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Equities close flat on geo-political tensions, higher oil prices (Roundup)
Mumbai, May 9 (IANS) After a largely volatile session, the key Indian equity indices ended Wednesday’s trade on a flat-to-positive note due to broadly weak global cues.
Market analysts pointed out that largely weak Asian equities, along with a rise in geo-political tensions after the US pulled out of the Iran nuclear deal as well as higher crude oil prices capped gains and unleashed volatility.
However, the key indices were somewhat supported by healthy buying in the consumer durables, IT and capital goods stocks.
Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 10,741.70 points — up 23.90 points or 0.22 per cent — from its previous close.
Similarly, the barometer 30-scrip Sensitive Index (Sensex) ended the day’s trade higher from Tuesday’s closing level. It opened at 35,198.08 points and closed at 35,319.35, up 103.03 points or 0.29 per cent.
The Sensex touched a high of 35,404.83 points and a low of 35,134.20 during the intra-day trade.
The BSE market breadth was, however, bearish with 1,527 declines and 1,157 advances.
“It has been an indecisive day as mixed global trends and sparse domestic signals kept investor activity muted. Stock markets in India opened the day lower but subsequently firmed up to finally close the day with marginal gains,” said Abhijeet Dey, Senior Fund Manager, Equities, BNP Paribas Mutual Fund.
He said: “Overseas, Asian shares saw a mixed trend while European shares traded higher, supported by strength in oil stocks after Trump pulled the US out of Iran’s nuclear agreement, boosting crude prices.”
According to Deepak Jasani, Head, Retail Research, HDFC Securities: “Markets inched up higher on Wednesday to end with gains for the third consecutive session. Selling pressure in the afternoon session curbed the gains to some extent.
“Major Asian markets have closed on a mixed note. European indices like FTSE 100, CAC 40 and DAX traded in the green.”
On the currency front, the Indian rupee weakened by 19 paise to 67.27 against the US dollar from its previous close at 67.08.
Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 704.03 crore while the domestic institutional investors purchased stocks worth Rs 664.92 crore.
Sector-wise, the S&P BSE consumer durables index rose by 104.17 points, the IT stocks edged up by 97.28 points and the capital goods stocks was higher by 76.82 points.
On the other hand, the S&P BSE healthcare index fell by 64.45 points, the automobile stocks dropped by 56.26 points and the FMCG stocks ended 29.02 points lower.
The major gainers on the Sensex were Tata Motors (DVR), up 3.82 per cent at Rs 196.85; Tata Motors, up 2.79 per cent at Rs 341.35; Asian Paints, up 1.53 per cent at Rs 1,224.10; Tata Consultancy Services (TCS), up 1.39 per cent at Rs 3,489.05; and Axis Bank, up 1.36 per cent at Rs 548.60 per share.
The top losers were Sun Pharma, down 1.02 per cent at Rs 506.30; ICICI Bank, down 0.70 per cent at Rs 307.10; Maruti Suzuki, down 0.70 per cent at Rs 8,713.60; Wipro, down 0.66 per cent at Rs 270.50; and Mahindra and Mahindra, down 0.64 per cent at Rs 860.05 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.
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