Top News
Global cues drag equity indices lower; Nifty50 lowest in 3 weeks (Roundup)
Mumbai, Nov 13 (IANS) Key Indian equity indices on Monday closed with substantial losses, with the Nifty50 dropping to almost a three-week low, as negative global cues, outflow of foreign funds, as well as heavy selling in index heavyweights subdued investors’ sentiments.
According to market observers, domestic macro-industrial output data points — Index of Industrial Production (IIP) — released on Friday eroded investors’ risk taking appetite.
Besides, caution prevailed ahead of the release of Consumer Price Index (CPI) data points later in the evening as well as the Wholesale Price Index (WPI) numbers slated for release on Tuesday.
On closing basis, the wider Nifty50 of the National Stock Exchange (NSE) fell by 96.80 points, or 0.94 per cent, to 10,224.95 points.
The 30-scrip S&P BSE Sensex closed at 33,033.56 points — down 281 points or 0.84 per cent.
The BSE market breadth was bearish — 1,664 declines and 1,053 advances.
“Markets ended sharply lower on Monday as the Nifty broke the 10,254 support. The weakness came on the back of weak global cues,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Losses in metal stocks and in index heavyweights HDFC, Larsen and Toubro (L&T) and ITC weighed on market sentiments. The Nifty hit its lowest level in almost three weeks,” Jasani added.
In terms of the broader markets, the BSE mid-cap closed lower by 0.19 per cent and the small-cap index 0.41 per cent.
On the currency front, the rupee weakened by 26 paise to close at 65.42-43 against the US dollar from its previous close at 65.16-17.
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, shares declined on Monday with L&T dragging the indices after it cut its full-year order flow growth guidance.
“Oil price worries kept energy shares such as Reliance Industries under pressure. Oil remained well supported as ongoing output cuts led by the Organisation of the Petroleum Exporting Countries (OPEC) and Russia contributed to a significant reduction in excess supplies, also as tensions in the Middle East raised the prospects of supply disruptions,” Desai told IANS.
“CPI-based inflation data for October will be released post market hours today,” he added.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Domestic investors turned cautious giving more weight to slow down in IIP to 3.8 per cent, geopolitical tensions in Middle East and continued advancement in crude prices.
“Despite significant tax relief in recent GST council meet, expectation of rise in CPI and WPI inflation added to the cautiousness,” Nair added.
All the sub-indices of the BSE ended in the red except the IT index, which closed up 19.80 points.
On the other hand, the S&P BSE consumer durables index plunged by 361.51 points, followed by capital goods index by 290.22 points, and metal index by 269.28 points.
Provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 233.56 crore, while domestic institutional investors divested scrips worth Rs 268.77 crore.
Major Sensex gainers on Monday were: Tata Consultancy Services, up 2.06 per cent at Rs 2,758.90; Mahindra and Mahindra, up 1.27 per cent at Rs 1,411.05; Sun Pharma, up 0.99 per cent at Rs 532.50; Kotak Bank, up 0.24 per cent at Rs 994.95; and NTPC, up 0.17 per cent at Rs 176.95.
Major Sensex losers were: Adani Ports, down 4.11 per cent at Rs 414.05; ONGC, down 3.41 per cent at Rs 184.30; Coal India, down 3 per cent at Rs 276.10; HDFC, down 2.15 per cent at Rs 1,671.10; and L&T, down 1.87 per cent at Rs 1,240.35.
–IANS
ppg/mr
Top News
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.