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Subdued inflation forecast boosts Indian equities (Roundup)
Mumbai, April 5 (IANS) Key Indian equity indices on Thursday made healthy gains after the Reserve Bank of India (RBI) lowered its inflation forecast for the fiscal and projected a positive growth outlook.
The forecast led the two key indices — BSE Sensex and NSE Nifty50 — to their biggest intra-day gains since March 12. The BSE Sensex soared by over 500 points, while the NSE Nifty50 rose by almost 200 points.
Besides, positive global cues on the back of receding trade war concerns gave a boost to investors’ risk-taking appetite, said market observers.
In the process, the wider Nifty50 of the National Stock Exchange (NSE) reclaimed the 10,300-mark. The index surged by 196.75 points or 1.94 per cent to close at 10,325.15 points.
The barometer 30-scrip Sensitive index (Sensex) of the BSE closed at 33,596.80 points — up 577.73 points or 1.75 per cent from its previous session’s close.
The BSE market breadth was bullish with 2,083 advances and 627 declines.
In terms of the broader markets, the S&P BSE mid-cap index edged higher by 1.88 per cent and the small-cap index by 1.87 per cent.
“Markets witnessed a hefty rally on Thursday after correcting sharply in the previous trading session,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Positive global cues also helped the market sentiments. Major Asian markets closed on a positive note. European indices like FTSE 100, DAX and CAC 40 traded in the green,” he added.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market rallied owing to ease in global trade anxiety and RBI’s stance on cut in inflation to 4.7-5.1 per cent in H1FY19 due to sharp moderation in food prices and expectation of normal monsoon.”
The central bank at the first bi-monthly monetary policy review of the new fiscal lowered its inflation forecast for the first-half of the current fiscal to between 4.7 per cent and 5.1 per cent, and 4.4 per cent for the second-half, “including the HRA impact for central government employees, with risks tilted to the upside”, according to the RBI monetary policy statement.
On the currency front, the Indian rupee strengthened by 18 paise to close at 64.97 against the US dollar from its previous close at 65.15.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 108.02 crore, while the domestic institutional investors purchased stocks worth Rs 615.28 crore.
All the 19 sub-indices of the BSE gained, led by the S&P BSE banking index, which augmented by 749.06 points, followed by metal index by 543.20 points and the auto index by 439.20 points.
Major Sensex gainers on Thursday were: State Bank of India, up 4.66 per cent at Rs 258.40; Tata Motors (DVR), up 3.95 per cent at Rs 206.75; Tata Steel, up 3.67 per cent at Rs 581; ICICI Bank, up 3.52 per cent at Rs 277.90; and Kotak Bank, up 3.38 per cent at Rs 1,114.60.
Bharti Airtel was the sole BSE loser with a decline of 0.14 per cent at Rs 393.95 per share.
–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.