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Equities close with marginal losses; new intra-day highs for Sensex, Nifty50 (Roundup)

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Mumbai, Nov 2 (IANS) Negative global cues, coupled with selling pressure in stocks of index heavyweights like State Bank of India (SBI), ITC, Hindustan Unilever (HUL) and ONGC, among others, led the key Indian equity indices to close on a flat-to-negative note on Thursday.

Both the indices, which opened in the green and touched fresh intra-day highs, succumbed to profit booking during the day’s progress and closed on a marginally lower note.

The broader Nifty50 of the National Stock Exchange scaled a fresh intra-day high of 10,453 points and the barometer 30-scrip Sensitive Index (Sensex) of the BSE of 33,657.57 points.

On a closing basis, the Nifty50 fell by 16.70 points, or 0.16 per cent, to 10,423.80 points.

The BSE Sensex closed at 33,573.22 points — down 27.05 points or 0.08 per cent.

The BSE market breadth was bearish — 1,451 declines and 1,331 advances.

“Markets ended with modest losses on Thursday after touching new life highs in the morning session. Weakness in index heavyweights like SBI, ONGC and ITC pulled the Nifty lower,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

“Weak global cues also kept the sentiment subdued. Major Asian markets have ended on a negative note, barring the Nikkei index, while European indices like DAX and CAC 40 traded lower,” Jasani added.

The broader market indices outperformed the BSE Sensex. The S&P BSE mid-cap index closed higher by 0.47 per cent and the small-cap index by 0.41 per cent.

Vinod Nair, Head of Research, Geojit Financial Services, said: “Market went through some profit-booking after touching the all time high. But the gradual change in FII (foreign institutional investors) inflows from negative to positive led by domestic cues will keep the India growth story intact.

“Pharma stocks emerged as a dark horse due to attractive valuations and expectation of faster US FDA (Food and Drug Administration) approvals for plants,” said Nair.

In terms of investments, provisional data with the exchanges showed that FIIs invested in scrip worth Rs 1,038.31 crore, whereas domestic institutional investors (DIIs) divested in stocks worth Rs 667.91 crore (data for November 1).

On the currency front, the rupee closed almost flat at 64.61 against the US dollar from its previous close at 64.59-60.

“Healthcare, consumer durables, IT, oil and gas, realty, technology and banking indices made gains. Overseas, European stocks traded flat as investors waited for the latest rate decision from the Bank of England (BoE). Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

“Asian shares advanced after the US Federal Reserve expressed optimism about the US economy in its policy statement released overnight. The US Fed kept interest rates unchanged on the expected line, but its commentary on the US economy has virtually confirmed a December rate hike,” he added.

Sector-wise, the S&P BSE automobile index fell by 154.05 points, followed by FMCG index by 96.25 points and oil and gas index by 55.77 points.

On the other hand, the S&P BSE healthcare index rose by 353.24 points, consumer durables index by 231.61 points and IT index was up 30.59 points.

Major Sensex gainers on Thursday were: Lupin, up 3.26 per cent at Rs 1,060.90; Sun Pharma, up 2.69 per cent at Rs 563.20; Power Grid, up 2.14 per cent at Rs 215; Dr Reddy’s Lab, up 1.88 per cent at Rs 2,405.40; and Coal India, up 1.54 per cent at Rs 290.10.

Major Sensex losers were: Hero MotoCorp, down 2.19 per cent at Rs 3,733.05; SBI, down 1.52 per cent at Rs 314.95; ONGC, down 1.52 per cent at Rs 188; ITC, down 1.52 per cent at Rs 265.60; and HUL, down 1.40 per cent at Rs 1,242.

–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

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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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