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Global cues continue to weigh heavy on equity markets (Roundup)
Mumbai, March 1 (IANS) Despite better-than-expected macro-economic growth indicators, the key Indian equity indices closed in the red on Thursday as weak global cues and the stress faced by the banking sector eroded the risk-taking appetite of investors.
Market observers pointed out that the slide in domestic equity indices for the fourth consecutive session was led by the banking, consumer durables and metal sectors.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 34,046.94 points — down 137.10 points, or 0.40 per cent, from its previous close of 34,184.04 points.
Similarly, the wider Nifty50 of the National Stock Exchange (NSE) edged lower during the day’s trade session. It receded by 34.50 points, or 0.33 per cent, to close at 10,458.35 points.
In the intra-day, the S&P BSE Sensex touched a high of 34,278.63 points and a low of 34,015.79 points.
As per Deepak Jasani, Head – Retail Research, HDFC Securities: “Markets corrected further on Thursday as selling accelerated in the last one hour of trade. The weakness came on the back of weak global cues and as traders decided to keep their positions light ahead of a long weekend.”
“Major Asian markets have closed on a mixed note. European indices like FTSE 100, CAC 40 and DAX are trading in the red.”
According to Vinod Nair, Head of Research, Geojit Financial Services: “The interim volatility is due to inflationary pressure, rise in 10 year bond yield and Feds rate hike trajectory a portion of which has already been factored in the market.”
On the currency front, the Indian rupee remained flat to close at 65.17-18 against the US dollar from its previous close at 65.18-19.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors bought scrip worth Rs 241.85 crore, while domestic institutional investors sold stocks worth Rs 3.29 crore.
Sector-wise, S&P BSE banking index receded by 241.66 points, consumer durables index by 151.06 points and metals index by 143.67 points.
However, oil and gas and FMCG indices remained in the green.
Major Sensex gainers on Thursday were: Coal India, up 1.05 per cent at Rs 312.80; IndusInd Bank, up 1.04 per cent at Rs 1,697.25; Hindustan Unilever, up 0.71 per cent at Rs 1,325.65, Kotak Bank, up 0.68 per cent at Rs 1,096.15 and Mahindra and Mahindra, up 0.58 per cent at Rs 733.
The Sensex losers were: ICICI Bank, down 2.63 per cent at Rs 305.25; State Bank of India, down 2.31 per cent at Rs 262.55; Infosys, down 1.19 per cent at Rs 1,160.25; Adani Ports, down 0.67 per cent at Rs 405.50; and Axis Bank, down 0.66 per cent at Rs 526.10.
The Indian equity markets will remain closed on Friday to mark the festival of Holi.
–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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