Connect with us

Top News

Robust quarterly earnings push equity indices higher (Market Review)

Published

7 years ago

on

By Rituraj Baruah
Mumbai, April 28 (IANS) Healthy earnings in the fourth quarter of 2017-18 lifted the benchmark equity indices during the week ended Friday.

Indices logged gains in four of the five trading sessions as both — the S&P BSE Sensex and the NSE Nifty50 — settled at their highest closing levels in over three months.

On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE rose by 554.12 points or 1.61 per cent to close at 34,969.70 points.

The wider Nifty50 of the National Stock Exchange (NSE) closed trade at 10,692.30 points — up 128.25 points or 1.21 per cent from its previous week’s close.

“Markets surged higher extending winning streak to fifth consecutive week on positive sentiment…,” said Prateek Jain, Director, Hem Securities.

“Good roll-over of long-position in the May Series of derivative contract, continuous buying by domestic institutional investors also boosted sentiment,” Jain told IANS.

Rahul Sharma, Senior Research Analyst at Equity99 said: “Better than expected quarterly earnings led the rally in the April series. Traders preferred to ignore major on-going concerns like rising crude oil prices, rising bond yields and weaker rupee.”

According to D.K. Aggarwal, Chairman and MD of SMC Investments and Advisors, the stock markets remained volatile amid corporate earnings and ahead of its expiry of April futures and options contracts.

“As expected, the European Central Bank left interest rates and its bond-buying program unchanged after a meeting Thursday. Keeping inflation target at close to two percent, Bank of Japan (BoJ) left monetary policy unchanged,” Aggarwal told IANS.

On the currency front, the rupee weakened by 54 paise to close at 66.67 against the dollar from its previous week’s close at 66.13.

Aggarwal further said: “Domestic currency continued to get hammered, and is headed for its third straight week of losses as outflows increase from stock market and bonds amid rising US yields.”

On the investment front, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 3,060.41 crore, while the domestic institutional investors purchased stocks worth Rs 2,649.61 crore during the week.

Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 1,028.83 crore, or $155.20 million, during April 23-27.

Sector-wise, on the benchmark indices, the top sectoral gainers for the week were banking, realty and pharmaceuticals, while the top losers for the week were infrastructure and oil and gas sectors, Deepak Jasani, Head, Retail Research, HDFC Securities told IANS.

Scrip-wise, Tata Consultancy Services (TCS) achieved a major landmark during the week as it become the first Indian listed techonology company to cross the $100-billion mark in terms of market capitalisation on Monday due to its robust quarterly earnings.

“It (TCS) also entered the list of top 100 global companies by market capitalisation,” Rahul Sharma said, adding that, “Reliance Industries was also seen heading towards the $100 billion market cap mark, as the stock rose over seven percent in the last five days.”

The top weekly Sensex gainers were: Yes Bank (up 12.97 per cent at Rs 348.45); Mahindra and Mahindra (up 7.61 per cent at Rs 861.45); Reliance Industries (up 7.19 per cent at Rs 994.75); Axis Bank (up 6.53 per cent at Rs 538.90); and Adani Ports (up 5.30 per cent at Rs 401.45).

The losers were: Wipro (down 7.71 per cent at Rs 275.35); Maruti Suzuki (down 2.87 per cent at Rs 8777.95); Tata Steel (down 2.75 per cent at Rs 589.65); Coal India (down 2.23 per cent at Rs 285.55); and NTPC (down 1.95 per cent at Rs 170.85).

(Rituraj Baruah can be contacted at [email protected])

–IANS
rrb-ppg-rv/vm

Related Topics:
Continue Reading

Top News

Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

Published

3 months ago

on

September 3, 2024

By

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.

Continue Reading

Trending