Connect with us

Top News

Manufacturing growth, MSP hike lift equity indices amid trade war concerns (Market Review)

Published

on

By Rituraj Baruah
Mumbai, July 7 (IANS) Growth in the manufacturing sector and a hike in the minimum support prices of Kharif crops supported investor sentiments and lifted the key equity indices in the week ended Friday.

However, escalation in the trade war tensions between the US and China limited the gains on the domestic indices.

Providing a major support to the market, the Nikkei India Manufacturing Purchasing Managers’ Index (PMI), rose to 53.1 in June from 51.2 in May, registering the fastest improvement since December 2017. The data was released on Monday.

Index-wise, the wider Nifty50 of the National Stock Exchange closed the week’s trade at 10,772.65 points — up 58.35 points or 0.54 per cent — from its previous close.

The barometer 30-scrip Sensex of the BSE rose by 234.38 points or 0.66 per cent to close at 35,657.86 points on a weekly basis.

The market breadth was negative in three out of the five trading sessions of the week, said Deepak Jasani, Head of Retail Research at HDFC Securities.

Prateek Jain, Director, Hem Securities said: “Benchmark indices logged modest gains last week as India’s manufacturing conditions improved in June 2018 at the strongest pace since December 2017 boosted sentiment.”

According to Equity99’s Senior Research Analyst, Rahul Sharma: “Auto and consumer stocks were in demand throughout the week after the Union Cabinet approved a hike in minimum support prices for Kharif crops by 1.5 times of the input cost for the 2018-19 season. This is likely to have a positive effect on the overall economy.”

Jain, however added, gains were capped by the escalating trade war between the US and China.

Further, he said, the Indian rupee weakened during the week to touch a fresh closing low of 68.95 on Thursday, amid fears over a slowdown in the economy which affected the trading sentiments.

On a weekly basis, rupee closed at 68.88, weaker by 41 paise from its previous week’s close of 68.47 per greenback.

In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrip worth Rs 2,455.44 crore, while the domestic institutional investors purchased stocks worth Rs 2,073.70 crore during the July 3-6 period.

Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested Rs 2,737.04 crore, or $398.62 million from the equities segment on stock exchanges during the week ended on July 6.

Sector-wise, auto and FMCG were the major gainers and those ending in the negative include metals, infrastructure and realty, Jasani told IANS.

The top weekly Sensex gainers were Bajaj Auto (up 7.55 per cent at Rs 3,023.35); Maruti Suzuki (up 5.48 per cent at Rs 9,304.80); Hero MotoCorp (up 4.74 per cent at Rs 3,636.70); Asian Paints (up 4.64 per cent at Rs 1322.80); and Yes Bank (up 3.77 per cent at Rs 352.40 per share).

The major losers were Vedanta (down 6.89 per cent at Rs 219.50); NTPC (down 5.77 per cent at Rs 150.25); Bharti Airtel (down 5.03 per cent at Rs 361.85); Power Grid (down 2.89 per cent at Rs 181.25); and Tata Steel (down 2.41 per cent at Rs 554.15 per share).

(Rituraj Baruah can be contacted at [email protected])

–IANS
rrb/vm

Continue Reading

Top News

Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

Published

on

By

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.

Continue Reading

Trending