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Equity indices close lower on global cues, inflation concerns (Roundup)
Mumbai, Dec 21 (IANS) After trading on a tepid note for the entire day, the key Indian equity indices on Thursday closed a rangebound trade session in the red as weak global cues, along with heavy selling in auto stocks, kept investors’ sentiments subdued.
According to market observers, the sentiment in the market was weak after the release of minutes of the Reserve Bank of India’s (RBI) latest monetary policy meeting on Wednesday where sharp warnings on inflation trend were issued.
However, following the day’s development, telecom stocks like Reliance Communications (up 4.05 per cent) and Idea Cellular (up 3.37 per cent) closed higher after a Delhi court acquitted all the accused in the alleged multi-thousand crore rupee 2G spectrum scandal.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) inched lower by 3.90 points or 0.04 per cent to 10,440.30 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,756.28 points — down 21.10 points or 0.06 per cent — from its previous close.
In contrast, the BSE market breadth remained bullish as 1,689 stocks advanced as compared to 1,030 declines.
“Markets ended lower on Thursday for the second consecutive session after a range-bound session of trade. Global cues too were subdued,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“Technically, the Nifty seems to be in consolidation mode after the recent rise. Further, directional cues are likely to emerge on a move beyond the 10,410-10,495 trading range,” Jasani added.
In the broader markets, the S&P BSE mid-cap index was up by 0.77 per cent and the small-cap index by 1.11 per cent.
On the currency front, the Indian rupee strengthened by 5-6 paise to close at 64.05-06 against the US dollar from its previous close at 64.11.
Provisional data with the exchanges showed that foreign institutional investors sold scrips valued at Rs 383.99 crore while domestic institutional investors purchased stocks valued at Rs 1,574.30 crore.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market showed signs of consolidation due to lack of fresh triggers to cross the next resistance while RBI’s cautious view on slow pace in economic recovery and inflation impacted the sentiment.”
“Construction companies rallied owing to expectation of improvement in execution in H2FY18 and growth in order booking led by governments program to boost infrastructure growth,” he added.
Sector-wise, the BSE S&P auto index declined by 203.68 points, followed by banking index by 75.19 points and oil and gas index by 22.88 points.
On the other hand, the S&P BSE capital goods index rose by 266.25 points, healthcare index by 109.06 points and metal index by 96 points.
Major Sensex gainers on Thursday were: Larsen and Toubro, up 1.92 per cent at Rs 1,253.80; Tata Steel, up 1.84 per cent at Rs 715.50; Hero MotoCorp, up 1.45 per cent at Rs 3,795; NTPC, up 0.90 per cent at Rs 180.15; and Infosys, up 0.81 per cent at Rs 1,021.55.
Major Sensex losers were: Mahindra and Mahindra, down 3.74 per cent at Rs 742.10; Maruti Suzuki, down 1.11 per cent at Rs 9,629.15; Hindustan Unilever, down 1.09 per cent at Rs 1,346.50; Bajaj Auto, down 1.08 per cent at Rs 3,265.45; and Axis Bank, down 0.99 per cent at Rs 549.40.
–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.