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Global cues, weak rupee pull equity indices lower (Roundup)
Mumbai, Feb 20 (IANS) Weak global cues, coupled with a declining rupee and prolonged outflow of foreign funds, pulled the key Indian equity indices lower on Tuesday.
The key indices, which opened on a positive note on the back of short covering, pared the day’s entire gains during late afternoon — with heavy selling pressure in banking stocks — and closed a rangebound trade session in the red, said market observers.
The wider Nifty50 of the National Stock Exchange (NSE) fell by 18 points or 0.17 per cent to close at 10,360.40 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,703.59 points — down 71.07 points or 0.21 per cent — from its previous session’s close.
The BSE market breadth was bearish with 1,513 declines and 1,243 advances.
In terms of broader markets, the S&P BSE mid-cap index closed lower by 0.06 per cent and the small-cap index by 0.15 per cent.
“Markets ended with marginal losses on Tuesday after a largely rangebound session. Markets remained in a narrow range till about 2.30 p.m., post which a sharp sell-off was seen especially in banks stocks,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“The Nifty closed in the red for the third consecutive day on the back of weak global cues and the recent detection of a massive fraud at a Mumbai branch of the state-run Punjab National Bank (PNB),” he said.
Jasani added that major Asian markets closed on a negative note, while European indices like FTSE 100, DAX and CAC 40 were trading in the red.
Following recent developments in the $1.8 billion fraud detected by the PNB, shares of Gitanjali Gems on Tuesday tanked for the fifth straight trade session closing 9.91 per cent lower at Rs 30.45 per share. However, shares of PNB recouped losses and exited from the negative territory to close 0.13 per cent higher at Rs 116.55.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market started off on a positive note due to short covering after the recent fall. But the gains did not sustain due to selling pressure in private banks and rising bond yield.”
“Strengthening dollar and prospects of increased spending in technology set the IT index attractive. Expiry led volatility is expected in coming days and market participants are likely to stay away from the market.”
On the currency front, the Indian rupee weakened by 58 paise to close at 64.79 against the US dollar from its Friday’s close at 64.21.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 850.35 crore while domestic institutional investors purchased stocks worth Rs 1,437.24 crore.
Sectorwise, the S&P BSE banking index declined by 172.49 points, followed by auto index by 65.75 points and capital goods index by 56.42 points.
On the other hand, the S&P BSE consumer durables index edged higher by 347.68 points, metal index by 176.58 points and IT index by 37.07 points.
Major Sensex gainers on Tuesday were: Coal India, up 1.84 per cent at Rs 310.25; ONGC, up 1.11 per cent at Rs 187; Bharti Airtel, up 0.85 per cent at Rs 417.65; State Bank of India, up 0.75 per cent at Rs 269.65; and Tata Consultancy Services, up 0.70 per cent at Rs 2,945.05.
Major Sensex losers were: Mahindra and Mahindra, down 2.48 per cent at Rs 709.05; Axis Bank, down 1.44 per cent at Rs 531.70; Kotak Bank, down 1.09 per cent at Rs 1,045; Yes Bank, down 1.06 per cent at Rs 309.30; and Reliance Industries, down 0.70 per cent at Rs 919.40.
–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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