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Bargain hunting, PSU banks stocks lift equity indices (Roundup)

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Mumbai, Nov 16 (IANS) Key Indian equity indices on Thursday broke their three-day losing streak and closed in the positive territory — with the BSE Sensex surging over 300 points — due to healthy buying in banking, IT and metal stocks.

According to market observers, bargain hunting by investors after the recent correction in the markets lifted the equity indices higher.

On a closing basis, the wider Nifty50 of the National Stock Exchange rose by 96.70 points, or 0.96 per cent, to 10,214.75 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,106.82 points — up 346.38 points or 1.06 per cent — from Wednesday’s close.

The BSE market breadth was bullish — 1,675 advances and 1,000 declines.

“Markets bounced back sharply on Thursday to close with hefty gains. Today’s gains came after three sessions of losses led by gains in PSU banks and IT stocks and Reliance Industries among the frontline indices,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.

“Markets moved higher on the back of bargain hunting as traders wanted to take advantage of the recent decline. The recent decline in global crude oil prices also helped,” Jasani added.

In terms of the broader markets, the BSE mid-cap closed higher by 1.07 per cent and the small-cap index by 1.10 per cent.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, shares rose during the day buoyed by gains in refiners such as Reliance Industries as oil prices dropped overnight after crude oil and gasoline stockpiles rose unexpectedly in the US.

“On Thursday, oil markets were stable as rising US stocks were countered by expectations that OPEC (Organisation of Petroleum Exporting Countries) will extend an ongoing production cut during a meeting at the end of this month,” Desai told IANS.

“Shares of liquor companies were in focus and rallied up to 18 per cent,” he added.

All the 19 sub-indices of the BSE led support to the headline index and closed in the green, led by the banking (up 278.23 points), IT (up 230.58 points) and metal (up 157.32 points) indices.

On the currency front, the rupee weakened by 11 paise to 65.32-33 against the US dollar from its previous close at 65.21-22.

Provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 447.42 crore, while domestic institutional investors purchased scrips worth Rs 847.45 crore.

Major Sensex gainers on Thursday were: Infosys, up 3.85 per cent at Rs 988.60; State Bank of India, up 2.54 per cent at Rs 333.45; Reliance Industries, up 2.27 per cent at Rs 902.45; NTPC, up 1.58 per cent at Rs 176.70; and Tata Consultancy Services, up 1.49 per cent at Rs 2,746.60.

Major Sensex losers were: Adani Ports, down 2.27 per cent at Rs 398; Coal India, down 1.27 per cent at Rs 268.95; Hero MotoCorp, down 0.72 per cent at Rs 3,649; and Bajaj Auto, down 0.09 per cent at Rs 3,209.60.

–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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