000-points and 10,000-points, respectively.

Consequently, the 30-scrip Sensitive Index (Sensex) of the BSE declined by 350.17 points or 1.09 per cent to 31,922.44 points.

Similarly, the Nifty 50 of the National Stock Exchange (NSE) edged lower to 9,964.40 points, down 150.6 points or 1.19 per cent.

(Rohit Vaid 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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