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Equity indices plunge on widened fiscal deficit, weak global cues (Roundup)

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Mumbai, Nov 30 (IANS) Key Indian equity indices plunged on Thursday to close with substantial losses as data showing a widened fiscal deficit for the first seven months of 2017-18, along with subdued Asian markets and volatility infused by November futures and options (F&O) expiry, subdued investors’ sentiments.

Market observers pointed out that investors traded with caution on ahead of the second quarter gross domestic product (GDP) data announcement later in the day. Heavy selling pressure in banking, auto and metal stocks added to the downward slide.

On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) fell by 134.75 points or 1.30 per cent to 10,226.55 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 33,542.50 points, closed at 33,149.35 points — down 453.41 points or 1.35 per cent — from Wednesday’s close.

The BSE market breadth was bearish — 1,479 declines and 1,207 advances.

“Markets ended sharply lower on Thursday as the Nifty broke down from a consolidation range. Investors turned cautious ahead of release of economic data on GDP. Fiscal deficit number for April-October dented sentiments,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.

Official data released during market hours showed that India’s budgetary fiscal deficit for the first seven months of 2017-18 stood at 96.1 per cent — Rs 5.25 lakh crore — of the full year’s target of Rs 5.46 lakh crore.

“It was also the expiry day of the November near-month series. Turnover on the NSE F&O segment was high at Rs 15 lakh crore almost matching the September derivatives expiry day volumes on September 28,” Jasani added.

The S&P BSE mid-cap index closed lower by 0.55 per cent, whereas the small-cap index was higher at 0.10 per cent.

Vinod Nair, Head of Research, Geojit Financial Services, said: “Market slid and rupee depreciated as widened fiscal deficit and expectation of extension in oil production cut from OPEC (Organisation of the Petroleum Exporting Countries) influenced investors to offload funds from the market.”

“Today’s F&O expiry led volatility and selling in other Asian market hurt the sentiment, banks underperformed and metal lose the sheen. Investors remain in a cautious note and today’s Q2 GDP data will be a key trigger to give direction to the market,” he added.

On the currency front, the rupee weakened by 15 paise to close at 64.46-47 against the US dollar from its previous close at 64.31-32.

Sector-wise, the S&P BSE banking index declined by 548.72 points, followed by auto index by 250.23 points and metal index by 154.35 points.

On the other hand, the S&P BSE realty index was up by 26.43 points, consumer durables index by 13.48 points and telecom index by 5.98 points.

Major Sensex gainers on Thursday were: Dr Reddy’s Lab, up 0.45 per cent at Rs 2,286.35; and Bharti Airtel, up 0.23 per cent at Rs 496.85.

Major Sensex losers were: Kotak Bank, down 2.63 per cent at Rs 1,000.20; State Bank of India, down 2.54 per cent at Rs 320.45; Tata Motors (DVR), down 2.54 per cent at Rs 232.30; Reliance Industries, down 2.42 per cent at Rs 922.60; and Axis Bank, down 2.39 per cent at Rs 536.

–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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