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Sensex climbs mount 35k first time, Nifty50 hits 10,800 intra-day (Roundup)

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Mumbai, Jan 17 (IANS) Optimism around quarterly corporate earnings, along with an upward rally in banking stocks and healthy inflow of foreign funds, lifted the key Indian equity indices — the BSE Sensex and NSE Nifty50 — to record high levels on Wednesday.

Also, the government’s decision on Wednesday to cut the size of additional borrowing to Rs 20,000 crore of government securities from Rs 50,000 crore during the current fiscal uplifted the investors’ sentiments.

Despite weak global cues, the barometer 30-scrip Sensitive Index (Sensex) of the BSE closed above the vaunted 35,000-mark and the Nifty50 hit the 10,800-level intra-day — both for the first time.

The wider Nifty50 of the National Stock Exchange, which scaled a record high of 10,803 points intra-day, rose 88.10 points or 0.82 per cent, to close at a fresh high of 10,788.55 points.

The Bank Nifty recorded a fresh high of 26,328.40 points during the intra-day trade.

On the BSE, the Sensex closed firm at a fresh high of 35,081.82 points — up 310.77 points or 0.89 per cent from its previous session’s close — after touching a new intra-day high of 35,118.61 points.

However, the BSE market breadth remained marginally bearish as 1,476 stocks declined against 1,424 advances.

In the broader markets, the S&P BSE mid-cap index closed higher by 0.66 per cent and the small-cap index by 0.43 per cent.

“Sentiments remained buoyant as investors expect corporate results to improve, especially since numbers during the same period last year were impacted by a ban on high-value currency notes,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

Dhiraj Relli, Managing Director and CEO, HDFC Securities, said: “The lowering of additional borrowing requirement for current fiscal to Rs 20,000 crore from Rs 50,000 crore estimated earlier was welcomed by the market participants with the BFSI (banking, financial services and insurance) segment leading the pack.”

“It is remarkable, markets are rising in the phase of adverse expectations and scaling the 35,000-mark for the Sensex is an important landmark,” he added.

On the currency front, the Indian rupee strengthened by 15 paise to close at 63.88 against the US dollar from its previous close at 64.03.

Provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 625.13 crore and domestic institutional investors worth Rs 168.61 crore.

“The markets began the day on a weak note, however sentiment turned positive when the announcement from the government sources came saying that government can cut on borrowings with tax collections exceeding budgeted estimates and disinvestment targets,” said Anita Gandhi, Whole Time Director at Arihant Capital Markets.

“This led to softness in yields and buying interest in banking sector resumed,” she added.

Official data released during the day showed that the net Direct Tax collections by the government up to January 15 in the current fiscal (2017-18) stood at Rs 6.89 lakh crore (provisional) — which is 18.7 per cent higher than during the corresponding period of last year.

According to Sanjeev Zarbade, Vice President-PCG Research at Kotak Securities, the equity benchmarks ended at fresh record closing highs despite tepid global cues.

“Some easing in crude prices also fuelled market sentiment. Sector-wise, the rally was driven by banking and financials as well as technology, pharma, metals and select FMCG stocks,” Zarbade said.

All the 19 sub-indices of the BSE closed with gains, led by banking, capital goods and healthcare stocks.

The S&P BSE banking index augmented by 455.37 points, capital goods index by 314.51 points, and healthcare index by 171.63 points.

Major Sensex gainers on Wednesday were: Axis Bank, up 4.65 per cent at Rs 584.75; State Bank of India, up 3.44 per cent at Rs 306.35; ICICI Bank, up 2.68 per cent at Rs 343.10; Infosys, up 2.61 per cent at Rs 1,152.25; and Yes Bank, up 2.58 per cent at Rs 342.50.

Major Sensex losers were: Wipro, down 1.85 per cent at Rs 325.75; HDFC Bank, down 0.88 per cent at Rs 1,887; Hero MotoCorp, down 0.80 per cent at Rs 3,566.05; ONGC, down 0.74 per cent at Rs 195.65; and Hindustan Unilever, down 0.68 per cent at Rs 1,371.85.

–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

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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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