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Union Budget 2018-19 to set course of equity indices (Market Outlook)

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7 years ago

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By Rohit Vaid
Mumbai, Jan 28 (IANS) Announcements on capital expenditure, along with policy reforms and expected sops from the the Union Budget 2018-19, will determine the trajectory of the Indian equity markets in the coming week.

According to market observers, other themes for the trade week starting on January 29, will be macro-economic growth and select industrial production data points coupled with stock-specific movement due to the ongoing earnings result season.

“The budget remains critical, being the first one after GST (Goods and Services Tax) implementation and the last full year budget before the general elections in 2019,” Devendra Nevgi, Founder and Principal Partner, Delta Global Partners, told IANS.

“The balancing act for the Finance Minister on reining in the fiscal deficit, rural populism and growth-boosting measures (private capex) remain the key themes that will be watched closely.”

Parliament’s budget session will kick off with the presentation of the Economic Survey 2017-18 on Monday, January 29, followed by the Union Budget 2018-19 on February 1.

“With crude oil prices surging, fiscal deficit projections in the upcoming budget will be keenly watched. The budget is expected to dictate the future direction of markets from here on,” D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, told IANS.

Apart from the budget, the week ahead will be heavily influenced by Q3 corporate earnings and the direction of foreign fund flows. Companies like HDFC, EIH, IndianOil, Piramal Enterprises, TVS Motor Company, ICICI Bank, L&T, NTPC, Vedanta, Titan Company, Bajaj Auto and Hindalco Industries are expected to announce their quarterly results in the coming week.

“Next week, till the Union Budget announcement, markets are expected to be driven by corporate earnings and the buoyant global markets as FPI (foreign portfolio investors) flows remain strong,” Nevgi said.

Besides quarterly results, macro-economic data points like GDP figures for 2017-18, Index of Eight Core Industries (ECI) figures and the country’s fiscal deficit data up to December will be keenly watched by investors.

In addition, monthly automobile sales figures and the Purchasing Managers’ Index (PMI) manufacturing and services data will become other major sentiment drivers.

On the currency front, the rupee’s strength will be arrested by higher crude oil prices, “as it will make rupee less attractive”.

“Next week, we expect USD/INR to trade within a range of 63.30 to 63.80. Rupee is expected to remain weak against the euro and pound,” Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, told IANS.

The Indian currency had strengthened by 30 paise during the week ended January 25, to close at Rs 63.55 against the US dollar from its last week’s close at Rs 63.85.

In terms of technical charts, the underlying uptrend in the National Stock Exchange (NSE) Nifty is expected to continue.

“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 11,110 points are taken out. Weakness could emerge if the supports of 10,881 points are broken.”

Last week, key indices made gains on the back of revival in corporate earnings, along with the country’s healthy economic growth outlook projected by the International Monetary Fund and massive inflow of foreign funds.

Consequently, the 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange closed at 36,050.44 points — up 538.86 points or 1.52 per cent from its previous week’s close.

Similarly, the NSE Nifty closed higher by 174.95 points or 1.60 per cent to 11,069.65 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

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2 months ago

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September 3, 2024

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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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