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Expectations of healthy Q4 results, global cues push equity indices higher (Roundup)

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Mumbai, April 19 (IANS) Expectations of healthy quarterly earning results coupled with a rebound in commodity prices and broadly positive global indices pushed the Indian equity market to close at its highest level in the last seven weeks on Thursday.

“Both the Nifty and the Sensex closed the day at seven week high levels. Positive global cues supported the markets,” Deepak Jasani, Head, Retail Research, HDFC securities told IANS.

Index-wise, the wider Nifty50 on the National Stock Exchange (NSE) closed higher by 39.10 points, or 0.37 per cent, at 10,565.30 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 34,403.67 points, closed at 34,427.29 points — up 95.61 points, or 0.28 per cent, from its previous session’s close.

The Sensex touched a high of 34,478.82 points and a low of 34,358.91 during the intra-day trade.

The BSE market breadth was bullish with 1,265 advances and 1,082 declines. The market breadth on the NSE was also bullish during the day.

In the broader markets, the S&P BSE mid-cap index closed higher by 0.63 per cent and the small-cap index by 0.60 per cent.

“Markets ended in green, despite volatility continuing in the last half of weekly expiry. Investors sentiment was optimistic ahead of quarterly earnings of some key companies, including TCS, which will release its results later in the day,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

On the currency front, the Indian rupee weakened by 13 paise to 65.80 against the US dollar from its previous close at 65.67.

“Recent drop in rupee over the last one week… is on back of a combination of factors such as hardening of crude oil prices which is likely to put pressure on India’s deficit coupled with US action in Syria and increase in political activity ahead of upcoming Karnataka elections,” Salil Datar, CEO and Executive Director, Raha Advisors told IANS.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrip worth Rs 624.99 crore, while the domestic institutional investors bought stocks worth Rs 448.61 crore.

Sector-wise, the S&P BSE metal index rose by 632.58 points, followed by capital goods which gained 203.34 points and IT stocks which edged up by 115.48 points.

On the other hand, the S&P BSE consumer durables index fell by 195.89 points, oil and gas index by 191.12 points and energy index by 24.05 points.

The major Sensex gainers on Thursday were Tata Steel, up 3.17 per cent at Rs 620.55; Yes Bank, up 2.83 per cent at Rs 318.00; Bharti Airtel, up 2.64 per cent at Rs 394.95; Larsen and Toubro, up 1.74 per cent at Rs 1,384.30; and Power Grid, up 1.61 per cent at Rs 208.20 per share.

The top losers on Sensex were Axis Bank, down 1 per cent at Rs 513.50; Coal India, down 0.77 per cent at Rs 282.85; HDFC, down 0.65 per cent at Rs 1,864.45; Sun Pharma, down 0.61 per cent at Rs 508.80; and IndusInd Bank, down 0.57 per cent at Rs 1,834.10 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

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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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