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Global cues to influence equity indices’ movements (Market Outlook)
Mumbai, Nov 19 (IANS) Major global cues — crude oil price fluctuations, tensions in the Middle East and a likely US interest rate hike — are expected to influence the movement of key Indian equity indices in the upcoming week.
According to market observers, the flow movement of foreign funds will also play a critical role in giving direction to equity markets’ trajectory.
“For the week ahead, with Q2 results out of the way, global cues will be the key driver for the markets, with underlining trend expected to be positive,” predicted Vinod Nair, Head of Research at Geojit Financial Services.
“However, investors will closely monitor the crude prices and US Fed rate hike (decision) which are expected to bring some volatility.
Devendra Nevgi, Founder of Delta Global Partners said: “Markets next week would keep a close watch on local bond yields (especially for the banking sector) given the RBI actions on liquidity and supply dynamics.”
“Markets would look to support again from domestic investors given the fact that non-IPO buying from FPI remains subdued. Global risks need to be closely monitored especially crude prices.”
Last week’s provisional figures from the stock exchanges showed that foreign institutional investors purchased stocks worth Rs 2,791.2 crore, while the domestic institutional investors bought scrips worth Rs 2,913.41 crore.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) invested in equities worth Rs 4,637.75 crore, or $708.59 million, during November 13-17.
Nevgi cautioned that any sharp INR (rupee) movement would “hit the market prices of the relevant sectors such as IT”.
On the currency front, the rupee is expected to strengthen further. It had strengthened by 15 paise to close at 65.01-02 against the US dollar from its last week’s close at 65.16-17.
“With US dollar on backfoot against major currencies on the back of falling US yields, we can see rupee to strengthen against USD towards 64.80-85 levels on spot. A range of 64.80 to 65.10 can unfold on spot,” Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, told IANS.
On a technical basis, Nifty is expected to be in the “intermediate uptrend” zone with its next resistance level seen at 10,344 points.
“Technically, with the Nifty rebounding sharply from the lows of 10,094 points, the intermediate uptrend remains intact despite the correction seen in the last two weeks,” said Deepak Jasani, Head of Retail Research for HDFC Securities.
“Further upsides are likely early next week once the immediate resistance of 10,344 points is taken out sustainably. Crucial supports to watch in the near term are at 10,232 points.”
The key Indian equity indices — the BSE Sensex and the NSE Nifty — closed last week on a flat note as weak domestic macro-data, along with geopolitical tensions in the Middle East marred sentiments.
However, some gains were made last Friday after US credit rating agency Moody’s gave a sovereign ratings upgrade to the Indian government’s bonds.
Consequently, the barometer 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) closed on a flat note — higher by just 28.24 points, or 0.08 per cent, at 33,342.80 points.
On the other hand, the broader Nifty50 of the National Stock Exchange (NSE) slipped by 38.15 points, or 0.37 per cent, to close at 10,283.60 points.
–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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