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Hopes of further reforms, short covering lift indices for 8th straight session (Roundup)

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Mumbai, Nov 27 (IANS) Expectations of further economic reforms, along with short covering lifted the key indices of the Indian equity markets — the S&P BSE Sensex and the NSE Nifty50 — for the eighth straight session on Monday.

According to market observers, healthy buying was witnessed in banking, consumer durables and capital goods stocks. However, negative global indices and volatility ahead of derivatives expiry capped gains.

The wider Nifty50 of the National Stock Exchange (NSE) gained just 9.85 points or 0.09 per cent at 10,399.55 points.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,640.51 points, closed at 33,724.44 points — up by only 45.20 points or 0.13 per cent — from its previous close.

The Sensex touched a high of 33,745.17 points and a low of 33,540.46 during the intra-day trade.

The BSE market breadth was tilted towards bulls — 1,548 advances and 1,148 declines.

“Markets ended with marginal gains on Monday after a negative opening… A sharp rebound from the lows in the afternoon session helped the Nifty to close in positive territory,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.

“It was the eighth consecutive session of gains for the Nifty. Broad market indices like the BSE MidCap and SmallCap indices ended with bigger gains, thereby outperforming the main indices.”

According to Anand James, Chief Market Strategist, Geojit Financial Services, domestic indices shrugged off negativity among Asian peers on the back of expectations for further reform measures.

“Amendments in the Insolvency And Bankruptcy Code may put the banking sector again in prime focus again, but it was short covering ahead of the F&O expiry that was giving muscle to the late rise,” James said.

On the currency front, the rupee strengthened by 20 paise to close at 64.50-51 against the US dollar from its previous close at 64.70.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrip worth Rs 424.77 crore, whereas domestic institutional investors purchased stocks worth Rs 69.40 crore.

Sector-wise, the S&P BSE banking index surged by 137.98 points, followed by consumer durables index by 112.95 points and capital goods index by 85.61 points.

On the other hand, the S&P BSE metal index fell by 92.43 points, IT index by 24.81 points and oil and gas index by 20.80 points.

Major Sensex gainers on Monday were: NTPC, up 3.13 per cent at Rs 186.05; Axis Bank, up 2.73 per cent at Rs 559.65; ONGC, up 1.41 per cent at Rs 183.45; State Bank of India, up 0.90 per cent at Rs 335.25; and Wipro, up 0.77 per cent at Rs 294.80.

Major Sensex losers were: Infosys, down 1.23 per cent at Rs 997.50; Adani Ports, down 1.14 per cent at Rs 400.35; Tata Motors, down 0.89 per cent at Rs 421.15; Tata Steel, down 0.83 per cent at Rs 701.85; and Tata Motors (DVR), down 0.69 per cent at Rs 239.05.

–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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