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Equity indices cheer Economic Survey’s growth outlook, scale news highs (Roundup)

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Mumbai, Jan 29 (IANS) Bolstered by India’s Economic Survey 2017-18 that pegged the country’s growth at 7-7.5 per cent in the next fiscal, the key Indian equity indices on Monday surged to new highs on the back of healthy buying in auto, IT and consumer durables stocks.

According to market observers, positive global cues, coupled with the expectation of sops from the Union Budget 2018-19, lifted investors’ risk-taking appetite.

The wider Nifty50 of the National Stock Exchange (NSE) touched a record high of 11,171.55 points during intra-day trade.

The NSE Nifty50 closed higher by 60.75 points or 0.55 per cent at a new level of 11,130.40 points.

On the BSE, the barometer 30-scrip Sensitive Index (Sensex) closed at a fresh high of 36,283.25 points — up 232.81 points or 0.65 per cent — from its previous close.

The Sensex scaled a record intra-day level of 36,443.98 points.

However, the BSE market breadth turned bearish as 1,898 stocks declined against 955 advances.

“Markets ended with modest gains on Monday as it surged to yet another record high. The gains came on the back of the Economic Survey tabled by Finance Minister Arun Jaitley in Parliament today (Monday), which predicted real GDP growth to rise to 7-7.5 per cent in the next financial year,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.

“Broad market indices like the BSE mid-cap and small-cap indices however fell, thereby underperforming the main indices,” said Jasani.

In the broader markets, the S&P BSE mid-cap index closed lower by 0.73 per cent and the small-cap index by 1.10 per cent.

Provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 291.86 crore and domestic institutional investors worth Rs 90.08 crore.

The Indian rupee weakened by three paise to close at 63.58 against the US dollar from its previous close at 63.55.

Vinod Nair, Head of Research, Geojit Financial Services, said: “Benchmark indices continued its up-move supported by positive global cues and strong liquidity. Market cheered the GDP growth estimates of 7-7.5 per cent for 2018-19 released by the Indian Economic Survey.”

“Currently market is expecting a good budget with focus on fiscal prudence and reducing rural distress. Additionally, good Q3 results from index heavy weights took market to new high. But premium valuation investors were cautious on the mid and small-cap stocks,” Nair added.

Sectorwise, the S&P BSE auto index surged by 410.95 points, IT index by 146.72 points and consumer durables index by 136.75 points.

On the other hand, the S&P BSE oil and gas index declined by 137.87 points, healthcare index by 137.63 points and FMCG index by 52.82 points.

Major Sensex gainers on Monday were: Maruti Suzuki, up 3.85 per cent at Rs 9,634.50; HDFC, up 2.66 per cent at Rs 1,953.25; Tata Consultancy Services, up 2.48 per cent at Rs 3,195.10; Kotak Bank, up 2.02 per cent at Rs 1,113.50; and Hero MotoCorp, up 1.97 per cent at Rs 3,640.

Major Sensex losers were: Dr Reddy’s Lab, down 5.92 per cent at Rs 2,355.75; Bharti Airtel, down 2.66 per cent at Rs 440.55; ITC, down 1.85 per cent at Rs 275.65; Yes Bank, down 1.64 per cent at Rs 357.55; and ONGC, down 1.58 per cent at Rs 204.95.

–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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