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Equity indices close in red on caution ahead of earnings season kick-off (Roundup)
Mumbai, Jan 10 (IANS) The key Indian equity indices — Sensex and Nifty50 — slipped from record highs to close in the red on Friday as investors turned cautious ahead of the start of the quarterly earnings result season on January 11.
IT major Tata Consultancy Services (TCS) is expected to be the first blue-chip company to come out with its third quarter results on January 11, followed by Infosys on Friday.
According to market observers, broadly negative global cues and heavy selling pressure in consumer durables, auto and banking stocks added to the downward trajectory of the key indices.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) edged lower by 4.80 points or 0.05 per cent to 10,632.20 points.
The barometer 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE), which opened at a record high level of 34,538.78 points, touched a fresh high of 34,565.63 points on an intra-day basis.
The Sensex closed at 34,433.07 points — down 10.12 points or 0.03 per cent — from its previous session’s close.
The BSE market breadth was bearish as 1,629 stocks declined as compared to 1,299 advances.
“Markets traded in a narrow range on Wednesday before finally closing with marginal losses,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“Major Asian markets have closed on a negative note, barring the Shanghai and Hang Seng indices. European indices like DAX and CAC 40 traded in the red,” Jasani said.
In the broader markets, the S&P BSE mid-cap index closed lower by 0.31 per cent and the small-cap index by 0.04 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.
“Benchmark indices gave up gains as investors remained cautious ahead of key corporate earnings later this week and the federal budget next month,” Desai told IANS.
On the currency front, the Indian rupee strengthened by 12 paise to close at 63.59 against the US dollar from its previous close at 63.71.
Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 572.26 crore, while the domestic institutional investors purchased stocks worth Rs 600.24 crore.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Investors turned little nervous ahead of earnings season, while IT index outperformed on account of relief from US H1B visa norms and expectation of positive outlook helped to recoup the losses.”
Sectorwise, the S&P BSE auto index declined by 180.37 points, followed by consumer durables index by 156.80 points and banking index by 90.67 points.
On the other hand, the S&P BSE IT index rose by 209.76 points, Teck index by 93.70 points and realty index by 31.55 points.
Major Sensex gainers on Wednesday were: TCS, up 3.64 per cent at Rs 2,807.10; Wipro, up 2.66 per cent at Rs 326.05; Coal India, up 1.33 per cent at Rs 308.10; Adani Ports, up 1.05 per cent at Rs 423.75; and Infosys, up 0.99 per cent at Rs 1,051.60.
Major Sensex losers were: Dr Reddy’s Lab, down 1.45 per cent at Rs 2,422.80; Tata Motors (DVR), down 1.31 per cent at Rs 253.20; NTPC, down 1.25 per cent at Rs 173.95; Asian Paints, down 1.22 per cent at Rs 1,177.40; and Bajaj Auto, down 1.10 per cent at Rs 3,205.35.
–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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