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Sensex, Nifty touch record levels as rupee recovers (Roundup)

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Mumbai, Aug 20 (IANS) Positive global cues on easing trade protectionist measures along with an appreciation in the Indian rupee lifted the key equity indices — S&P BSE Sensex and the NSE Nifty50 — to settle at fresh high levels on Monday.

On a intra-day basis, the BSE Sensex touched a fresh high of 38,340.69 points, while the Nifty50 climbed a peak of 11,565.30 points.

Index-wise, the wider NSE Nifty50 closed at 11,551.75 points, up 81 points or 0.71 per cent from its previous close of 11,470.75 points.

The benchmark BSE Sensex which had opened at 38,075.07 points, closed at 38,278.75 points, higher by 330.87 points or 0.87 per cent from its previous close of 37,947.88 points. It touched an intra-day low of 38,050.69 points.

In the broader markets, the S&P BSE Mid-cap ended higher by 1.05 per cent and the S&P BSE Small-cap rose by 0.14 per cent.

The BSE market breadth was tilted towards the bulls with 1,437 advances and 1,307 declines.

“Positive global stocks, optimism over a trade resolution between the USA and China and strong institutional activity at home fuelled investor sentiment and pushed the bourses to close the day with gains,” Abhijeet Dey, Senior Fund Manager for equities at BNP Paribas Mutual Fund.

The two economic giants are expected to hold lower-level trade talks this month, offering hope that they might resolve an escalating tariff war, Dey added.

Accordingly, major Asian markets closed on a positive note, barring the Nikkei and Straits indices and European indices including FTSE 100, DAX and CAC 40 traded in the green, said Deepak Jasani, Head of Retail Research at HDFC Securities.

Besides, global cues, the appreciation in Indian rupee supported the indices’ upward movement.

On Monday, the Indian rupee appreciated by 33 paise to settle at 69.83 per US dollar, from its record closing low of 70.16 per dollar on the previous trade session.

“The rupee has appreciated today as the US dollar index has witnessed profit booking,” Anand Rathi Shares and Stock Brokers’ Research Analyst Rushabh Maru told IANS.

“There is an optimism in the market that US and China would find a solution for ongoing trade conflict. So that has also supported the rupee.”

Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 483.04 crore and the domestic institutional investors purchased stocks worth Rs 593.22 crore.

Sector-wise, the S&P BSE capital goods index rose 668.41 points, the metal index was up 332.36 points and the auto index rose by 244.22 points.

In contrast, the S&P BSE IT index declined by 188.84 points, consumer durables fell 127.24 points and Teck (entertainment, technology and media) index ended lower by 76.07 points from its previous close.

The major gainers on the Sensex were Larsen and Toubro, up 6.74 per cent at Rs 1,323.95; Tata Motors (DVR), up 5.74 per cent at Rs 143.80, Tata Motors, up 4.74 at Rs 269.55; ONGC up 3.34 per cent, at Rs 168.55; and Tata Steel, up 3.24 per cent at Rs 599.40 per share.

The majors losers were Infosys, down 3.22 per cent at Rs 1,385.20; Maruti Suzuki, down 0.79 per cent at Rs 9,075.90; ICICI Bank, down 0.50 per cent at Rs 338.35; Axis Bank, down 0.46 per cent at Rs 624.20; and Hindustan Unilever, down 0.30 at Rs 1,775.40 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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