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Prospects of political instability, weak global cues pull equities lower (Market Review)
By Porisma P. Gogoi
Mumbai, March 17 (IANS) Despite healthy macro-economic indicators, the Indian equity markets turned volatile and gave up gains during the week over prospects of political instability, along with the ongoing turmoil in the banking sector and weak global cues.
On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE slipped by 131.14 points or 0.39 per cent to close at 33,176 points.
The wider Nifty50 of the National Stock Exchange (NSE) closed trade at 10,195.15 points — down 31.7 points or 0.31 per cent from its previous week’s close.
“Domestic markets remained volatile amid sluggish global cues and trade war concerns, weighed by oil and technology stocks,” D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, told IANS.
“Also, the sentiments got further dented amid political upheaval after the Telugu Desam Party (TDP) formally decided to quit the NDA government. However, fertiliser stocks gained after the continuation of a government subsidy for urea,” said Aggarwal.
According to Gaurav Jain, Director at Hem Securities, robust industrial production growth in January coupled with the slowing down of retail inflation in February were among the major factors that propped up sentiments during the week.
Official data released during the week showed that India’s factory production growth in January stood at 7.5 per cent — double the 3.5 per cent recorded in the same month last year — while retail inflation for February eased down to 4.4 per cent.
“However, profit booking coupled with reports that the country’s monsoon could be below normal due to El Nino impact, caused some panic off-loading in the market towards the end of the week, erasing gains,” Jain told IANS.
“Political instability after TDP broke ties with the ruling NDA added to the woes. On the global front, traders are watching the tariff issue which is hogging the market sentiments,” he added.
On the currency front, the rupee strengthened by 24 paise to close at 64.93 against the US dollar from its previous week’s close at 65.17.
“Volatility has become the name of the game for equity markets in India of late and our expectations are that this may persist for some more time this year even as the structural uptrend in the market remains intact,” said Shibani Kurian, Senior Vice President and Head of Equity Research, Kotak Mutual Fund.
“During the week, market participants continued to grapple with news flow relating to the fraud at PNB (Punjab National Bank) and balance sheet stress for the banking system as a whole,” Kurian told IANS.
Provisional figures from the stock exchanges showed that foreign institutional investors FIIs purchased scrips worth Rs 6,288.23 crore and the domestic institutional investors (DIIs) worth Rs 202.69 crore during the week.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors invested in equities worth Rs 6,713.73 crore, or $324.81 million, during March 12-16.
The top weekly Sensex gainers were: Bharti Airtel (up 4.04 per cent at Rs 418.20); Wipro (up 3.70 per cent at Rs 295.75); Axis Bank (up 3.58 per cent at Rs 523.45); Yes Bank (up 3.11 per cent at Rs 312.90); and ICICI Bank (up 1.84 per cent at Rs 298.10).
The losers were: Coal India (down 8.53 per cent at Rs 278.70); Tata Consultancy Services (down 6.89 per cent at Rs 2,825.50); Kotak Bank (down 2.21 per cent at Rs 1,061); Larsen and Toubro (down 1.75 per cent at Rs 1,267.60); and Adani Ports (down 1.66 per cent at Rs 371.05).
(Porisma P. Gogoi 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.