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Macro-data led positive momentum lifts equity indices (Market Review)
By Rohit Vaid
Mumbai, Oct 21 (IANS) The key Indian equity indices — the S&P BSE Sensex and the NSE Nifty 50 — rose for the third straight week as a healthy macro-data led positive momentum enhanced the risk-taking appetite of investors.
However, profit booking, along with fears of higher non-performing asset (NPA) levels in the banking sector arrested the north-bound movement of the key indices during the truncated weekly trade ended on Wednesday.
The 30-scrip Sensitive Index (Sensex) edged higher by 151 points or 0.46 per cent to 32,584.35 points.
Similarly, the wider 50-scrip Nifty of the National Stock Exchange (NSE) made gains. It rose by 43.4 points or 0.42 per cent to close at 10,210.85 points.
“Though the domestic market have suffered a bout of correction recently but have since rebounded and the Nifty is back above 10,000 mark on the back of encouraging domestic economic readings and optimism in major global markets which lifted sentiment,” D.K. Aggarwal, Chairman and Managing Director, SMC Investments and Advisors, told IANS.
“The market also got strength following encouraging comments from the IMF chief Christine Lagarde — that the Indian economy is on a solid growth track in the medium and long term due to the structural reforms undertaken by the government.”
In terms of macro-data, India’s annual rate of inflation based on Wholesale Price Index (WPI) in September eased to 2.6 per cent from 3.24 per cent in August.
Another major economic performance pointer showed that India’s exports grew to $28.61 billion in September from $23.81 billion in August and $22.77 billion during the corresponding month of last year.
Notwithstanding the positive macro-data, the upward movement was halted on Wednesday after Axis Bank came out with its quarterly earnings results.
“The NSE Nifty had edged lower on Wednesday, retreating from record highs hit in the previous three sessions after a rise in bad loans at Axis Bank sparked concerns about the recovery of stressed assets in the country’s banking sector,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
In terms of investments, provisional figures from the stock exchanges showed that FIIs offloaded stocks worth Rs 1,766 crore during the week. However, domestic institutional investors continued to pump-in funds and bought scrips worth Rs 1,985.99 crore.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 1,797.22 crore, or $276.76 million, during October 16-18.
On the currency front, the rupee depreciated during last week. It inched lower by 11 paise to close at 65.04 against the US dollar from its previous close at 64.93.
According to Deepak Jasani, Head – Retail Research, HDFC Securities on a sector specific basis metals, realty and oil and gas indices gained during the week ended October 18, whereas banking index plunged.
Last week’s trade also concluded the Hindu Year — Samvat 2073 — which saw a stellar performance by the key Indian equity indices.
In Samvat 2073, the barometer index (BSE Sensex) gained 4,654 points or 16.6 per cent whereas the NSE Nifty 50 rose by 1,585 points or 18.4 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
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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