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Inflation, global cues depress equity indices; metal stocks slump (Roundup)
Mumbai, July 16 (IANS) Rise in wholesale inflation rate and broadly weak global cues subdued the key Indian equity indices on Monday, with the Nifty50 on the National Stock Exchange (NSE) closing below the 11,000-mark.
According to market observers, heavy selling pressure was witnessed on the metal, healthcare and auto stocks.
Index-wise, the broader NSE Nifty50 closed at 10,936.85 points — lower by 82.05 points or 0.74 per cent from its previous close of 11,018.90 points.
The barometer 30-scrip Sensex on the BSE, which had opened at 36,658.71 points, closed at 36,323.77 points — down 217.86 points or 0.60 per cent — from its previous close of 36,541.63 points.
The bearish momentum on the Sensex could be gauged from the fact that its intra-day high was its opening level of 36,658.71 points. It touched a low of 36,298.94 points during the day.
“Surge in inflation and weak global cues influenced investors to book profit from the recent rally while IT index maintained the uptrend followed by earnings,” said Vinod Nair, Head of Research at Geojit Financial Services.
The wholesale inflation rate for June was recorded at 5.77 per cent, compared to 4.43 per cent in the previous month, according to data released on Monday.
Abhijeet Dey, BNP Paribas Mutual Fund’s Senior Fund Manager for Equities, said: “A higher inflation rate in a flat-to-slowing growth environment can be detrimental for the economy.”
Major Asian markets closed on a negative note and the European indices like FTSE 100 and CAC 40 traded in the red, said Deepak Jasani, Head of Retail Research at HDFC Securities.
Nair also said the trade tensions and weak rupee negatively impacted the performance of broad indices.
In the broader markets, the S&P BSE mid-cap and the S&P BSE small-cap declined significantly, by 2.45 per cent and 2.51 per cent respectively. The BSE market breadth was bearish with 2,052 declines and 546 advances.
On the currency front, the rupee weakened by five paise to end at 68.58 per dollar, against the previous close of 68.53 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 625.68 crore and the domestic institutional investors sold stocks worth Rs 70.30 crore.
Sector-wise, the gainers were the S&P BSE IT index and the teck (technology, entertainment and media) stocks which rose by 112.89 points and 23.91 respectively.
On the contrary, the S&P BSE metal index plunged 461.08 points, the healthcare index was down 458.49 points and the auto index ended 402.05 points lower from its previous close.
The major gainers on the Sensex were NTPC, up 1.96 per cent at Rs 155.70; Infosys, up 1.83 per cent at Rs 1,333.05; HDFC, up 0.95 per cent at Rs 1,991.55; Wipro, up 0.86 per cent at Rs 283.10; and Hindustan Unilever, up 0.73 per cent at Rs 1,753.85 per share.
The top losers were Tata Steel, down 6.96 per cent at Rs 519.30; Tata Motors (DVR), down 5.02 per cent at Rs 142.75; Tata Motors, down 4.77 per cent at Rs 251.55; Sun Pharma, down 4.69 per cent at Rs 532.95; and Bharti Airtel, down 3.31 per cent at Rs 346.20 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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