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Quarterly results to influence equity market’s movement (Market Outlook)
By Rohit Vaid
Mumbai, Jan 14 (IANS) The ongoing earnings result season, along with macro-economic inflation and trade data points, are expected to influence the Indian equity market next week.
Market observers opined that global crude oil prices and the rupee’s movement against the US dollar will act as other major triggers.
“Markets next week will continue to focus on earnings of corporates such as Zee, Bharti, Adani, Wipro, MindTree, etc. Earning results, so far, have been in line with expectations,” Devendra Nevgi, Founder and Principal Partner, Delta Global Partners, told IANS.
Companies like Hindustan Unilever, Adani Ports & SEZ, Bharti Airtel, ITC, Hindustan Zinc, UltraTech Cement, HDFC Bank, Reliance Industries and Wipro are expected to announce their quarterly results in the coming week.
Besides Q3 results, investors will look out for upcoming macro-economic inflation data points such as the WPI (Wholesale Price Index) and Balance of Trade figures.
Market participants will also give their first reaction to the IIP (Index of Industrial Production) and CPI (Consumer Price Index) figures which were released after the market hours on Friday (Jan 12).
“Over the next week, market will react to the sharp jump in IIP for November to 8.4 per cent and CPI for December to 5.2 per cent. Restocking in the consumer non-durables space and healthy activity in the capital goods sector are responsible for the sharp increase in IIP,” Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, told IANS.
In terms of investments, provisional figures from the stock exchanges showed that domestic institutional investors (DIIs) purchased stocks worth Rs 2,383.11 crore during the week, while foreign institutional investors (FIIs) sold company scrips worth Rs 965.16 crore.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors bought equities worth Rs 554.03 crore, or $88.34 million, during January 8-12.
On the currency front, the rupee weakened by 26 paise to close at 63.63 against the US dollar from its last week’s close at 63.37.
“As far as levels are concerned, we look forward to 63.25-30 as the near-term support for USD-INR and 63.90-64 as a major resistance,” Banerjee said.
As per technical readings, Nifty is expected to surge higher and breach new record highs during the upcoming week.
“Technically, with the Nifty surging higher to new record highs, the underlying intermediate uptrend remains intact,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Further upsides are likely once the immediate resistances of 10,690 points are taken out. Weakness could emerge if the supports of 10,490 points are broken.”
Last week, “consistent investments” from domestic institutions propelled the the key equity indices — the Sensex and the Nifty50 — to close at record high levels.
Consequently, the barometer 30-scrip S&P Sensex of the Bombau Stock Exchange surged by 438.54 points or 1.28 per cent to 34,592.39 points.
Similarly, the wider Nifty50 of the National Stock Exchange made healthy gains. It rose 122.4 points or 1.16 per cent to 10,681.25 points.
(Rohit Vaid 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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