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Healthy Q1 earnings, foreign funds lift equity indices (Roundup)
Mumbai, July 31 (IANS) After a largely volatile trade, healthy quarterly earnings results along with fresh influx of foreign funds and expectations of a dovish monetary policy aided the key Indian equity indices to pare their initial losses and end Tuesday’s trade session on a record high.
Besides, appreciation in the Indian rupee also supported gains in the indices, analysts said.
However, the day’s trade session was volatile ahead of the Reserve Bank of India’s monetary policy review on Wednesday.
Index-wise, the wider Nifty50 on the National Stock Exchange settled at 11,356.50 points, higher by 36.95 points and 0.33 per cent from its previous close.
It touched a fresh high of 11,366 points during the intra-day trade.
The S&P BSE Sensex, which had opened at 37,534.95 points, closed at 37,606.58 points, higher by 112.18 points or 0.30 from its previous close of 37,494.40 points.
The barometer touched a record intra-day high of 37,644.59 points and a low of 37,298.75.
“Caution ahead of tomorrow’s RBI and US Fed policy led the indices to start on a weak note. However, strength in earnings supported the market to reverse from day’s low and ended up with a gain,” said Vinod Nair, Head of Research at Geojit Financial Services.
Deepak Jasani, Head of Retail Research at HDFC Securities, said: “Markets continued to surge higher on Tuesday to close at yet another new lifetime high. This was the eight consecutive up closing for the Nifty.
“The gains came on the back of up-moves in index heavyweights Reliance Industries, Hindustan Unilever and Infosys as investors focussed on the RBI’s bi-monthly policy meeting that will end on Wednesday.”
In a major development, Reliance Industries Ltd (RIL) on Tuesday surpassed Tata Consultancy Services (TCS) in terms of market capitalisation (market-cap) in India.
At closing, the market-cap of Reliance Industries on the BSE stood at around Rs 7.51 lakh crore, against the Rs 7.43 lakh crore worth of market-cap of Tata Consultancy Services.
The rise in market-cap of the RIL came on the back of healthy results for the June-ended quarter, analysts said.
The share price of RIL on BSE settled at Rs 1,185.85 on Tuesday, higher by 36.15 points or 3.14 per cent from its previous close.
On the currency front, the rupee closed at 68.55, appreciating by 13 paise from the previous close of 68.68 per dollar.
Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrip worth Rs 572.21 crore and the domestic institutional investors sold stocks worth Rs 290.87 crore.
Sector-wise, the S&P BSE consumer durables index gained the most, by 209.82 points, followed by the capital goods index, which rose by 171.30 points and the IT index, up 116.18 points.
On the contrary, S&P BSE banking index fell by 138.18 points, the finance index fell 33.38 points, utilities index was marginally down, by 0.87 points.
The major gainers on the Sensex were Hero MotoCorp, up 2.77 per cent at Rs 3,293.80; Hindustan Unilever, up 2.52 per cent at Rs 1,731.60; Adani Ports, up 2.41 per cent at Rs 400.10; and Bharti Airtel, up 1.97 per cent at Rs 390.70 per share.
The major losers were Axis Bank, down 3.23 per cent at Rs 550.10; Tata Motors (DVR), down 2.04 per cent at Rs 144.20; HDFC, down 1.64 per cent at Rs 1,994.75; State Bank of India, down 1.33 per cent at Rs 293.40; and ITC, down 1.30 at Rs 297.20 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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