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Global cues, profit booking snap equity indices 3-day gains (Roundup)
Mumbai, Dec 12 (IANS) Key Indian equity indices on Tuesday closed on a lower note — snapping a three-day gaining streak — as rising crude oil prices, along with negative global cues and profit booking in rate-sensitive stocks, hampered investors’ risk-taking appetite.
According to market observers, investors traded with caution ahead of the release of macroeconomic data points — the Consumer Price Index (CPI) and Index of Industrial Production (IIP) data — to be released later during the day.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) edged lower by 82.10 points or 0.80 per cent to 10,240.15 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,227.99 points — down 227.80 points or 0.68 per cent — from its previous close.
The BSE market breadth was bearish — 1,701 declines and 982 advances.
“Markets corrected on Tuesday after three sessions of gains. The weakness came on the back of surging crude oil prices and negative Asian markets,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“The Sensex and Nifty traded in the negative territory throughout the session after a weak opening. Index heavyweights ITC, Tata Consultancy Services (TCS), Larsen and Toubro, HDFC Bank and Coal India dragged the indices lower,” he added.
In the broader markets, the S&P BSE mid-cap index closed lower by 1.01 per cent and the small-cap index by 0.68 per cent.
On the currency front, the rupee weakened by four paise to close at 64.40 against the US dollar from its previous close at 64.36.
“Indian equities turned cautious as investors looked forward for macro-economic data, IIP and retail inflation to be released post market hours. Investors booked profits and awaited for more clarity,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
Provisional data with the exchanges showed that foreign institutional investors invested in scrips worth Rs 843.20 crore while domestic institutional investors sold stocks worth Rs 853.67 crore.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Rate sensitive stocks underperformed ahead of today’s economic data – CPI inflation and IIP.
“Mixed trend in global market ahead of two days of US Fed meet also slowed down the domestic sentiment.”
All the 19 sub-indices of the BSE ended in the negative territory, led by S&P BSE banking index which dipped by 293.64 points, followed by automobile index by 201.92 points and capital goods index by 171.59 points.
Major Sensex gainers on Tuesday were: Dr. Reddy’s Lab, up 2.83 per cent at Rs 2,255.60; Adani Ports, up 2.46 per cent at Rs 401.60; ONGC, up 2.26 per cent at Rs 182.95; Lupin, up 0.87 per cent at Rs 845; and Infosys, up 0.76 per cent at Rs 1,011.10.
Major Sensex losers were: Coal India, down 2.45 per cent at Rs 263.25; Cipla, down 2.17 per cent at Rs 590.75; Hero MotoCorp, down 1.98 per cent at Rs 3,444.95; TCS, down 1.58 per cent at Rs 2,614.15; and Tata Steel, down 1.54 per cent at Rs 689.20.
–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.