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Equities surge on positive global cues; auto stocks lift sentiments (Roundup)
Mumbai, Oct 3 (IANS) Key Indian equity indices — the BSE Sensex and the NSE Nifty50 — on Tuesday surged to close on a higher note as positive global cues, coupled with healthy buying in automobile, consumer durables, and oil and gas stocks, lifted investors’ sentiments.
According to market observers, healthy automobile results for August, coupled with expectations of an economic stimulus package, added fillip to the upward trend of the indices.
The wider 51-scrip Nifty50 of the National Stock Exchange (NSE) rose by 70.90 points, or 0.72 per cent, to close at 9,859.50 points.
The 30-scrip Sensitive Index (Sensex) of the BSE closed at 31,497.38 points — up 213.66 points, or 0.68 per cent.
The BSE market breadth was bullish — with 1,397 advances and 1,273 declines.
“Nifty showed a fine upmove today on the first day of the week and the month, and closed the day with smart gains of 71 points. Mid-cap index outperformed the Nifty while the small-cap index underperformed,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
In terms of the broader markets, the mid-cap index rose by 0.77 per cent, while the small-cap index gained 0.49 per cent.
“Major Asian markets have ended on a positive note, barring the Straits Times. European indices like FTSE 100, DAX and CAC 40 all traded higher,” Jasani added.
Anand James, Chief Market Strategist, Geojit Financial Services, said: “Lacklustre show from the PSU banks forced the investors to be on the backfoot ahead of the Reserve Bank of India (RBI) policy meet, but positive auto sales numbers kept markets afloat.”
“Few expect a rate cut given rising inflation expectations, which has increased the surprise potential of tomorrow’s call. Nevertheless, upcoming earnings season should mean that stock specific moves should take dominance over broad market sentiments,” said James.
On the currency front, the rupee weakened by 21 paise to close at 65.50 against the US dollar from its previous close at 65.29.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrips worth Rs 693.03 crore while domestic institutional investors (DIIs) purchased stocks worth Rs 1,552.41 crore.
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the markets extended gains for the third straight day on Tuesday as automakers such as Tata Motors surged after posting strong monthly sales.
“Dr. Reddy’s Laboratories jumped on the launch of a drug in its key US market,” Desai told IANS.
“But worries about the economy remain with domestic shares falling for a second consecutive month in September, hurt by a slew of negative global and domestic factors, including expectations of further rate hikes by the US Federal Reserve,” he added.
Sector-wise, the S&P BSE consumer durables index surged by 391.42 points, followed by oil and gas index by 199.63 points and automobile index by 199.24 points.
On the other hand, the S&P BSE capital goods index fell by 34.21 points, power index by 10.75 points and telecom index by 0.62 points.
Major Sensex gainers on Tuesday were: Tata Motors (DVR), up 4.95 per cent at Rs 233.40; Tata Motors, up 3.78 per cent at Rs 416.40; Asian Paints, up 2.72 per cent at Rs 1,147.45; Reliance Industries, up 2.07 per cent at Rs 798.35; and Bajaj Auto, up 1.79 per cent at Rs 3,163.80.
Major Sensex losers were: Power Grid, down 2.16 per cent at Rs 206.10; Maruti Suzuki, down 1.06 per cent at Rs 7,888.50; State Bank of India, down 0.97 per cent at Rs 251.30; Cipla, down 0.78 per cent at Rs 580.40; and Bharti Airtel, down 0.77 per cent at Rs 385.65.
–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.