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Hopes of faster economic growth, better quarterly results lift key indices (Roundup)
Mumbai, Oct 26 (IANS) Expectations of faster economic growth on the back of the recently announced funding policy for state-run banks and the road sector lifted the key Indian equity indices — S&P BSE Sensex and NSE Nifty 50 — to their new intra-day and closing record highs on Thursday.
Market observers pointed out that prospects of additional liquidity, healthy buying in oil and gas, metals and capital goods stocks, along with hopes of better quarterly results aided in the key indices’ upward trajectory.
On intra-day record high basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE touched 33,196.17 points, while broader 50-scrip Nifty at the National Stock Exchange (NSE) reached 10,355.65 points.
Similarly, the two key indices closed on fresh highs — the Sensex, which opened at 33,025.17 points, closed at 33,147.13 points, higher by 104.63 points or 0.32 per cent from Wednesday’s close at 33,042.50 points.
The index had slipped to a low of 32,835.06 points during the trade session.
The Nifty 50 closed at a new high of 10,343.80 points, up 0.47 per cent or 48.45 points.
“Markets zoomed higher on Thursday to close at yet another new life high. Positive European markets supported the Indian indices,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Some volatility was seen on the back of the derivative expiry of the near month October series.”
According to Anand James, Chief Market Strategist, Geojit Financial Services: “Profit booking in some PSBs (public sector banks) and derivatives’ expiry kept markets guessing even as global peers remained on the back foot ahead of a bunch of central bank meetings.”
“However, sectoral cues kept markets buoyant with firm metal prices leading metal and mining companies higher while small and midcap segments outperformed the broad market indices on anticipation of better outcomes from the MSMEs meeting with the GST council scheduled on Sunday.”
In terms of investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrip worth Rs 375.63 crore, whereas domestic institutional investors (DIIs) divested stocks worth Rs 523.54 crore.
On the currency front, the rupee strengthened by seven paise to close at 64.82-83 against the US dollar from its previous close at 64.89-90.
Sector-wise, the S&P BSE oil and gas index surged by 354.78 points, followed by the metal index higher by 305.34 points and the capital goods index augmented by 227.33 points.
On the other hand, the S&P BSE consumer durables index receded by 140.18 points and the telecom index inched-down by 9.67 points.
Major Sensex gainers on Thursday were: Cipla, up 3.18 per cent at Rs 612.40; Maruti Suzuki, up 2.60 per cent at Rs 8,076.50; Axis Bank, up 2.48 per cent at Rs 484.40; Tata Steel, up 1.72 per cent at Rs 729.45; and Larsen and Toubro, up 1.68 per cent at Rs 1,224.65.
Major Sensex losers were: ICICI Bank, down 2.08 per cent at Rs 299.25; Tata Motors DVR, down 1.75 per cent at Rs 230.55; PowerGrid, down 1.65 per cent at Rs 212; State Bank of India, down 1.25 per cent at Rs 320.65; and Asian Paints, down 0.96 per cent at Rs 1,191.
–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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