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Equity indices surge on expectation of higher GDP (Roundup)
Mumbai, May 31 (IANS) The two key indices of the Indian equity market — S&P BSE Sensex and NSE Nifty50 — gained more than a per cent each on Thursday as hopes of healthy gross domestic product (GDP) growth rate and predictions of a normal southwest monsoon enhanced investors risk-taking appetite.
Besides, May F&O derivative expiry, along with a decline in global crude oil prices aided the northward trajectory.
According to market analysts, the two indices surged after healthy buying was witnessed during the fag end of the day’s trade session.
Index-wise, the wider Nifty50 of the National Stock Exchange (NSE) closed at 10,736.15 points, up 121.80 points or 1.15 per cent from the previous close of 10,614.35 points.
Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE, which had opened at 35,083.81 points jumped over one per cent by the end of the day’s trade. It closed at 35,322.38 points — up 416.27 points or 1.19 per cent — from its previous session’s close of 34,906.11 points.
The Sensex touched a high of 35,416.03 points and a low of 34,926.08 points. The BSE market breadth, however, was bearish as 1,683 scrips declined against 973 which advanced.
“Markets rallied strongly on Thursday on the back of derivative expiry. A buying frenzy in the last one hour of trade propelled the indices to close near the intraday highs,” said HDFC Securities’ Head of Retail Research Deepak Jasani.
“Positive global cues too aided the market sentiments.”
Geojit Financial Services’ Head of Research Vinod Nair said: “Market witnessed strong bounce back led by positive global cues and fall in oil prices from $80 per bbl to $76 per bbl which has mildly improved sentiment.”
“Additionally investors are expecting a strong Q4 GDP growth which is adding some positive vibes. Banks led from the front while midcaps underperformed due to concern on valuation.”
Further, on the currency front, the Indian rupee strengthened by two paise against the US dollar to 67.41, from its previous close at 67.43 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrips worth Rs 15.31 crore, while the domestic institutional investors sold stocks worth Rs 266.02 crore.
Sector-wise, the S&P BSE banking index surged by 563.22 points, the oil and gas index rose by 166.17 points and the finance index ended 100.72 points higher.
On the other hand, the S&P BSE consumer durables index fell by 202.50 points, the capital goods index was down by 119.21 points and the healthcare index ended 109.19 points lower.
The major gainers on the Sensex were Adani Ports, up 4.70 per cent at Rs 392.20; HDFC Bank, up 4.36 per cent at Rs 2,136.15; IndusInd Bank, up 3.14 per cent at Rs 1,948; Mahindra and Mahindra, up 3.12 per cent at Rs 923.50; and Hindustan Unilever, up 2.75 per cent at Rs 1,625 per share.
The top losers were Sun Pharma, down 2.95 per cent at Rs 480.15; Tata Motors, down 2.09 per cent at Rs 282.90; Hero MotoCorp, down 1.65 per cent at Rs 3,547.25; Dr Reddy’s Lab, down 1.14 per cent at Rs 1,940.10; and Maruti Suzuki, down 0.81 per cent at Rs 8,534.95 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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