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Monetary policy, macro-data, monsoon to set equity markets’ course (Market Outlook)

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By Rohit Vaid
Mumbai, July 29 (IANS) The upcoming monetary policy review coupled with the ongoing financial results season and key macro-economic data points will influence the trajectory of key equity indices in the week ahead, analysts opined.

According to market observers, direction of foreign fund flows, rupee’s movement against the US dollar as well as global crude oil prices will also affect investors sentiments.

“The next week is dominated by macro data and RBI monetary policy meeting,” Devendra Nevgi, Founder and Principal Partner, Delta Global Partners, told IANS.

“On the RBI policy, the markets are divided on policy rate hike in the next weeks meeting. The decision weightage given by MPC to core inflation is crucial and whether RBI changes its stance from neutral to hawkish. RBI is likely to be data dependent and cautious on hikes.”

Besides the monetary policy review slated for July 31-August 1, investors will look out for macro-economic data points such as the eight core industries’ (ECI) output and the country’s fiscal deficit numbers.

In addition, the PMI manufacturing and services’ figures, along with monthly automobile sales data will be released during the week.

Furthermore, companies like Axis Bank, HDFC, Idea Cellular, IndiGo, Piramal Enterprises, Tech Mahindra, EIH, Tata Motors, Vedanta, Reliance Infra, ONGC and SAIL are expected to announce their Q1 earning results next week.

“Going forward, besides the movement of rupee against the dollar and crude oil price movement, the next batch of April to June 2018 quarterly earnings and developments in monsoon session of parliament will dictate trend on the bourses next week,” SMC Investments & Advisors Chairman and Managing Director D.K. Aggarwal told IANS.

On a weekly basis, the rupee strengthened by 19 paise to close at 68.66 from its previous week’s close of 68.85 per greenback.

In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors bought scrip worth Rs 2,539.58 crore during the previous week.

As per technical charts, the underlying trend for the National Stock Exchange (NSE) Nifty remains bullish as it closed last week on a new record high.

“It could now face resistance at 11,410 points-level, while downside support is at 11,071-points-mark,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

Last week, the S&P BSE Sensex and NSE Nifty50 closed at their respective high levels on the back of healthy quarterly earnings and GST rate cuts on over 50 consumer items.

Consequently, the barometer 30-scrip Sensex of the BSE closed at 37,336.85 points — up 840.48 points or 2.30 per cent from the previous close.

Similarly, the wider Nifty50 on the National Stock Exchange (NSE) settled at 11,278.35 points, higher by 268.15 points or 2.44 per cent — from its previous week’s close.

(Rohit Vaid can be contacted at [email protected] )
–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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