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Weak global cues, profit booking keep Indian equities flat (Roundup)
Mumbai, May 2 (IANS) Weakness in the global equity markets and profit booking by investors led the key Indian equity indices to close on a flat note with negative bias on Wednesday.
The trade was volatile throughout the day and, according to market observers, selling was witnessed around the closing hour of trade.
Heavy selling pressure in metal, consumer durables and auto stocks weighed on the indices.
The broader Nifty50 of the National Stock Exchange (NSE) closed at 10,718.05 points — down 21.30 points or 0.2 per cent from the previous close.
The barometer 30-scrip Sensitive Index (Sensex) on the BSE, which opened at 35,328.91 points, closed at 35,176.42 points — up 16.06 points or 0.05 per cent from its previous session’s close
The Sensex touched a high of 35,357.15 points and a low of 35,072.42 during the intra-day trade.
The BSE market breadth was bearish with 1,810 declines and 900 advances.
Abhijeet Dey, Senior Fund Manager, Equities, BNP Paribas Mutual Fund, said: “It has certainly been a volatile start to May as benchmark indices in India struggled to maintain gains, despite positive macro-economic updates.”
Markets traded positive in the first half of the day but were unsuccessful in holding on to gains as volatility came to the fore and pushed markets to finally close the day near the flat line, he added.
Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS: “Nifty ended lower today as selling emerged from the day’s high of 10,784 levels.”
Said V.K. Sharma, Head, Private Client Group and Capital Market Strategy, HDFC Securities: “Markets corrected in the last 90 minutes of trade on Wednesday as the selloff in commodities accelerated towards the close.”
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 525.93 crore, while the domestic institutional investors purchased stocks worth Rs 165.84 crore.
Sector-wise, the S&P BSE energy and the finance indices were the only gainers during the day, both rising marginally. The S&P BSE energy index inched up 7.56 points and the finance index closed a tad up by 0.54 points.
On the other hand, the S&P BSE metal index plunged 485.59 points, the consumer durables stocks by 296.77 points and the auto index by 280.56 points.
The major gainers on the Sensex were Kotak Mahindra Bank, up 3.87 per cent at Rs 1257.25; ITC, up 2.03 per cent at Rs 287.15; Asian Paints, up 1.80 per cent at Rs 1,221.75; HDFC, up 1.37 per cent at Rs 1,910.50; and HDFC Bank, up 1.32 per cent at Rs 1,970.35 per share.
The top losers were Tata Steel, down 3.30 per cent at Rs 575.05; ICICI Bank, down 2.58 per cent at Rs 277.10; Hindustan Unilever, down 2.49 per cent at Rs 1,471.50; Sun Pharma, down 2.39 per cent at Rs 515.55; and State Bank of India, down 2.29 per cent at Rs 240.65 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.