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Equities snap 3-day losses, bargain hunting lifts sentiments (Roundup)
Mumbai, Feb 21 (IANS) Bargain hunting by investors lifted the key Indian equity indices on Wednesday — a day ahead of futures and options (F&O) expiry, snapping a three-day losing streak.
According to market observers, healthy buying in IT, Teck (technology, media and entertainment) and banking stocks added to the upward trajectory of the benchmark indices.
The wider Nifty50 of the National Stock Exchange (NSE) rose by 37.05 points or 0.36 per cent to close at 10,397.45 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,844.86 points — up 141.27 points or 0.42 per cent — from its previous session’s close.
However, the BSE market breadth was bearish with 1,624 declines and 1,112 advances.
“Markets bounced back on Wednesday to end with gains after three sessions of losses. The gains came on the back of bargain hunting by investors post 1.30 p.m.,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“IT stocks gained after Nasscom (National Association of Software and Services Companies) gave a cautiously optimistic outlook for the Indian IT sector,” Jasani added.
Nasscom on Tuesday said it expects India’s IT exports to grow at 7-9 per cent to $135-$137 billion in 2018-19, projecting exports during the current financial year to be $126 billion — a growth of 7.8 per cent over the previous year.
The apex IT industry body said the domestic revenues, excluding hardware, is expected to grow by 10-12 per cent at $28-29 billion in the next financial year against $26 billion likely in FY2018.
On Wednesday, the Indian rupee strengthened by three paise to close at 64.76 against the US dollar from its previous close at 64.79.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 1,214.18 crore, while domestic institutional investors purchased stocks worth Rs 1,375.48 crore.
Vinod Nair, Head of Research, Geojit Financial Services, said: “After a consecutive down trend, today (Wednesday) the market managed to close on a positive note due to the outperformance of IT index and rebound in PSU banks.”
Sectorwise, the S&P BSE IT index surged by 265.73 points, followed by Teck index by 117.15 points and banking index by 81.33 points.
On the other hand, the S&P BSE metal index slipped by 191.85 points, healthcare index by 168.40 points and consumer durables index by 121.85 points.
Major Sensex gainers on Wednesday were: Tata Consultancy Services, up 3.33 per cent at Rs 3,043.05; ITC, up 2 per cent at Rs 268.05; ONGC, up 1.66 per cent at Rs 190.10; State Bank of India, up 1.28 per cent at Rs 273.10; and Infosys, up 1.23 per cent at Rs 1,148.70.
Major Sensex losers were: Sun Pharma, down 6.19 per cent at Rs 524.75; IndusInd Bank, down 2.01 per cent at Rs 1,595.30; Tata Steel, down 1.57 per cent at Rs 640.55; Bajaj Auto, down 1.36 per cent at Rs 3,008.25; and Tata Motors, down 1.23 per cent at Rs 364.35.
–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.