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Global cues, index heavyweights lift equities; metals slump (Roundup)
Mumbai, April 24 (IANS) Key Indian equity indices on Tuesday closed with humble gains riding on broadly positive global markets, coupled with expectations of healthy quarterly corporate earnings and healthy buying in oil and gas, banking and capital goods stocks.
Index heavyweights like Reliance Industries (RIL), Yes Bank, Adani Ports, Mahindra and Mahindra (M&M), and ICICI Bank were the top gainers on the BSE.
However, heavy selling pressure in metals, IT and consumer durables stocks, along with outflow of foreign funds and higher crude oil prices, trimmed some gains of the benchmark indices, market observers said.
On closing basis, the wider Nifty50 of the National Stock Exchange (NSE) edged higher by 29.65 points or 0.28 per cent from the last closing to 10,614.35 points.
The barometer 30-scrip Sensitive index (Sensex) of the BSE closed at 34,616.64 points — up 165.87 points or 0.48 per cent from its previous session’s close.
In contrast, the BSE market breadth remained bearish with 1,497 declines and 1,180 advances.
The broader markets underperformed the benchmark index, with the S&P BSE mid-cap index closing lower by 0.02 per cent and the small-cap index by 0.13 per cent.
“Markets ended with moderate gains on Tuesday after (the Nifty50) finding support at the 10,569 levels,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Major Asian markets have closed on a mixed note. European indices like FTSE 100 and DAX traded in the green,” added Jasani.
On the currency front, the Indian rupee strengthened by 10 paise at 66.38 against the US dollar from its previous close at 66.48.
Anand James, Chief Market Strategist, Geojit Financial Services, said: “Earnings positivity and buoyancy in the Asian and European peers led the market further higher, despite negative closing in the US towed by higher bond yields and fall in technology stocks.”
“Brent testing the $75 mark and FIIs (foreign institutional investors)’s continuous selling in the equities ensured that upsides were capped. All eyes would now be on whether the government will cut excise duty to provide relief to common man or stick to fiscal prudence,” he said.
In terms of investments, provisional data with the exchanges showed that FIIs sold scrip worth Rs 680.99 crore, while the domestic institutional investors purchased stocks worth Rs 508.55 crore.
Sector-wise, the S&P BSE oil and gas index rose by 215.36 points, followed by capital goods index by 123.98 points and banking stocks by 110.66 points.
On the other hand, the S&P BSE metal index declined by 265.55 points, IT index by 227.26 points and Teck (technology, media and entertainment) index by 104.52 points.
The major Sensex gainers on Tuesday were: RIL, up 3.70 per cent at Rs 969.75; Yes Bank, up 3.31 per cent at Rs 323.40; M&M, up 1.94 per cent at Rs 838.45; Adani Ports, up 1.74 per cent at Rs 391.95; and ICICI Bank, up 1.66 per cent at Rs 284.20.
The top losers were: Wipro, down 3.30 per cent at Rs 287.05; Infosys, down 2.49 per cent at Rs 1,153.90; Tata Steel, down 1.23 per cent at Rs 598.25; State Bank of India, down 0.87 per cent at Rs 240.60; and Tata Consultancy Services, down 0.87 per cent at Rs 3,385.65.
–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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