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Equities plunge for 7th straight session on cross-border tensions, sell-off (Roundup)
Mumbai, Sep 27 (IANS) Key Indian equity indices tumbled for the seventh consecutive session and closed deep in the red on Wednesday, as caution ahead of futures and options (F&O) expiry, coupled with a weak rupee and profit booking in banking, capital goods and automobile stocks, hampered investors’ risk-taking appetite.
According to market observers, the seven-day fall was the longest losing streak for the indices after a nine-day fall that occurred during December 13-26, 2016.
Besides, a sell-off was triggered in the key indices on updates that the Indian Army inflicted “heavy casualties” on NSCN (K) militants during a firefight along the border with Myanmar.
The 30-scrip Sensitive Index of the BSE shed over 400 points to close at 31,159.81 points — down 439.95 points, or 1.39 per cent.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) closed below the psychologically important 9,800-level.
It fell by 135.75 points or 1.38 per cent, to close at 9,735.75 points.
“Markets ended sharply lower on Wednesday on the back of a huge sell-off. It was the seventh consecutive session of losses for the Nifty,” Deepak Jasani, Head – Retail Research, HDFC Securities told IANS.
“The Sensex hit its lowest level in almost three months. The Nifty hit almost a seven-week low,” said Jasani.
In terms of the broader markets, the S&P BSE mid-cap index slipped by 1.99 per cent and the small-cap index by 2.10 per cent.
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the benchmark indices fell over one per cent, as the rupee sunk to a more than six-month low on foreign fund outflows.
“Sentiment was also dampened, when a news agency flashed that there was a firefight and heavy casualties were suffered by the NSCN-Khaplang in Nagaland along the India-Myanmar border, tweeted the Eastern Command,” Desai told IANS.
On the currency front, the rupee weakened by 26-27 paise to close at 65.71-72 against the US dollar from its last week’s close at 65.45
Jasani added: “Federal Reserve Chairperson Janet Yellen hinting at possible hike in US interest rates also increased worries of pull out of money from risky assets in emerging markets like India.”
In terms of investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrips worth Rs 856.28 crore while domestic institutional investors (DIIs) purchased stocks worth Rs 1,858.29 crore.
“Foreign investors have net sold $777 million worth of Indian shares so far this month. They sold nearly $2 billion worth of equities in August as stretched valuations and simmering North Korea tensions saw foreign investors pulling out,” added Desai.
All the 19 sub-indices of the BSE closed in the red. The S&P BSE banking index dipped by 453.97 points, capital goods index by 377.30 points, and automobile index by 377.01 points.
Major Sensex gainers on Wednesday were: Tata Consultancy Services, up 0.62 per cent at Rs 2490.15; and Coal India, up 0.25 per cent at Rs 260.95.
Major Sensex losers were: Adani Ports, down 4.85 per cent at Rs 371.60; State Bank of India, down 2.89 per cent at Rs 250.45; Reliance Industries, down 2.51 per cent at Rs 798.60; Dr. Reddy’s Lab, down 2.50 per cent at Rs 2,307.50; and Sun Pharma, down 2.46 per cent at Rs 494.95.
–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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