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Equity indices scale new highs amid flat gains ahead of F&O expiry (Roundup)
Mumbai, Jan 24 (IANS) Amid much volatility, the two key Indian equity indices on Wednesday closed in the green for the sixth consecutive session even as profit booking wiped-off most of last five sessions’ gains.
According to analysts, the markets took a breather a day after the indices crossed important milestones and closed a rangebound trade session on a flat note.
Caution ahead of January futures and options (F&O) expiry on Thursday, along with subdued global cues, added to the volatility in the equity markets.
The benchmark indices managed to close at fresh levels with nominal gains after touching new highs on an intra-day basis, as IT stocks helped cope up with losses.
The broader Nifty50 of the National Stock Exchange (NSE) inched up 2.30 points or 0.02 per cent to close at a new high of 11,086 points.
The Nifty50 crossed the 11,100-mark during intra-day trade and scaled a fresh high of 11,110.10 points.
On the BSE, the barometer 30-scrip Sensitive Index (Sensex) closed at a new high of 36,161.64 points — up 21.66 points or 0.06 per cent from its Tuesday’s close at 36,139.98 points.
The Sensex scaled a new high of 36,268.19 points during the intra-day trade.
The BSE market breadth remained bearish as 1,929 stocks declined against 975 advances.
“Benchmark indices ended flat on Wednesday giving up gains after scaling new peaks for a sixth consecutive session, with IT stocks boosting the indices while broader gains were tapped by profit booking,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
According to Deepak Jasani, Head – Retail Research, HDFC Securities, subdued global cues failed to provide clear direction to the markets.
“Broad market indices lost more, thereby underperforming the main indices,” Desai told IANS.
In the broader markets, the S&P BSE mid-cap index closed lower by 0.57 per cent and the small-cap index by 0.90 per cent.
On the global front, major Asian markets have closed on a mixed note, while European indices like FTSE 100, DAX and CAC 40 traded in the red.
Provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 776.42 crore, while domestic institutional investors divested stocks worth Rs 193.87 crore.
The Indian rupee strengthened by seven paise to close at 63.70 against the US dollar from its previous close at 63.77.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market took a pause after touching a new high whereas some heavy weights witnessed volatility ahead of F&O expiry tomorrow (Thursday).”
“Earnings upgrade is more likely after seeing the initial set of results but rich valuation and upcoming economic events may interrupt aggressive buying. Meanwhile, investors are gradually shifting focus to defensive sectors like IT and pharma due to a revival in outlook and safe haven asset like gold,” he added.
Sectorwise, the S&P BSE IT index surged the most — up 193.70 points — followed by FMCG index by 58.93 points and healthcare index by 35.76 points.
On the other hand, the S&P BSE consumer durables index slipped by 492.76 points, metals index by 236.83 points and auto index by 171.03 points.
Major Sensex gainers on Wednesday were: State Bank of India, up 3.62 per cent at Rs 329.50; Adani Ports, up 2.46 per cent at Rs 448.20; Tata Consultancy Services, up 2.30 per cent at Rs 3,174.60; ITC, up 1.88 per cent at Rs 281.50; and Yes Bank, up 1.66 per cent at Rs 364.80.
Major Sensex losers were: Bharti Airtel, down 6.51 per cent at Rs 458.95; Tata Motors, down 3.46 per cent at Rs 403.60; Tata Motors (DVR), down 3.02 per cent at Rs 230.95; ICICI Bank, down 2.60 per cent at Rs 352.65; and Tata Steel, down 2.13 per cent at Rs 763.40.
–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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