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Reserve Bank’s ‘neutral’ stance, global cues lift equity indices (Roundup)
Mumbai, June 6 (IANS) The Reserve Bank’s “neutral” stance on a future rate hike trajectory, along with its reform measures for the realty, bond and banking sectors, pushed the key indices of the Indian equity market higher on Wednesday.
According to analysts, investors’ risk taking appetite was also enhanced on the back of positive global markets and a strengthened rupee.
Index-wise, the S&P BSE 30-scrip Sensitive Index (Sensex) closed higher by 275.67 points or 0.79 per cent.
Similarly, the wider 50-scrip Nifty of the National Stock Exchange (NSE) also settled in the positive territory. It gained 91.50 points or 0.86 per cent to close at 10,684.65 points.
The BSE Sensex, which opened at 34,932.49 points, closed at 35,178.88 points, up 275.67 points or 0.79 per cent from the previous day’s close at 34,903.21 points.
The Sensex touched a high of 35,230.54 points and a low of 34,896.37 points during the intra-day trade.
“RBI maintaining its neutral stance has been taken as a positive by investors. In addition, other announcements regarding the realty, bond market and banking sectors boosted sentiments,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
“The negative impact of the rate hike was also curbed as market participants had already factored-in a possibility of a rate hike.”
Geojit Financial Services Head of Research Vinod Nair said: “Market rallied sensing from the proactive decision given by RBI 25 basis points hike removing the uncertainty regarding the future hike.”
“Investors have already factored the risk of higher oil price and inflation in the policy outcome. We can expect some respite to the equity and bond market in the near-term.”
On Wednesday, RBI raised its key interest rate for the first time since January 2015. It hiked the repo rate by 25 basis points to 6.25 per cent.
However, RBI maintained its “neutral” stance on policy, as it has done over four previous bi-monthly policy reviews when it held the repo, or its short term lending rate for commercial banks, at 6 per cent. This stance allows the RBI to move either way on rates.
On the currency front, the Indian rupee strengthened against the US dollar to 66.92, from its previous close at 67.15 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 81.40 crore, while the domestic institutional investors bought stocks worth Rs 712.31 crore.
Sector-wise, the S&P BSE consumer durables index gained by 462.47 points, the automobile index was higher by 383.77 points and the capital goods index ended 254.64 points higher.
The major gainers on the Sensex were Bharti Airtel, up 4.55 per cent at Rs 380.35; Tata Motors, up 3.56 per cent at Rs 295.50; Sun Pharma, up 3.21 per cent at Rs 488.85; State Bank of India, up 2.43 per cent at Rs 269.90; and Tata Motors DVR, up 2.07 per cent at Rs 174.90 per share.
The top losers were Asian Paints, down 0.73 per cent at Rs 1,263.75; ONGC, down 0.47 per cent at Rs 170.35; HDFC Bank, down 0.07 per cent at Rs 2,059.15 and ICICI Bank, down 0.04 per cent at Rs 283.80 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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