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Weak global cues subdue equity indices; metal stocks fall (Roundup)
Mumbai, July 2 (IANS) Weak global cues subdued key Indian equity indices on Monday with heavy selling pressure in metal, capital goods and oil and gas stocks.
According to analysts, depreciation in the Indian rupee and outflow of foreign funds also eroded the investor sentiment.
The indices, however, bounced back in the last hour of trade and pared major losses made early in the day.
The barometer BSE Sensex, which had opened at 35,545.22 points, revived from a decline of around 300 points to end lower by 159.07 points or 0.45 per cent at 35,264.41 points.
It touched a high of 35,578.24 points and a low of 35,106.57 during the intra-day trade. The BSE market breadth was bearish with 1,691 declines and 914 advances.
The broader Nifty50 of the National Stock Exchange (NSE) closed at 10,657.30 points — down by 57 points or 0.53 per cent from its previous close of 10,714.30 points.
“Markets began the week on a negative note as the Nifty ended in the red. A bounce back in the afternoon session helped to erase some of the losses seen in the morning session,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
The weakness came on the back of weak global cues, Jasani told IANS, adding that European shares traded lower as on-going worries about the US trade policies and concerns about German Chancellor Angela Merkel’s coalition weighed on sentiments.
Abhijeet Dey, BNP Paribas Mutual Fund’s Senior Fund Manager for Equities, said: “Stock markets in India started the week on a volatile note and mostly traded under pressure, despite positive macro-economic updates.”
“On the macro-economic front, the country’s manufacturing conditions improved in June, supported by the sharp gains in output and new orders,” he said, adding, “however, negative global cues and cautious investor sentiment pushed markets lower to trade in the red”.
On the currency front, the rupee ended at 68.80 per dollar, 33 paise weaker than its previous close of 68.47 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 1,205.12 crore while the domestic institutional investors bought stocks worth Rs 366.94 crore.
Sector-wise, the gainers were the S&P BSE IT index, the consumer durables index and the Teck (technology, media and entertainment) index, which rose by 122.97 points, 106.77 points and 30.05 points respectively.
On the other hand, the S&P BSE metal index lost the most, by 235.08 points, followed by the capital goods and oil and gas indices, which fell by 135.71 points and 109.78 points respectively.
The major gainers on the Sensex were Asian Paints, up 2.29 per cent at Rs 1,293; Infosys, up 2.12 per cent at Rs 1,334.45; Vedanta, up 1.25 per cent at Rs 238.70; Bajaj Auto, up 1 per cent at Rs 2,839.15; and ICICI Bank, up 0.71 per cent at Rs 277.45 per share.
The top losers were NTPC, down 3.67 per cent at Rs 153.60; Bharti Airtel, down 3.64 per cent at Rs 367.15; Adani Ports, down 2.37 per cent at Rs 363.20; Hero MotoCorp, down 1.68 per cent at Rs 3,413.60; and HDFC Bank, down 1.65 per cent at Rs 2,073.20 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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