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Weak global cues, profit booking subdue equities for 5th straight session (Roundup)

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Mumbai, Sep 25 (IANS) Key Indian equity indices descended sharply on Monday — extending losses for the fifth session in a row — as weak global cues on the back of prevailing geo-political tensions, coupled with profit booking and expensive valuations, hampered investors’ risk-taking appetite.

Besides, heavy selling pressure in index heavyweights like Adani Ports, ITC, Lupin and Tata Steel, among others, along with persistent outflow of foreign funds, subdued market sentiment.

According to market observers, investors remained cautious about the government’s plans for a stimulus programme, which might lead to a huge fiscal deficit.

On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) slipped by 91.80 points or 0.92 per cent to close at 9,872.60 points.

The 30-scrip Sensitive Index (Sensex) of the BSE closed at 31,626.63 points — down 295.81 points or 0.93 per cent — from its previous close at 31,922.44 points.

The BSE market breadth was bearish — with 2,020 declines and 541 advances.

“Carrying on from last Friday, markets continued to correct sharply on Monday. It was the fifth consecutive session of losses for the Nifty and came on the back of weak global cues,” Deepak Jasani, Head – Retail Research, HDFC Securities told IANS.

“Major Asian markets have ended on a negative note, barring the Nikkei index. European indices like FTSE 100 and and CAC 40 traded lower,” he added.

In terms of the broader markets, the S&P BSE mid-cap index tanked by 1.14 per cent and the small-cap index by 2.02 per cent.

Vinod Nair, Head of Research, Geojit Financial Services, said: “Outflow of foreign funds due to the concern on gap between high valuation and earnings growth, and (US) Fed’s stance to trim their balance sheet, impacted the market sentiment.”

“Investors are also looking forward for the announcement of stimulus package by the Prime Minister later today, while at the same time concern on fiscal slippage influenced profit booking,” Nair added.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrips worth Rs 1,249.45 crore while domestic institutional investors (DIIs) purchased stocks worth Rs 1,009.98 crore.

On the currency front, the rupee weakened by 31 paise to close at 65.10-11 against the US dollar from its last week’s close at 64.79-80.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the benchmark indices extended losses as investors turned jittery on expectations that the government will tinker with its fiscal deficit target for FY18 by announcing an economic stimulus to revive the economy.

“Prime Minister Narendra Modi might announce a package later today for power, housing and social welfare programmes to generate jobs and perk up demand. The package is being pegged at Rs 40,000-50,000 crore,” Desai tols IANS.

All the 19 sub-indices of the BSE closed in the red. Sector-wise, the S&P BSE capital goods dipped by 281.08 points, automobile index by 252.35 points and healthcare index by 242.14 points.

Major Sensex gainers on Monday were: Coal India, up 1.20 per cent at Rs 256.95; ICICI Bank, up 0.87 per cent at Rs 279.50; Hindustan Unilever, up 0.55 per cent at Rs 1,246.35; Reliance Industries, up 0.36 per cent at 820.45; and Tata Consultancy Services, up 0.23 per cent at Rs 2508.20.

Major Sensex losers were: Adani Ports, down 3.29 per cent at Rs 388.05; Kotak Bank, down 2.24 per cent at Rs 999.70; Lupin, down 2.20 per cent at Rs 991.30; Tata Steel, down 2.20 per cent at Rs 640.15; and ITC, down 2.18 per cent at Rs 262.40.

–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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