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Easing inflation, global cues lift equity indices; weak rupee limits gains (Market Review)
By Rituraj Baruah
Mumbai, Aug 18 (IANS) Easing inflation data along with braodly positive global cues lifted the key Indian equity indices during the week with the NSE Nifty50 ending at a record closing level on Friday.
India’s annual rate of inflation based on wholesale prices eased to 5.09 per cent in July from a high of 5.77 per cent in June, official data showed on Tuesday. The retail inflation for July released on Monday stood at 4.17 per cent, down from 4.92 per cent in June.
However, a slump in the Indian rupee tracking weakness in its global peers and a wider trade deficit limited the gains on the equity indices.
On a weekly basis, the S&P BSE Sensex closed at 37,947.88 points, higher by 78.65 points or 0.21 per cent from its previous close.
Similarly, the wider Nifty50 on the National Stock Exchange made gains. On Friday, it ended at a record closing high of 11,470.75 points, higher by 41.25 points or 0.36 per cent from the previous week’s close.
Market breadth was negative in three out of the four trading sessions of the week, analyst said.
Markets extended winning streak for the third consecutive week as the Index of Industrial Production and Consumer Price Index data gave boost to the market, said Rahul Sharma, Senior Research Analyst at Equity99.
According to Hem Securities’ Director, Prateek Jain, “Traders and investors saw modest losses due to Turkish concerns in the beginning of the week. But, towards the fag end of the week, markets reflected recovery.”
On the currency front, the rupee settled at its lowest closing level of 70.16 on Thursday, weakened by 1.33 paise from its previous week’s close of 68.83 per greenback.
The rupee on Thursday also touched an all time low of 70.39-40 per dollar. Globally, currencies depreciated against the greenback for most part of the week following a plunge in the Turkish “Lira”. Forex trade in India was shut on Friday on account of Parsi New Year.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrip worth Rs 2,028.47 crore, while the domestic institutional investors both stocks worth Rs 893.43 crore in the past week.
Figures from the National Securities Depository (NSDL) showed that foreign portfolio investors (FPIs) invested Rs 159.66 crore, or $24.67 million, in the equities segment during August 13-16.
Sector-wise, pharma, IT, FMCG and realty gained, while media, PSU, infrastructure, financial services and metals fell, said Deepak Jasani, Head of Retail Research at HDFC Securities.
The top weekly Sensex gainers were Sun Pharma (up 9.22 per cent at Rs 623.30); ITC (up 3.94 per cent at Rs 313.75); Infosys (up 3.70 per cent at Rs 1,431.35); Yes Bank (up 3.07 per cent at Rs 392.95); and Mahindra and Mahindra (up 2.97 per cent at Rs 961 per share).
The major losers were Vedanta (down 6.72 per cent at Rs 215); Tata Motors (DVR) (down 5.06 per cent at Rs 136); HDFC (down 4.75 per cent at Rs 1,883.60); SBI (down 4.57 per cent at Rs 302.00); and Larsen and Toubro (down 3.58 per cent at Rs 1,240.30 per share).
(Rituraj Baruah 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
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.