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Profit booking subdues equity indices, banking stocks down (Roundup)

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Mumbai, Aug 7 (IANS) Profit booking, along with concerns over global protectionist measures, subdued the Indian equity indices on Tuesday.

According to market observers, heavy selling pressure in oil and gas, banking and healthcare stocks capped the gains.

Index-wise, the 30-scrip Sensitive Index (Sensex) closed the day’s trade at 37,665.80 points, down by 26.09 points and 0.07 per cent from its previous close.

The barometer index touched a fresh record high of 37,876.87 points and a low of 37,586.88 points during the intra-day trade.

In contrast, the broader 50-scrip Nifty of the National Stock Exchange (NSE) closed on a flat-to-positive note at 11,389.45 points, up by just 2.35 points or 0.02 per cent.

“Market was range bound after touching a new high and ended up with a marginal gain. Global cues were positive despite concerns of trade tensions,” said Geojit Financial Services’ Head of Research Vinod Nair.

“Back home, PSU banks slid on account of profit booking after two consecutive days of rally. Earnings were largely in line with market expectation while positive guidance for sectors like consumer durables, pharma and select large caps will enthuse the market to have a positive momentum.”

BNP Paribas Mutual Fund’s Senior Fund Manager Equities Market Abhijeet Dey said: “Stock markets in India started the day on a buoyant note and scaled a record high, amidst mild volatility.”

“However, key benchmark indices subsequently reversed initial gains to trade in the negative zone in the mid-morning trade to finally close near the flat line.”

On the currency front, the rupee strengthened by 11 paise to 68.68 against the US dollar from the previous close of 68.89 per greenback.

Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrip worth Rs 314.83 crore, while the domestic institutional investors sold stocks worth Rs 319.90 crore.

Sector-wise, the S&P BSE consumer durables index rose by 267.70 points, the S&P BSE metal index was up 163.47 points and the auto index ended higher by 37.49 points.

Against this, the S&P BSE oil and gas index declined by 155.77 points, followed by the banking index, which was down 80.79 points and the healthcare index which ended lower by 62.41 points.

The major gainers on the Sensex were Tata Steel, up 3.61 per cent at Rs 573.40; Asian Paints, up 1.63 per cent at Rs 1,419.60; NTPC, up 1.31 per cent at Rs 158.60; Vedanta, up 1.25 per cent at Rs 226.80; and Maruti Suzuki up 1.18 per cent from Rs 9396.80 per share.

The major losers were Adani Ports, down 6.49 per cent at Rs 371.95; Coal India, down 2.63 per cent at Rs 275.40; State Bank of India, down 1.47 per cent at Rs 304.00; Bharti Airtel, down 1.26 per cent at Rs 381.35; and ONGC, down 1.24 per cent at Rs 167.10 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

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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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