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Global cues subdue equity indices, Sensex ends 200 points lower (Roundup)

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Mumbai, June 25 (IANS) Weak global cues pulled the key Indian equity indices lower on Monday, with the benchmark BSE Sensex falling over 200 points.

Heavy selling pressure was witnessed in the auto, banking and capital goods stocks.

Globally, stock markets slumped due to the escalating trade war concerns.

In the domestic market, the wider Nifty50 of the National Stock Exchange (NSE) closed at 10,762.45 points, down 59.40 points or 0.55 per cent from the previous close of 10,821.85 points.

Similarly, the barometer 30-scrip Sensex of the BSE, which had opened at 35,783.75 points, closed at 35,470.35 points — down 219.25 points or 0.61 per cent — from its previous session’s close of 35,689.60 points.

The Sensex touched an intra-day high of 35,806.97 and a low of 35,430.11 points.

In the broader markets, the S&P BSE mid-cap declined by 0.80 per cent and the S&P BSE small-cap ended 0.89 per cent lower from its previous close. The BSE market breadth was bearish with 1,775 declines and 819 advances so far.

“Markets corrected on Monday after witnessing a rally last Friday. The weakness came on the back of weak global cues as trade tensions continued between US and China,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

Abhijeet Dey, Senior Fund Manager for Equities at BNP Paribas Mutual Fund, said: “Sentiment across Asia was negative after the US Treasury department announced its decision to scrutinise Chinese investments in sensitive US industries concerned with economic and national security.”

Major Asian markets closed on a negative note and the European indices like FTSE 100, CAC 40 and DAX traded in the red, Jasani said.

On the currency front, the Indian rupee weakened by 29 paise against the US dollar to 68.13, from its previous close of 67.84 per greenback.

Investment-wise, provisional data with exchanges showed that foreign institutional investors purchased scrip worth Rs 198.68 crore while the domestic institutional investors sold stocks worth Rs 86.22 crore.

Sector-wise, the S&P BSE IT index and the Teck (technology, media and entertainment) index were the gainers on Monday, ending higher by 115.29 points and 40.56 points respectively.

On the other hand, S&P BSE auto index slumped by 371.94 points, the banking index was down 279.83 points and the capital goods index ended 233.08 points lower from its previous close.

Stock-wise, the major gainers on the Sensex were Infosys, up 2.07 per cent at Rs 1,272.30; Kotak Mahindra Bank, up 0.70 per cent at Rs 1,329.45; Vedanta, up 0.70 per cent at Rs 230.25; IndusInd Bank, up 0.65 per cent at Rs 1,967.10; and HDFC Bank, up 0.58 per cent at Rs 2,093.95 per share.

The top losers were Tata Motors (DVR), down 7.08 per cent at Rs 168.75; Tata Motors, down 5.94 per cent at Rs 289.85; ICICI Bank, down 3.79 per cent at Rs 289.45, Coal India, down 2.28 per cent at Rs 259.05; and Larsen and Toubro, down 2.05 per cent at Rs 1,269 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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