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Sensex crosses 36k, Nifty50 sweeps past 11k on IMF’s India growth outlook (Roundup)

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Mumbai, Jan 23 (IANS) Extending gains for the fifth consecutive session, the key Indian equity indices on Tuesday rode the bulls and escalated to record highs with the BSE Sensex closing above the 36,000-mark and the NSE Nifty50 above the 11,000-mark for the first time.

Market observers said sentiments were given a boost by the country’s healthy economic growth outlook projected by the International Monetary Fund (IMF) and optimism over the Union Budget to be presented next week.

Apart from positive global cues and influx of foreign funds, the bull run of the benchmark indices was also sustained by upbeat quarterly corporate earnings and healthy buying in metals, banking and oil and gas stocks.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE surged over 300 points to a record intra-day high of 36,170.83 points.

On a closing basis, the Sensex scaled a new high of 36,139.98 points — up 341.97 points or 0.96 per cent — from its Monday’s close at 35,798.01 points.

However, the BSE market breadth was bearish as 1,545 stocks declined as against 1,380 advances.

At the National Stock Exchange (NSE), the broader Nifty50 closed above the 11,000-mark — up 117.50 points or 1.07 per cent at a fresh high of 11,083.70 points.

The NSE Nifty50 scaled a new intra-day high of 11,092.90 points — just a few points away from the 11,100-mark.

“Indian equity markets broke records, closing at the highest point for both Sensex and Nifty,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

“Nifty traded and sailed past the 11,000 mark, while the BSE Sensex breached the 36,000 level for the first time after an IMF report showed India was set to regain the title as the world’s fastest growing major economy in 2018-19,” said Desai.

Deepak Jasani, Head – Retail Research, HDFC Securities, said: “Positive global cues also supported the Indian indices.”

“Broad market indices like the BSE mid-cap index gained more, thereby outperforming the main indices,” Jasani told IANS.

In the broader markets, the S&P BSE mid-cap index closed higher by 1.13 per cent and the small-cap index by 0.22 per cent.

On the global front, major Asian markets have closed on a positive note, while European indices like FTSE 100, DAX and CAC 40 traded in the green.

Provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 1,229.35 crore and the domestic institutional investors worth Rs 169.03 crore.

The Indian rupee strengthened by 10 paise to close at 63.77 against the US dollar from its previous close at 63.87.

“All the sectoral indices ended in the green except the media sector. Bank Nifty ended 1.29 per cent up with the PSU Bank Nifty gaining 3.97 per cent,” said Anita Gandhi, Whole Time Director at Arihant Capital Markets.

“There was optimism across with the Prime Minister at Davos and IMF projecting India to grow at 7.4 per cent in 2018. In spite of nearing January derivatives expiry, markets did not experience any selling pressure,” she added.

All the 19 sub-indices of the BSE closed in the green, with the the S&P BSE metals index surging the most — up the 649.36 points — followed by banking index by 500.19 points and oil and gas index by 308.09 points.

Major Sensex gainers on Tuesday were: State Bank of India, up 3.84 per cent at Rs 318; Tata Steel, up 3.72 per cent at Rs 780.05; ONGC, up 3.60 per cent at Rs 207.15; ICICI Bank, up 3.06 per cent at Rs 362.05; and Coal India, up 3.04 per cent at Rs 293.

Major Sensex losers were: Wipro, down 1.78 per cent at Rs 315.10; Tata Motors, down 0.83 per cent at Rs 418.05; Asian Paints, down 0.76 per cent at Rs 1,167.70; HDFC Bank, down 0.64 per cent at Rs 1,951.30; and Tata Motors (DVR), down 0.33 per cent at Rs 238.15.

–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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