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Global cues, short-covering lift equities; Nifty50 reclaims 10k mark (Roundup)
Mumbai, March 26 (IANS) Positive cues from the European markets, along with healthy buying in banking, consumer durables, auto and metal stocks, pushed the key Indian equity indices higher on Monday.
According to market observers, positive global cues on the prospects of easing trade war fears, along with short-covering ahead of March derivatives expiry, added to the upward trajectory of the key indices.
The Nifty50 of the National Stock Exchange (NSE) reclaimed the 10,100 mark. On a closing basis, the index edged higher by 132.60 points or 1.33 per cent to 10,130.65 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE reclaimed the 33,000 mark and closed at 33,066.41 points — up 469.87 points or 1.44 per cent from the previous session’s close.
However, the BSE market breadth was bearish with 1,573 declines and 1,184 advances.
“Markets ended sharply higher on Monday due to a late surge. The gains came on the back of positive Asian and European equity markets,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Broad market indices like the BSE mid-cap and small-cap indices gained less, thereby underperforming the main indices,” he said.
In terms of the broader markets, the S&P BSE mid cap index rose by 1.19 per cent and the small cap index by 0.73 per cent.
According to Gaurav Jain, Director, Hem Securities, short-covering ahead of March derivatives expiry on Wednesday saw the Nifty50 reclaiming its crucial 10,000 mark on Monday.
“Sentiments changed after US stock futures led global shares higher on reports that the US and China have quietly started negotiations to improve US access to Chinese markets eased fears of a trade war between the two economic giants,” Jain told IANS.
“Today’s gains were led by buying witnessed in banking stocks, especially PSU banks and consumer durables,” he added.
Sector-wise, the S&P BSE banking index surged by 608.79 points, followed by consumer durables index by 485.67 points and metal index by 297.10 points.
On the other hand, the S&P BSE IT index declined by 82.24 points, oil and gas index by 45.54 points and Teck (technology, media and entertainment) index by 4.95 points.
On the currency front, the Indian rupee strengthened by 14 paise to 64.87 against the US dollar from its previous close at 65.01.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 741.19 crore, while the domestic institutional investors purchased stocks worth Rs 2,017.95 crore.
Major Sensex gainers on Monday were: Yes Bank, up 5.67 per cent at Rs 302.95; State Bank of India, up 5.01 per cent at Rs 246.35; HDFC Bank, up 2.91 per cent at Rs 1,893.15; Tata Steel, up 2.80 per cent at Rs 582.45; and HDFC, up 2.66 per cent at Rs 1,832.60.
The Sensex losers were: Wipro, down 3.96 per cent at Rs 273.90; Infosys, down 1.13 per cent at Rs 1,154.30; Tata Motors (DVR), down 0.48 per cent at Rs 185.75; Tata Consultancy Services, down 0.12 per cent at Rs 2,813.05; and NTPC, down 0.03 per cent at Rs 170.10.
–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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