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Equity indices decline on weak global cues, LTCG tax worry (Roundup)
Mumbai, Feb 5 (IANS) With disappointment over the reintroduction of the long-term capital gains (LTCG) still looming over the Indian markets, the key equity indices on Monday slid into the negative territory for the fifth consecutive session following weak global cues and selling pressure.
According to market observers, announcements in the Budget like the LTCG tax and a higher-than-expected fiscal deficit target for 2018-19 continued to dampen investors’ risk-taking appetite.
The barometer 30-scrip Sensitive Index (Sensex) on the BSE closed below the 35,000-level at 34,757.16 points — down 309.59 points or 0.88 per cent from Friday’s close.
The BSE market breadth was bearish as 1,753 stocks declined as against 1,027 advances.
The wider Nifty50 of the National Stock Exchange receeded by 94.05 points or 0.87 per cent to close at 10,666.55 points.
“Markets corrected further on Monday, however, a slow bounce back from the lows helped to curb the losses. The weakness came on the back of a hit in investor sentiments after the Finance Minister had announced bringing the LTCG tax in Union Budget 2018 and projected a higher-than-expected fiscal deficit of 3.3 per cent for FY19,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“Weakness in global equity markets further added to the selling pressure in the Indian markets. Major Asian markets closed on a negative note, barring the Shanghai index, while the European indices like FTSE 100, DAX and CAC 40 traded in the red,” he said.
In the broader markets, the S&P BSE mid-cap index closed lower by 0.09 per cent, and the small-cap index by 0.37 per cent.
Contrary to the view of market analysts, the government said the downslide of the equity indices was not in reaction to the LTCG tax reimposition announcement but negative global cues.
“It is not due to the Budget or the LTCG. Dow Jones has also fallen by over two per cent,” Finance Minister Arun Jaitley told reporters on Monday.
On the currency front, the Indian rupee closed flat at 64.06 against the US dollar.
Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 1,263.57 crore, while domestic institutional investors purchased stocks worth Rs 1,163.64 crore.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Selling continued in the market as concern over bond yield and weak global market impacted the sentiment.”
“Upcoming RBI monetary policy will be a key trigger for the market, the outcome of which is expected to be status quo, but any commentary over government’s fiscal policy and concern over rising yield will add volatility,” he added.
Sectorwise, the S&P BSE capital goods index declined by 528.85 points, followed by banking index by 333.43 points and finance index by 91.16 points.
On the other hand, the S&P BSE auto index edged higher by 184.46 points, telecom index by 23.85 points and FMCG index by 20.94 points.
Major Sensex gainers on Monday were: Bharti Airtel, up 4.20 per cent at Rs 439.50; Tata Motors, up 3.12 per cent at Rs 396.05; Tata Motors (DVR), up 2.27 per cent at Rs 218.80; Power Grid, up 2.08 per cent at Rs 196.50; and ITC, up 1.43 per cent at Rs 279.25.
Major Sensex losers were: HDFC, down 4.06 per cent at Rs 1,825.95; Larsen and Toubro, down 3.65 per cent at Rs 1,362.75; Kotak Bank, down 2.66 per cent at Rs 1,058.55; IndusInd Bank, down 2.36 per cent at Rs 1,714.25; and Bajaj Auto, down 2.12 per cent at Rs 3,174.
–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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