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Equity indices cheered by exit polls, rise amid volatility (Market Review)
By Porisma P. Gogoi
Mumbai, Dec 16 (IANS) Taking a cue from the exit polls which predicted a BJP win in Gujarat and Himachal Pradesh, investors engaged in intense buying during the last two sessions of the trading week, which led to an upward rally in the key Indian equity indices.
Although broadly weak global cues, along with rising crude oil prices and poor domestic macro-data, infused volatility in the bourses, a strong rupee and investments by foreign portfolio investors (FPIs) helped uplift market sentiment.
On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) surged by 428.77 points, or 1.3 per cent, to close at 33,462.97 points.
The broader Nifty50 of the National Stock Exchange (NSE) edged higher by 67.6 points, or 0.66 per cent, to close the week’s trade at 10,333.25 points.
“After surging higher in the early part of the week, Nifty witnessed a swift correction to once again bounce back from the lows of 10,141. The Nifty ended with week-on-week gains of 0.66 per cent,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Among sectors, oil and gas rose the most, while realty and power fell the most,” he added.
According to D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, the global stock markets looked little nervous after a series of interest rate decisions across the globe.
“As expected, the US Fed raised its benchmark rate for the third time this year, increasing its short-term rate by a quarter-point. However, the European Central Bank and the Bank of England kept rates unchanged, as anticipated,” Aggarwal told IANS.
“Back at home, the domestic market on Friday rallied on exit poll findings that the BJP is set to win in Gujarat and Himachal Pradesh assembly elections,” said Aggarwal, adding that the market moved higher aided by a rising rupee.
On the currency front, the rupee strengthened by 41 paise to close at 64.04 against the US dollar from its last week’s close at 64.45.
Figures from the National Securities Depository (NSDL) revealed that FPIs invested in equities worth Rs 1,571.73 crore, or $243.98 million, from December 11-15.
“FIIs (foreign institutional investors) remained net sellers this week,” Arpit Jain, AVP at Arihant Capital Markets, told IANS.
“November CPI (Consumer Price Index) shooting up to 15-month high of 4.88 per cent with bond yield raised to 7.2 per cent, Fed’s decision of hiking interest by 25 basis points and rising crude oil prices – all these factors created volatility in the market this week,” said Jain.
Provisional figures from the stock exchanges showed that FIIs sold scrips worth Rs 609.91 crore, while domestic institutional investors divested in equities worth Rs 599.98 crore during the week.
The top weekly Sensex gainers were: Dr. Reddy’s Lab (up 8.55 per cent at Rs 2,372); Mahindra and Mahindra (up 6.75 per cent at Rs 1,482.65); Lupin (up 4.86 per cent at Rs 859.90); HDFC (up 2.72 per cent at Rs 1,722.85); and Adani Ports (up 2.38 per cent at Rs 401.95);
The losers were: Cipla (down 4.59 per cent at Rs 575.90); Tata Motors (DVR) (down 3.04 per cent at Rs 226.65); ICICI Bank (down 2.29 per cent at Rs 303.45); Tata Consultancy Services (down 2.04 per cent at Rs 2,547.85); and Power Grid (down 1.72 per cent at Rs 199.40).
(Porisma P. Gogoi can be contacted at [email protected])
–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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