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Banks stocks, rising trade deficit drag equity indices lower (Roundup)
Mumbai, Feb 16 (IANS) Indian equity markets on Friday closed in the negative territory for the third consecutive session as heavy selling pressure in banks, auto, capital goods and metal stocks, along with rising crude oil prices, dampened investors’ risk-taking appetite.
Market observers said macro-data which indicated widening trade deficit in the country, coupled with continued outflow of foreign funds, dented investors’ sentiments.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) declined by 93.20 points or 0.88 per cent to 10,452.30 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 34,010.76 points — down 286.71 points or 0.84 per cent from its previous close.
The BSE market breadth was bearish as 2,145 stocks declined as against 667 advances.
In terms of the broader markets, the S&P BSE mid-cap index closed lower by 1.20 per cent and the small-cap index by 1.22 per cent.
“Markets corrected sharply on Friday after failing to cross the recent highs in the morning session. Market sentiments were weak due to a jump in India’s trade deficit in January,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Also, a rise in global crude oil prices affected the market sentiment. Major Asian markets were closed due to a holiday, barring the Nikkei index which ended on a positive note, while European indices like FTSE 100, DAX and CAC 40 traded in the green,” he added.
Official data released on Thursday evening revealed that India’s exports plunged by 9.80 per cent to $24.38 billion in January, from $27.03 billion worth of merchandise shipped out in December 2017.
The data showed that the country’s imports during the month under review declined by 2.93 per cent to $40.68 billion in January 2018 from $41.91 billion in December 2017.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market slid despite a positive trend in global market. The alleged fraud in PNB (Punjab National Bank) dented investor’s optimism on banks and expect that the scam may extend to some other banks.”
Following a $1.8 billion fraud detected by PNB, shares of Gitanjali Gems plunged almost 20 per cent while those of PNB closed lower by over 2 per cent.
On the currency front, the Indian rupee weakened by 30 paise to close at 64.21 against the US dollar from its previous close at 63.91.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 1,065.99 crore while domestic institutional investors purchased stocks worth Rs 1,127.78 crore.
All the sub-indices of the BSE closed in the red barring the S&P BSE IT index which rose by 8.65 points.
Sectorwise, the S&P BSE auto index receded by 414.48 points, followed by banking index by 335.88 points, capital goods by 258.50 points, metal index by 242.75 points, and oil and gas index by 187.14 points.
Major Sensex gainers on Friday were: Kotak Bank, up 1.04 per cent at Rs 1,051.75; Infosys, up 0.96 per cent at Rs 1,124.85; Dr Reddy’s Lab, up 0.83 per cent at Rs 2,212.75; Asian Paints, up 0.62 per cent at Rs 1,143.70; and Tata Consultancy Services, up 0.39 per cent at Rs 2,937.20.
Major Sensex losers were: State Bank of India, down 2.55 per cent at Rs 271.75; Yes Bank, down 2.52 per cent at Rs 311.90; ICICI Bank, down 2.31 per cent at Rs 321; Bharti Airtel, down 2.07 per cent at Rs 419.45; and Maruti Suzuki, down 2 per cent at Rs 8,840.
–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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