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Global cues to steer equity market’s direction (Market Outlook)
By Rohit Vaid
Mumbai, March 4 (IANS) Further economic reforms expected from the second-half of the Budget session and volatility in global stock markets will influence the trajectory of the key Indian equity indices next week, opined analysts.
Further, market observers pointed out that crude oil price fluctuations, combined with the stress being faced by the banking sector, direction of foreign fund flows and the rupee’s movement against the US dollar, will also impact investors’ risk-taking appetite.
“Next week, markets would closely track the movement in the banking index, especially the PSU bank stocks, for any recovery — and capital goods stocks,” Devendra Nevgi, Founder and Principal Partner, Delta Global Partners, told IANS.
“The global market sentiment and FPI (Foreign Portfolio Investors) flows would be closely watched, as, in the month of February, FPIs were net sellers to the tune of Rs 18,619 crore.”
“The DII (Domestic Institutional Investors) support remains crucial for markets. (February net purchases of Rs 17,813 crore.)”
According to Vinod Nair, Head of Research, Geojit Financial Services, the long-term outlook for the economy “continues to be strong, while valuation for the market is still high”.
“Prevailing volatility in the market is due to concerns on inflation, rise in 10-year bond yield and US Federal Reserve’s rate hike trajectory,” he said.
Besides global cues, investors are expected to keep a close watch on the upcoming macro-economic data point — the Nikkei India Composite PMI Output Index — and the rupee’s movement against the US dollar.
On the currency front, the rupee weakened by 96 paise to close at 65.17 against the US dollar for the week ended March 1.
“News of BJP doing well in the assembly polls in three key North East states augurs well for political stability. We are in a pre-election year, where every small and large victory will get bigger than usual importance. As a result, we expect the rupee to strengthen towards 65 levels during the first half of the week,” Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, told IANS.
“Weakness in the US dollar, post Trump’s announcement on trade tariffs, should add momentum to the long rupee trade. On USD-INR, we are expecting a range of 64.70 to 65.30 levels on spot.”
On technical levels, the underlying short-term trend of the National Stock Exchange’s (NSE) Nifty50 remains bearish.
“Technically, with the Nifty resuming its short-term downtrend after a minor pullback witnessed last week, the underlying trend remains down,” said Deepak Jasani, Head of Retail Research for HDFC Securities.
“Further downsides are likely once the immediate supports of 10,422 points are broken.”
Last week, despite better-than-expected macro-economic growth indicators, the key Indian equity indices closed the week on a flat-to-negative note as global cues and the stress faced by the banking sector, eroded investors’ risk-taking appetite.
However, a minor pullback rally led by healthy GDP growth data for the third quarter of 2017-18 helped pare some losses in the truncated week that ended Thursday, with Holi being celebrated on Friday.
Consequently, on a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) declined by 95.21 points or 0.28 per cent to close at 34,046.94 points.
Similarly, the wider Nifty50 of the NSE closed slightly in the red. It closed at 10,458.35 points — down by just 32.7 points or 0.31 per cent from its previous week’s close.
(Rohit Vaid can be contacted at [email protected])
–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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