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Weak global cues, fund outflow pull equity indices lower (Roundup)

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Mumbai, May 30 (IANS) Weak global cues including concerns of a resurgent US-China trade war and a fall in global markets, depressed the key Indian equity indices on Wednesday.

According to market observers, heavy outflow of foreign funds also eroded investor sentiments.

The indices, however, trimmed major losses made in the afternoon session to end the day’s trade on flat-to-negative note.

The barometer 30-scrip Sensitive Index (Sensex), which had opened at 34,876.13 points, closed at 34,906.11 points — lower by 43.13 points or 0.12 per cent from its previous close of 34,949.24 points.

The Sensex touched a high of 35,017.45 points and a low of 34,735.11 points during the intra-day trade. The BSE market breadth was tilted towards the bears with 1,495 declines against 1,197 advances during the day.

The broader Nifty50 of the National Stock Exchange (NSE) closed at 10,614.35 points — down 18.95 points or 0.18 per cent — from the previous close of 10,633.30 points.

“The weakness came on the back of weak global cues due to Italy’s political crisis and fresh fears of a trade war between US and China,” Deepak Jasani, Head of Retail Research at HDFC Securities, told IANS.

BNP Paribas Mutual Fund’s Senior Fund Manager for Equities, Abhijeet Dey said: “It was a volatile day on the bourses as global uncertainty and expiry of the May derivatives series this week, impacted investor sentiment and impeded the emergence of a trend.”

“Additionally, the prospect that Italy might need a fresh election that could effectively become a referendum on the nation’s inclusion in the euro zone rattled markets.”

Further, on the currency front, the Indian rupee strengthened by 43 paise against the US dollar to 67.43, from its previous close at 67.87 per greenback.

Besides, provisional data with exchanges showed that foreign institutional investors sold scrips worth Rs 1,286.91 crore, while the domestic institutional investors bought stocks worth Rs 492.46 crore.

Sector-wise, the S&P BSE banking index gained by 33.18 points, the metal index was up 21.10 points and the utilities index rose marginally by 5.13 points.

On the other hand, the S&P BSE capital goods index fell by 130.07 points, the healthcare index was down 101.64 points and the consumer durable index ended 95.20 points lower.

The major gainers on the Sensex were Mahindra and Mahindra, up 3.08 per cent at Rs 895.60; Coal India, up 2.34 per cent at Rs 288.75; Yes Bank, up 1.64 per cent at Rs 344; KOtak Mahindra Bank, up 1.48 per cent at Rs 1,302.15; and Hindustan Unilever, up 1.34 per cent at Rs 1,593 per share.

The top losers were Tata Motors (DVR), down 2 per cent at Rs 166.90; Tata Motors, down 1.92 per cent at Rs 288.95; ICICI Bank, down 1.86 per cent at Rs 285.25; Bajaj Auto, down 1.11 per cent at Rs 2,763.10; and Axis Bank, down 1.10 per cent at Rs 539.90 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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