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Global cues, fiscal deficit concerns drag equities lower (Roundup)

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Mumbai, Dec 1 (IANS) Growing concerns over the country’s widening fiscal deficit, coupled with negative global cues and profit booking in auto, metal and oil and gas stocks, dragged the key Indian equity indices lower on Friday.

According to market observers, the indices were dragged lower from their highs achieved during early morning trade due to the boost given by GDP data for the July-September quarter.

On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) declined by 104.75 points or 1.02 per cent to 10,121.80 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 32,832.94 points — down 316.41 points or 0.95 per cent — from Thursday’s close.

The BSE market breadth was bearish — 1,696 declines and 1,010 advances.

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.

“Sensex tanked over 300 points and Nifty plunged about 100 points in the afternoon trade on Friday as economic growth data failed to convince sentiments in markets. Concerns grew over country’s fiscal deficit and rising crude prices,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

Data released on Thursday 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.

“Carrying on from the previous session, markets continued to display weakness as the Nifty ended sharply lower on Friday. The slide was led by PSU banks, pharma and telecom stocks,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.

“The indices initially edged higher in early trade boosted by GDP data for the July-September quarter. But a bout of volatility was witnessed in mid-morning trade as key benchmark indices reversed intra-day gains to dive into negative territory,” Jasani added.

Provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 306.11 crore, while domestic institutional investors bought stocks worth Rs 176.19 crore.

All the 19 sub-indices of the BSE ended in the red, led by S&P BSE auto index, which declined by 250.64 points.

It was followed by metal (down 242.86 points), oil and gas (down 234.76 points) and consumer durables (down 205.84 points) indices.

Major Sensex gainers on Friday were: Kotak Bank, up 0.23 per cent at Rs 1,002.55; NTPC, up 0.14 per cent at Rs 181.15; and Maruti Suzuki, up 0.06 per cent at Rs 8,607.55.

Major Sensex losers were: Adani Ports, down 3 per cent at Rs 386.90; Bajaj Auto, down 2.99 per cent at Rs 3,212.65; Bharti Airtel, down 2.74 per cent at Rs 483.25; Sun Pharma, down 2.59 per cent at Rs 525.95; and SBI, down 2.47 per cent at Rs 312.55.

–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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