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Equity indices decline on global cues, sell-off in metals, auto stocks (Roundup)

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7 years ago

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Mumbai, Nov 8 (IANS) Heavy selling pressure in metals, automobile and banking stocks, coupled with negative global cues and outflow of foreign funds, suppressed the key Indian equity indices on Wednesday.

Market observers opined that geo-political tensions in the Middle East, along with selling pressure in index heavyweights like Bharti Airtel, Tata Motors, State Bank of India (SBI) and Lupin, among others, aided in the losses suffered by the indices.

The wider Nifty50 of the National Stock Exchange (NSE) fell by 47 points or 0.45 per cent to close the day’s trade at 10,303.15 points.

The 30-scrip S&P BSE Sensex closed at 33,218,81 points — down 151.95 points or 0.46 per cent from Tuesday’s close.

The BSE market breadth was bearish — 1,805 declines and 949 advances.

“Markets moved down further on Wednesday after the sharp sell-off seen yesterday (Tuesday). Selling in metals, auto, banks and telecom shares dragged down the indices,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

“Major Asian markets ended on a mixed note. European indices like FTSE 100, DAX and CAC 40 traded lower,” Jasani added.

In terms of the broader markets, the BSE mid-cap closed lower by 0.77 per cent and the small-cap index lost 0.96 per cent.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, shares of some household appliances companies rallied by up to 13 per cent on the BSE in the otherwise range-bound market after reporting strong set of numbers in the September quarter.

“Crude oil prices slipped on Wednesday, but hovered near two-and-a-half year highs hit earlier this week, potentially stalling a record-setting share rally on concerns that India’s central bank would hold off on cutting interest rates,” Desai told IANS.

“Except IT (up 0.32 per cent), all the sectoral indices traded in the negative territory led by metal, which fell 1.84 per cent, followed by energy 1.65 per cent, telecom 1.62 per cent and basic materials 1.44 per cent,” he added.

Sector-wise, the S&P BSE metals index declined by 228.92 points, followed by oil and gas index by 212.62 points and consumer durables index by 174.54 points.

On the other hand, the S&P BSE IT index rose by 41.50 points and Teck (technology, media and entertainment) index by 5.56 points.

Vinod Nair, Head of Research, Geojit Financial Services, said: “Market showed signs of consolidation as investors took one step back from riskier assets due to rising oil price and the resultant impact on inflation and deficit.

“We don’t expect the current liquidity to drain as rupee is more or less steady and the prevailing earnings season is providing positive vibe to the H2FY18E estimates.”

“Additionally, FIIs (foreign institutional investors) are gradually turning positive to domestic market due to supportive government reforms.”

On the currency front, the rupee strengthened by 7-8 paise to close at 64.95-96 against the US dollar from its previous close at 65.03.

Provisional data with the exchanges showed that on Tuesday, FIIs invested in scrips worth Rs 461.47 crore.

However, on Wednesday, FIIs turned net sellers and sold scrips worth Rs 3,838.27 crore. On the contrary, domestic institutional investors bought stocks worth Rs 3,038.16 crore.

Major Sensex gainers on Wednesday were: Axis Bank, up 3.41 per cent at Rs 545.05; Asian Paints, up 2.51 per cent at Rs 1,170.95; Cipla, up 2.07 per cent at Rs 620.95; Sun Pharma, up 1.89 per cent at Rs 537.80; and Bajaj Auto, up 0.97 per cent at Rs 3,194.

Major Sensex losers were: Bharti Airtel, down 3.73 per cent at Rs 495.15; Tata Motors, down 2.92 per cent at Rs 438.70; SBI, down 2.35 per cent at Rs 309.75; Lupin, down 2.09 per cent at Rs 842.55; and ICICI Bank, down 2.05 per cent at Rs 305.80.

–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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3 months ago

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September 3, 2024

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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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