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Equities close with marginal losses on profit booking, global cues (Roundup)
Mumbai, Oct 31 (IANS) Key Indian equity indices on Tuesday fell from their record high levels to close on a flat-to-negative note as investors booked profits in metals, automobile and IT stocks.
According to market observers, mixed global cues, coupled with heavy selling pressure in index heavyweights like Infosys, Mahindra and Mahindra (M&M), Tata Steel, State Bank of India (SBI) and Tata Motors, among others, added to the losses.
The broader Nifty50 of the National Stock Exchange (NSE) closed lower by 28.35 points, or 0.27 per cent, at 10,335.30 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,213.13 points — down 53.03 points or 0.16 per cent.
The Sensex touched a high of 33,294.30 points and a low of 33,164.28 points during the intra-day trade.
However, the BSE market breadth was slightly bullish — 1,398 advances and 1,320 declines.
The broader market indices outperformed the BSE Sensex. The S&P BSE mid-cap index closed higher by 0.14 per cent and the small-cap index by 0.46 per cent.
“Markets corrected on Tuesday after the Nifty touched life highs in the previous session (on Moday). The indices had opened lower in the morning on the back of mixed Asian markets and a negative closing for the US markets overnight,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
On Monday, the key indices scaled fresh highs, both on closing as well as intra-day basis.
The Sensex closed at a fresh high of 33,266.16 points, after touching a record high of 33,340.17 points intra-day, while the broader Nifty50, which touched an intra-day record high of 10,384.50 points, closed at a new high of 10,363.65 points.
“Major Asian markets ended on a mixed note, while European indices like FTSE 100 and CAC 40 traded higher,” Jasani added.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Markets ended on a negative note after a volatile trade due to strong resistance around recent high and profit booking in PSU banks and metal stocks after the recent solid performance.
“The domestic macros remain positive supported by ample reforms and good Q2 results so far, while rising oil price in the global market and tomorrow’s (Wednesday) FED policy influenced domestic market to take a wait and watch approach.”
On the currency front, the rupee strengthened by 10-11 paise to close at 64.75 against the US dollar from its previous close at 64.85-86.
“Indian shares fell on Tuesday, retreating from record highs hit in the previous session, as recent outperformers such as SBI fell, while Infosys dropped after going ex-dividend,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“Government’s measures on bank recapitalisation, infrastructure, and crop prices, coupled with domestic flows, would support India stocks even as downgrades in earnings continue,” he added.
Sector-wise, the S&P BSE metals index declined by 264.53 points, followed by automobile index by 104.34 points and IT index by 66.72 points.
On the other hand, the S&P BSE consumer durables index rose by 139.98 points, banking index by 69.52 points and realty index by 67.73 points.
Major Sensex gainers on Tuesday were: Axis Bank, up 8 per cent at Rs 523.05; ONGC, up 2.38 per cent at Rs 191.10; Bharti Airtel, up 0.98 per cent at Rs 497.65; Hero MotoCorp, up 0.63 per cent at Rs 3,854.75; and Wipro, up 0.39 per cent at Rs 294.35.
Major Sensex losers were: Infosys, down 2.43 per cent at Rs 921.65; M&M, down 2.14 per cent at Rs 1,345; Tata Steel, down 2.11 per cent at Rs 703.65; SBI, down 2.02 per cent at Rs 305.80; and Tata Motors, down 1.66 per cent at Rs 428.55.
–IANS
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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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