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Indian equities bounce back from lows on positive global cues (Market Review)
By Porisma P. Gogoi
Mumbai, March 31 (IANS) Positive global cues on the back of trade war fears easing between major world economies pulled the key Indian equity indices from their five-month lows to close with substantial gains during the curtailed trade week ended Wednesday.
Market observers were of the view that the Central government’s plan to reduce borrowing, along with healthy buying in banking and metals stocks among others sectors, uplifted investors’ sentiments during the derivatives-expiry week.
On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 32,968.68 points — gaining 372.14 points or 1.14 per cent points but not able to hold the 33,000-level.
On the National Stock Exchange (NSE), the wider Nifty50 closed trade at 10,113.70 points — up 115.65 points or 1.16 per cent from its previous week’s close.
“Markets bounced back this week from a low of 9,958 after four consecutive weeks of losses for the Nifty. Market breadth was negative in two out of the three trading sessions of the week,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
The Indian equity markets were closed on Thursday and Friday on account of Mahavir Jayanti (March 29) and Good Friday (March 30), respectively.
“The top sectoral gainers were the PSU banks, Bank Nifty, media and metal indices. The top losers were the IT and energy indices,” said Jasani.
Prateek Jain, Director at Hem Securities, said: “After four successive weeks of decline, markets witnessed a breather in the holiday-shortened derivative expiry week and managed to close with decent gains on positive global clues.”
On the global front, according to Jain, fears of a trade war eased after reports emerged of possible negotiations between the US and China.
“Trading sentiment also got a lift in the wake of the Indian government’s announcement of lower-than-expected borrowing programme for the first half of the fiscal year 2019,” Jain told IANS.
The Central government last week said it will borrow only Rs 2.88 lakh crore through its benchmark bond scheme in the first half of FY19 — 47.5 per cent of the total budgeted amount — as against 60-65 per cent share in this period in previous years.
On the currency front, the rupee weakened by 17 paise to close at 65.18 against the US dollar from its previous week’s close at 65.01.
Provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 868.62 crore, while the domestic institutional investors purchased stocks worth Rs 6,151.53 crore during the truncated trade week.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors invested in equities worth Rs 3,214.27 crore, or $494.08 million, during March 26-28.
The top weekly Sensex gainers were: Coal India (up 4.54 per cent at Rs 283.50); IndusInd Bank (up 3.70 per cent at Rs 1,795.60); Hero MotoCorp (up 2.19 per cent at Rs 3,545.50); HDFC Bank (up 1.82 per cent at Rs 1,891.45); and Hindustan Unilever (up 1.64 per cent at Rs 1,335.90).
The losers were: Wipro (down 4.77 per cent at Rs 281.45); Bharti Airtel (down 4.71 per cent at Rs 398.90); ICICI Bank (down 3.87 per cent at Rs 278.40); Bajaj Auto (down 3.67 per cent at Rs 2,748.90); and Axis Bank (down 3.04 per cent at Rs 509.40).
(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.
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