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RBI’s policy review, macro-data depress equity indices (Roundup)
Mumbai, June 5 (IANS) Caution ahead of the RBI’s monetary policy review, along with negative macro-economic data point, depressed the key Indian equity indices on Tuesday.
According to market observers, heavy selling pressure was witnessed in the capital goods, consumer durables and IT stocks.
Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 10,593.15 points — down by 35.35 points, or 0.33 per cent — from its previous close.
Similarly, the barometer 30-scrip Sensitive Index (Sensex) settled in the red. It opened at 35,029.45 points, closed at 34,903.21 points — lower by 108.68 points, or 0.31 per cent — from its previous session’s close of 35,011.89 points.
Sensex touched a high of 35,073.12 points and a low of 34,784.68 points during the intra-day trade.
“Markets corrected further on Tuesday after a volatile trade session. It was the third consecutive session of losses for the Nifty,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
“Broad market indices like the BSE Mid Cap and Small Cap indices fell more, thereby underperforming the main indices.”
Geojit Financial Services Head of Research Vinod Nair said: “Consolidation continued as investors turned cautious ahead of RBI monetary policy and rupee is marginally weak due to liquidity constraint.”
“Investors are expecting a status quo on policy rates, but RBI’s commentary would be keenly watched. The elevated levels of crude will influence RBI’s stance on inflation. Earnings cycle is yet to pick up while the divergence in expectation and actual results could trigger downgrades in FY19 estimates.”
The RBI’s MPC began its three-day meet from June 4 to 6 here on Monday. It is expected to announce the second monetary policy review for 2018-19 on Wednesday.
Further, analysts said that investor sentiments were subdued after seasonally adjusted Nikkei India Services Business Activity Index showed a contraction in last month’s output.
On the currency front, the Indian rupee weakened against the US dollar to 67.15, from its previous close at 67.12 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 157.51 crore, while the domestic institutional investors bought stocks worth Rs 474.33 crore.
Sector-wise, the S&P BSE capital goods index fell by 362.23 points, the consumer durables index was down by 278.27 points and the IT index ended 203.06 points lower.
On the other hand, S&P BSE oil and gas index gained 14.85 points followed by the energy index which inched up by 9.94 points.
The major gainers on the Sensex were Reliance Industries, up 0.90 per cent at Rs 947.85; Tata Steel, up 0.88 per cent at Rs 571.95; HDFC, up 0.78 per cent at Rs 1,847.05; Maruti Suzuki, up 0.69 per cent at Rs 8,810.35; and HDFC Bank, up 0.68 per cent at Rs 2,060.55 per share.
The top losers were Coal India, down 2.36 per cent at Rs 285.40; Bharti Airtel, down 2.16 per cent at Rs 363.80; Larsen and Toubro, down 1.93 per cent at Rs 1,344; Dr Reddy’s Labs, down 1.87 per cent at Rs 1,959.60; and Yes Bank, down 1.84 per cent at Rs 336.70 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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