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Global cues lift equity indices to new highs (Roundup)
Mumbai, Jan 9 (IANS) Key Indian equity indices closed at fresh highs on Tuesday with subtle gains on the back of positive global cues and healthy buying in consumer durables, realty and FMCG stocks.
According to market observers, optimism over the upcoming quarterly earnings result season, as well the Union Budget, kept investors’ sentiments buoyed.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) rose by 13.40 points or 0.13 per cent to a new high of 10,637 points.
The Nifty50 recorded a fresh intra-day high of 10,659.15 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at a new high of 34,443.19 points — up 90.40 points or 0.26 per cent from its previous session’s close — after it scaled a fresh intra-day high of 34,488.03 points.
However, the BSE market breadth was bearish with 1,634 declines and 1,353 advances.
“Markets inched higher on Tuesday to close with small gains for the fifth consecutive day. The Nifty touched record highs in intra-day trade,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“Positive global cues supported the indices along with optimism over Q3FY18 earnings and upcoming budget,” Jasani said.
The broader market indices underperformed the headline indices as the S&P BSE mid-cap index closed lower by 0.40 per cent, while the small-cap index edged up a tad 0.08 per cent.
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, caution prevailed in the equity markets ahead of the corporate results season kicking in towards the end of the week as well as release of domestic macro-data.
“Indian equities continued trading higher post hitting life-time highs but caution prevailed ahead of the corporate results season kicking in this week. Tata Consultancy Services is due to post December quarter results on Thursday, followed by Infosys on Friday,” Desai told IANS.
“Traders are also cautious ahead of the release of IIP (Index of industrial production) data for November and CPI (Consumer Price Index) for December on 12 January,” he said.
On the currency front, the Indian rupee weakened by 20 paise to close at 63.71 against the US dollar from its previous close at 63.51.
Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 303.94 crore, while the domestic institutional investors purchased stocks worth Rs 522.90 crore.
Anand James, Chief Market Strategist, Geojit Financial Services, said: “Investors are likely to remain focused on stock-specific moves eyeing the prospects of earnings season and mixing and matching various elements of the upcoming union budget.”
Sectorwise, the S&P BSE consumer durables index surged by 193.76 points, followed by realty index which rose by 76.01 points and FMCG index by 48.51 points.
On the other hand, the S&P BSE auto index fell by 104.49 points, healthcare index by 94.94 points and capital goods index by 72.96 points.
Major Sensex gainers on Tuesday were: Coal India, up 5.63 per cent at Rs 304.05; Yes Bank, up 2.31 per cent at Rs 341.10; Wipro, up 2.11 per cent at Rs 317.60; ITC, up 1.94 per cent at Rs 270.50; and Reliance Industries, up 1.34 per cent at Rs 940.90.
Major Sensex losers were: Bharti Airtel, down 1.18 per cent at Rs 510; Adani Ports, down 1.13 per cent at Rs 419.35; Bajaj Auto, down 1.05 per cent at Rs 3,240.95; Hero MotoCorp, down 1.02 per cent at Rs 3,751.85; and Sun Pharma, down 0.86 per cent at Rs 586.85.
–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.