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PSU bank recapitalisation lifts Sensex above 33k points mark (Weekly Review)
By Rohit Vaid
Mumbai, Oct 28 (IANS) Expectations of faster economic growth on the back of the recently announced recapitalisation measures for state-run banks lifted the key Indian equity indices for the fourth straight week and led the 30-scrip Sensex to close above the 33,000-points-mark.
Other factors like prospects of additional liquidity, healthy buying in bluechip stocks, along with hopes of better quarterly results aided in the key indices upward trajectory.
However, volatility and profit bookings which emerged at the end of the weekly trade capped gains.
On a weekly basis, the 30-scrip Sensitive Index (Sensex) edged higher by 572.87 points or 1.75 per cent to 33,157.22 points.
Similarly, the wider 50-scrip Nifty of the National Stock Exchange (NSE) made gains. It rose by 112.2 points or 1.09 per cent to close at 10,323.05 points.
The S&P BSE Sensex touched a record new intra-day highs of 33,286.51 points, while the broader NSE Nifty50 breached 10,366.15-points-mark.
“Domestic markets soared to lifetime highs on broadly positive global cues despite the fact earnings of the corporates are yet to show any meaningful recovery,” D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, told IANS.
“The bulls got the strength after the announcement of the bank recapitalisation plan by the government to address the issue of inadequate lending and approval of the proposal for Bharatmala Pariyojana phase-I along with other programmes.”
Harsha Upadhyaya, Chief Investment Officer — Equity, Kotak Mutual Fund said: “While it was all about lights and fireworks during Diwali week, it was all about recapitalisation bazooka for ailing PSU banks this week.”
Even the domestic political cues supported the Indian indices northward movement.
“Early opinion polls placed the Bharatiya Janata Party (BJP) in the driving seat in both Gujarat and Himachal Pradesh. This enhanced investors’ risk-taking appetite,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“Investors holding short positions also covered their shorts which further fuelled the rally.”
According to Vinod Nair, Head of Research at Geojit Financial Services, better than expected results from bluechip companies helped the market to remain on a positive note.
“The F&O expiry week added some volatility in the market, however stock and sector specific actions helped the market to trade in a positive territory,” Nair said.
In terms of investments, provisional figures from the stock exchanges showed that FIIs (foreign institutional investors) were net buyers of stocks. They invested in Rs 912.33 crore during the week ended October 27. The domestic institutional investors (DIIs) pumped-in Rs 220.87 crore.
On the currency front, the rupee remained flat and closed at 65.05 against the US dollar.
On a sector specific basis PSU bank, media, infra and metals indices gained during the week ended October 27, whereas IT index plunged, said Deepak Jasani, Head – Retail Research, HDFC Securities.
Analysts pointed out that telecom stocks gained early in the weekly trade after Reliance Industries Ltd’s unit Jio raised data tariffs.
“Telecom sector witnessed value buying in expectation of normalisation of tariffs, consolidation in the industry, and better outlook on data usage,” Nair added.
(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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