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Global cues, rupee to chart course of equity indices (Market Outlook)
By Rohit Vaid
Mumbai, Aug 19 (IANS) Fears over a rise in global protectionist measures, along with rupee movement and direction of foreign funds, are likely to chart the course of major domestic equity indices during the week starting on August 20.
“Global risk will drive the market sentiments next week. The news on US-China talks to resolve trade disputes later in the year will boost the sentiment,” Devendra Nevgi, Delta Global Partners Founder and Principal Partner, told IANS.
“The news emanating from Jackson Hole Symposium, where the US Fed Chairman is expected to comment on the policy rates, will be watched next week,” Nevgi added.
Consequently, investors will remain cautious over the possibility of any impending hike in the US interest rates which can potentially drive away Foreign Portfolio Investors (FPIs) from emerging markets such as India.
“Besides, rupee movement and crude oil price movements along with inflow and outflow by the foreign and domestic players will dictate the trend of the market going ahead,” SMC Investments & Advisors’ Chairman and Managing Director D.K. Aggarwal told IANS.
According to Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, the Indian rupee is expected to range from 69.50 to 70.50 against the US dollar in the coming week.
In recent days, geo-political tensions between the US and Turkey, wider trade deficit, along with outflow of foreign funds have pulled the Indian rupee to fresh record intra-day and closing lows.
On Thursday, the Indian rupee plunged to an intra-day level of 70.39-40 — its lowest-ever mark — against the greenback, prompting some automobile manufacturers and other import dependent sectors to raise prices.
It settled at a record closing low of 70.16 against the US dollar on Thursday.
Besides the rupee, foreign fund inflows into the country might get impacted due to “global risk aversion”.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 2,028.47 crore during August 13-16.
“Emerging market sentiment remains negative which is reflected in the net selling by FPI, and the DII support is vital for the continued momentum in the markets,” Nevgi said.
On technical levels, the National Stock Exchange (NSE) Nifty50 remains in an uptrend.
“Technically, with the Nifty surging to new highs, its intermediate trend remains up,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“The intermediate uptrend is likely to continue once the immediate resistance of 11,495 points is taken out. Crucial supports to watch for resumption of weakness is at 11,340 points.”
Last week, both key Indian equity indices — S&P BSE Sensex and NSE Nifty 50 — rose on the back of easing inflation data along with broadly positive global cues.
However, a slump in the Indian rupee limited the gains on equity indices.
On a weekly basis, the S&P BSE Sensex closed at 37,947.88 points, higher 78.65 points or 0.21 per cent from its previous week’s close.
Similarly, the wider NSE Nifty50 made substantial gains. On Friday, it ended at a record closing high of 11,470.75 points, higher 41.25 points or 0.36 per cent from the 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
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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