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Moody’s upgrade, inflow of funds lift equity indices (Roundup)
Mumbai, Nov 17 (IANS) Key Indian equity indices on Friday closed in the green for the second consecutive session riding on a sovereign ratings upgrade of the Indian government’s bonds by US credit rating agency Moody’s.
According to market observers, the upward rally of the benchmark indices was supported by an inflow of foreign funds and healthy uptake in bank, metal and consumer durables stocks.
The indices closed with handsome gains even though profit booking brought down the exponential rise which was witnessed during the morning and noon sessions.
On a closing basis, the wider 51-scrip Nifty of the National Stock Exchange (NSE) rose by 68.85 points, or 0.67 per cent, to 10,283.60 points.
The 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,342.80 points — up 235.98 points or 0.71 per cent — from its Thursday’s close.
The BSE market breadth was bullish — 1,615 advances and 1,135 declines.
In terms of the broader markets, the BSE mid-cap closed higher by 1.03 per cent and the small-cap index by 0.81 per cent.
“Frontline indices rose sharply today on the back of Moody’s upgrading India’s sovereign ratings last night after a gap of 14 years. This will be favourable for the currency and bond markets in India and may have a beneficial rub-on effect on equity markets too,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“Foreign inflows into Indian markets may resume. Positive sentiments in the markets abroad also helped the equity markets in India today,” said Jasani, adding: “A fall in the afternoon session curbed gains.”
Provisional data with the exchanges showed that foreign institutional investors invested in stocks worth Rs 1,276.62 crore, while domestic institutional investors purchased scrips worth Rs 1,466.94 crore.
Dhruv Desai, Director and Chief Operating Officer of Tradebulls, said: “Indian markets, rupee and 10-year bond prices surged on Friday after credit rating agency Moody’s Investors Services upgraded nation’s sovereign ratings to Baa2 from its lowest investment grade and changed the outlook on the rating to stable from positive.”
On the currency front, the rupee strengthened by 31 paise to 65.01-02 against the US dollar from its previous close at 65.32-33.
All the 19 sub-indices of the BSE closed in the green, except the IT index (down 150.29 points) and Teck index (down 67.55 points).
The S&P BSE banking index surged by 339.48 points, consumer durables index by 293.85 points and metal index by 251.49 points.
“Shares of HDFC Standard Life Insurance debuted 7.24 per cent higher on the bourses on Tuesday, after the insurer’s Rs 8,695 crore initial public offer (IPO) was subscribed nearly five times earlier this month,” Desai told IANS.
“Nineteen stocks from BSE500 index hit 52-week highs,” he added.
Major Sensex gainers on Friday were: Cipla, up 2.64 per cent at Rs 608.65; HDFC, up 2.23 per cent at Rs 1,701; Maruti Suzuki, up 2.15 per cent at Rs 8,340.70; Tata Steel, up 2.14 per cent at Rs 701.35; and Tata Motors, up 1.92 per cent at Rs 421.45.
Major Sensex losers were: Infosys, down 1.79 per cent at Rs 970.95; Tata Consultancy Services, down 1.33 per cent at Rs 2,710.10; ONGC, down 1.03 per cent at Rs 177.50; Wipro, down 0.97 per cent at Rs 294.75; and Asian Paints, down 0.76 per cent at Rs 1,171.10.
–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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