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Prospects of trade wars weigh heavy on equity markets (Roundup)
Mumbai, March 5 (IANS) Negative global cues — on the prospect of trade wars and protectionism — pulled the key indices of the Indian equity market lower on Monday.
According to market observers, heavy selling pressure was witnessed in metals, oil and gas, auto, capital goods and banking stocks.
Consequently, the barometer 30-scrip Sensitive Index (Sensex) of the BSE closed the day’s trade at 33,746.78 points — down 300.16 points, or 0.88 per cent, from its previous close of 34,046.94 points.
Similarly, the wider Nifty50 of the National Stock Exchange (NSE) edged-lower on Monday. It closed lower by 99.50 points, or 0.95 per cent, to close at 10,358.85 points.
“Markets corrected further on Monday falling for the fourth straight session. Private survey data which showed deterioration in India’s services sector activity last month hit investor sentiments. Also fears that US President Donald Trump’s announced tariffs on steel and aluminium could spark a trade war led to sharp falls in Metal and Mining stocks,” said Deepak Jasani, Head – Retail Research, HDFC Securities.
“Weakness in Asian stock markets as investors digested the latest growth forecast for China (6.5 per cent for 2018, same as in 2017) also affected sentiments. Nifty finally closed 0.95 per cent lower at 10,359 points.”
As per Anand James, Chief Market Strategist, Geojit Financial Services: “Domestic market succumbed to the pressure exerted by global peers, concerned over talks over likely hike in US import tariff on steel and aluminium.”
“Metal sector has taken the biggest hit so far, but Indian exporters would look at the dawning possibility of a of a global trade war, adding to the anxiety of the investors awaiting outcomes of major Central banks meetings this week. Heavy FII outflow during February and the persistent NPA issues in the banking sector also continuous to worry the domestic investors.”
On the currency front, the Indian rupee stregthened to close at 65.11 against the US dollar from its previous close at 65.17-18.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrip worth Rs 366.60 crore, while domestic institutional investors off-loaded stocks worth Rs 154.20 crore.
“Sectorally, top gainers were IT and PSU Bank indices. Top losers were Metal, Auto, FMCG and Realty indices. Stockwise, BEML, Mindtree, IDBI and Tech Mah have moved higher while Balrampur Chini, NMDC, Nalco and Tata Motors have moved lower,” Jasani said.
Sector-wise, S&P BSE metals index receded by 495.82 points, automobile index by 385.15 points, oil and gas index by 281.45 points, capital goods index by 187.42 points and FMCG index by 130.74 points.
However, IT and ITES index remained in the green.
Major Sensex gainers on Monday were: Sun Pharma, up 2.50 per cent at Rs 547.85; Tata Consultancy Services (TCS), up 2.21 per cent at Rs 3,104.30; Mahindra and Mahindra, up 0.81 per cent at Rs 738.95, State Bank of India, up 0.48 per cent at Rs 263.80 and Kotak Bank, up 0.25 per cent at Rs 1,098.90.
The Sensex losers were: Tata Motors, down 5.04 per cent at Rs 325.15; Tata Motors (DVR), down 3.92 per cent at Rs 199.70; Tata Steel, down 2.95 per cent at Rs 655.35; Bajaj Auto, down 2.74 per cent at Rs 2,942.10; and Reliance Industries, down 2.48 per cent at Rs 924.20.
–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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