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Equities close flat as caution looms ahead of earnings season (Roundup)
Mumbai, Oct 9 (IANS) Key Indian equity indices — the BSE Sensex and the NSE Nifty50 — on Monday closed on a flat note with marginal gains on the back of healthy buying in consumer durables, banking and FMCG stocks.
According to market observers, the key indices traded range-bound as investors remained cautious ahead of the earnings season for the July-September period, which starts later during the week.
The wider Nifty50 of the National Stock Exchange (NSE) reclaimed the psychologically important 10,000-mark intra-day to touch a high of 10,015.75 points.
On a closing basis, the Nifty50 was up 9.05 points or 0.09 per cent at 9,988.75 points.
The 30-scrip Sensitive Index (Sensex) of the BSE closed at 31,846.89 points — up 32.67 points, or 0.10 per cent. It touched a high of 31,935.63 points and a low of 31,781.75 points during intra-day trade.
The BSE market breadth was bullish — 1,520 advances and 1,187 declines.
“Nifty saw a range-bound day and closed the day with minor gains of 9 points. Broad market indices like mid-cap and small-cap also showed subdued movement today with a minor positive bias,”Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“The small-cap index outperformed in both the NSE and the BSE and closed higher.”
In terms of the broader markets, the S&P BSE mid-cap index slipped by a mere 0.04 per cent, while the small-cap index gained 0.62 per cent.
“Major Asian markets have ended on a positive note, barring the Hang Seng and Set Composite. In Europe, FTSE 100 traded slightly lower and DAX and CAC 40 traded higher,” Jasani added.
On the currency front, the rupee strengthened by 2-3 paise to close at 65.35-36 against the US dollar from its Friday’s close at 65.38.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrips worth Rs 475.11 crore while domestic institutional investors (DIIs) purchased stocks worth Rs 55.42 crore.
“Benchmark index Nifty hit 10,000 in early noon trade but gave up most of its gains in afternoon trade. Consumer sector lead the way, but gains were capped as corporate results kick off later this week,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.
IT major Tata Consultancy Services (TCS) is expected to be the first blue chip to come out with its second quarter (Q2) results on October 12.
Sector-wise, the S&P BSE consumer durables index surged by 162.94 points, followed by banking index by 83.30 points and FMCG index by 65.97 points.
On the other hand, the S&P BSE oil and gas index fell by 156.68 points, energy index by 26.13 points and utilities index by 14.17 points.
Major Sensex gainers on Monday were: Coal India, up 1.81 per cent at Rs 281.45; Hindustan Unilever, up 1.37 per cent at Rs 1,222; Dr. Reddy’s Lab, up 1.34 per cent at Rs 2,409.75; Kotak Bank, up 1.34 per cent at Rs 1,051; and Adani Ports, up 1.16 per cent at Rs 393.40.
Major Sensex losers were: Power Grid, down 1.68 per cent at Rs 201.35; ONGC, down 1.58 per cent at Rs 170.95; Reliance Industries, down 0.73 per cent at Rs 830.75; NTPC, down 0.68 per cent at Rs 174.25; and Bajaj Auto, down 0.58 per cent at Rs 3,128.15.
–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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