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Trade-war fears halt equity indices’ record run; banking stocks fall (Roundup)
Mumbai, Aug 24 (IANS) Trade-war concerns and the resultant weak global sentiments subdued the key Indian equity indices on Friday, halting the recent record run.
Of late, the Indian equity market has been hovering around record levels, and on Thursday both the key indices of S&P BSE Sensex and the NSE Nifty50 had touched their respective all-time intra-day and closing highs.
On Friday, however, sentiments in both the domestic and global markets were subdued as China and the US could not achieve a major breakthrough in their latest round of talks. Rather, the trade war escalated on Thursday as both the countries enforced 25 per cent tariffs on each other’s goods worth $16 billion.
Index-wise, the wider Nifty50 on the National Stock Exchange closed at 11,557.10 points, down by 25.65 points or 0.22 per cent from its previous close of 11,582.75 points.
The benchmark BSE Sensex, which had opened at 38,366.79 points, closed at 38,251.80 points, lower by 84.96 points or 0.22 per cent from its previous close of 38,336.76 points. It touched an intra-day low of 38,172.77 points.
In the broader markets, the S&P BSE Mid-cap declined by 0.26 per cent and the S&P BSE small-cap ended 0.34 per cent lower than its previous close. The BSE market breadth was bearish with 1,569 declines and 1,140 advances.
“Sentiments turned sour after it became evident that there will be no major progress with respect to the ongoing trade conflict between China and the US,” said Abhijeet Dey, Senior Fund Manager for Equities at BNP Paribas Mutual Fund.
On the currency front, the Indian rupee opened on a weak note but recoverd to settle at 69.91 per dollar, 21 paise stronger than its previous close of 70.12 per dollar.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrips worth Rs 75.78 crore whereas domestic institutional investors purchased stocks worth Rs 904.75 crore.
Sector-wise, the S&P BSE metal index rose 249.30 points, the oil and gas index 63.98 points and the healthcare index 55 points.
In contrast, the S&P BSE banking index declined 254.91 points, the consumer durable index fell 172.66 points and auto index ended 112.52 points lower from its previous close.
The top gainers on the Sensex were Vedanta, up 4.26 per cent at Rs 223.95; ONGC, up 1.83 per cent at Rs 174.90; Axis Bank, up 1.23 at Rs 639.60; Wipro, up 0.97 per cent at Rs 292.30; and Mahindra and Mahindra, up 0.74 per cent at Rs 968.80 per share.
The majors losers were Yes Bank, down 3.52 per cent at Rs 374.65; Hero Motocorp, down 2.08 per cent at Rs 3,212.60; ICICI Bank, down 2.02 per cent at Rs 330.10; Adani Port, down 1.98 per cent at Rs 376.20 per share; and Indus Bank, down 1.57 per cent at Rs 1,927.25 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.