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Weak global cues, caution ahead of Budget subdue equity indices (Roundup)

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Mumbai, Jan 30 (IANS) Key Indian equity indices on Tuesday gave up gains and slipped into the negative territory as weak global cues coupled with heavy selling pressure in consumer durables, banking and IT stocks kept investors’ sentiments subdued.

Market observers said investors turned cautious ahead of the Union Budget to be presented on February 1 (Thursday).

On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) fell by 80.75 points or 0.73 per cent to 11,049.65 points.

On the BSE, the barometer 30-scrip Sensitive Index (Sensex) closed at 36,033.73 points — down 249.52 points or 0.69 per cent from its previous close.

The Sensex slipped below the 36,000-mark to scale a low of 35,993.41 points during intra-day trade.

The BSE market breadth was bearish as 2,097 stocks declined against 748 advances.

“Markets corrected on Tuesday as selling pressure emerged in the morning session. Investors were probably turning cautious ahead of the Union Budget 2018-2019 on Thursday,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.

“Weak global cues also contributed to the weakness in the Indian markets,” said Jasani.

In the broader markets, the S&P BSE mid-cap index closed lower by 0.67 per cent and the small-cap index by 1.34 per cent.

Provisional data with the exchanges showed that both foreign and domestic institutional investors turned net sellers and sold scrips worth Rs 105.56 crore and Rs 281.65 crore respectively.

The Indian rupee weakened by two paise to close at 63.60 against the US dollar from its previous close at 63.58.

“Sensex and Nifty edged lower following footsteps of Asian indices, as investors booked profits in recent outperformers such as index heavyweight HDFC Bank, while caution prevailed ahead of the Union Budget due later this week,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

Of the 19 sub-indices of the BSE, all closed with losses barring the S&P BSE oil and gas index which surged by 187.35 points.

Sectorwise, the S&P BSE consumer durables index declined by 401.04 points, banking index by 264.46 points and IT index by 137.96 points.

Major Sensex gainers on Tuesday were: Coal India, up 1.71 per cent at Rs 305.70; Hero MotoCorp, up 1.33 per cent at Rs 3,688.50; Sun Pharma, up 0.72 per cent at Rs 591.30; State Bank of India, up 0.56 per cent at Rs 312.85; and IndusInd Bank, up 0.24 per cent at Rs 1,745.

Major Sensex losers were: Asian Paints, down 2.22 per cent at Rs 1,128.90; Kotak Bank, down 2.20 per cent at Rs 1,089; Axis Bank, down 1.98 per cent at Rs 593.40; Dr Reddy’s Lab, down 1.86 per cent at Rs 2,312; and Adani Ports, down 1.84 per cent at Rs 428.50.

–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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