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Poor chances of RBI rate cut, weak global cues hit equities (Roundup)
Mumbai, Nov 14 (IANS) Extending losses for a second consecutive session, key Indian equity indices on Tuesday closed in the red, riding on negative cues from Asian markets along with disappointing macro-inflation data points.
According to market observers, investor sentiments were subdued as higher-than-estimated inflation numbers and surge in oil prices dented the chances of a rate cut in the December policy meeting of the Reserve Bank of India.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) dipped by 38.35 points, or 0.38 per cent, to close at 10,186.60 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 32,941.87 points — down 91.69 points or 0.28 per cent — from Monday’s close.
The BSE market breadth was bearish — 1,556 declines and 1,141 advances.
“Markets slid further on Tuesday to close with losses for the second consecutive session. The weakness came on the back of dampening of possibility of the central bank cutting interest rates next month after inflation picked up in October,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
Official data released on Tuesday showed that India’s annual rate of inflation based on wholesale prices (wholesale price index) rose to 3.59 per cent in October due to an exponential rise in food prices.
In addition, data released on Monday revealed that the consumer price index (CPI) inflation for October rose to 3.58 per cent from 3.28 per cent in September.
“Weak Asian cues also negatively influenced trading sentiments,” Jasani added.
In terms of the broader markets, the BSE mid-cap closed lower by 0.22 per cent and the small-cap index by 0.18 per cent.
On the currency front, the rupee closed flat at 65.42 against the US dollar from its previous close.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Volatility emerged as hopes of a near-term rate cut by the RBI has faded, given the spike in October CPI inflation to 3.58 per cent.
“Global cues were not helping either amid uncertainty over the US tax reform, slowdown in Chinese factory output and growing political issues in the United Kingdom,” he added.
Sectorwise, the S&P BSE capital goods index plunged by 260.55 points, followed by oil and gas index by 139.03 points and metal index by 90.19 points.
On the other hand, the S&P BSE consumer durables index rose by 129.50 points, automobile index by 57.54 points and realty index by 16.85 points.
Provisional data with the exchanges showed that foreign institutional investors purchased stocks worth Rs 2,576.98 crore, while domestic institutional investors divested scrips worth Rs 1.30 crore.
Major Sensex gainers on Tuesday were: Hero MotoCorp, up 1.96 per cent at Rs 3,653.65; Bajaj Auto, up 1.71 per cent at Rs 3,266.40; Axis Bank, up 1.57 per cent at Rs 546.25; Mahindra and Mahindra, up 1.34 per cent at Rs 1,429.90; and Reliance Industries, up 1.26 per cent at Rs 886.20.
Major Sensex losers were: Larsen and Toubro, down 2.46 per cent at Rs 1,209.85; Power Grid, down 2.20 per cent at Rs 206.75; Asian Paints, down 1.77 per cent at Rs 1,154.25; Tata Consultancy Services, down 1.53 per cent at Rs 2,716.75; and ONGC, down 1.25 per cent at Rs 182.
–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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