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Profit bookings pull equity indices lower (Roundup)
Mumbai, April 18 (IANS) Profit booking, along with heavy selling pressure in the banking sector stock led the key Indian equity indices to break their nine-day gaining streak on Wednesday.
According to market observers, the key equity indices, however, traded in the green for the better part of the session on the back of positive global cues and forecast of normal monsoon rains.
But heavy selling pressure in the consumer durables, banking and auto stocks pulled the key indices lower during the fag end of the session.
Index-wise, the wider Nifty50 on the National Stock Exchange (NSE) fell by 22.50 points or 0.21 per cent to 10,526.20 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 34,443.42 points, closed at 34,331.68 points — down 63.38 points or 0.18 per cent from its previous session’s close.
The Sensex touched a high of 34,591.81 points and a low of 34,270.04 points during the intra-day trade.
The BSE market breadth was bearish with 1,527 declines and 1,131 advances. The market breadth on NSE also was bearish during the day.
In the broader markets, the S&P BSE mid-cap index closed lower by 0.07 per cent and the small-cap index by 0.37 per cent.
Deepak Jasani, Head, Retail Research, HDFC securities said: “Selling emerged from the highs of 10,593 to finally bring the Nifty into negative territory.”
“Broad market indices like the BSE mid-cap index fell less, thereby
outperforming the main indices,” Jasani told IANS.
On the currency front, the Indian rupee weakened by two paise to 65.67 against the US dollar from its previous close at 65.65.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrip worth Rs 915.71 crore, while the domestic institutional investors bought stocks worth Rs 869.70 crore.
Sector-wise, the S&P BSE fast moving consumer goods (FMCG) index rose by 170.16 points, followed by metal index which gained 65.26 points and basic materials which edged up by 12.41 points.
On the other hand, the S&P BSE consumer durables index fell by 272.43 points, banking index by 241.34 points and auto index by 120.13 points.
Major Sensex gainers on Wednesday were: ITC, up 2.82 per cent at Rs 275.30; Wipro, up 2.40 per cent at Rs 292.35; Bharti Airtel, up 1.29 per cent at Rs 386.20; Tata Steel, up 0.95 per cent at Rs 601.50; and Adani Ports, up 0.81 per cent at Rs 385.95 per share.
The top Sensex losers were: Axis Bank, down 2.60 per cent at Rs 518.70; Mahindra and Mahindra, down 1.55 per cent at Rs 797.05; IndusInd Bank, down 1.23 per cent at Rs 1,844.65; Hero MotoCorp, down 0.97 per cent at Rs 3,733.55; and Coal India, down 0.89 per cent at Rs 285.05 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.