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Equity indices rise for 6th straight week; IT stocks gain (Market Review)
By Rituraj Baruah
Mumbai, Sep 1 (IANS) Firm global cues lifted the Indian equity market for the sixth consecutive week as both the key indices — S&P BSE Sensex and the NSE Nifty50 — rose by over one per cent during the August 27-31 period.
Accordingly, the BSE Sensex hit an all time high of 38,989.65 points and the NSE Nifty50 touched a record level of 11,760.20 points. Both, Sensex and Nifty also set new respective closing highs of 38,896.63 points and 11,738.50 points during the week.
Global investor sentiments firmed up earlier in the week as US and Mexico reached an agreement on revising the North American Free Trade Agreement enforced since 1994.
The global development strengthened sentiments as trade-war concerns have off-late heightened investment risk across the globe, analysts told IANS.
The indices, however were subdued in the later part of the week as the Indian rupee slumped to unprecedented low levels against the US dollar and the fears over US-China trade war flared.
On a weekly basis, the S&P BSE Sensex closed at 38,645.07 points, higher 393.27 points or 1.03 per cent from its previous close.
Similarly, the wider Nifty50 on the National Stock Exchange on Friday ended at 11,680.50 points, higher 123.40 points or 1.07 per cent from the previous week’s close.
“Benchmark indices gained for the sixth week in a row on favourable global cues,” said Rahul Sharma, Senior Research Analyst at Equity99.
Sharma, however added renewed US-China trade war concern capped gains.
According to Hem Securities’ Director Prateek Jain, US-China tariff war hurt the emerging markets and also pushed the rupee to an all-time low.
The Indian rupee touched a new low of 71 per dollar on Friday. It settled at 70.99-71 per greenback, around Rs 1.09 weaker than the previous week’s close of 69.91 per dollar.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 579.20 crore and the domestic institutional investors bought stocks worth Rs 605.27 crore in the past week.
Figures from the National Securities Depository Ltd (NSDL) showed that foreign portfolio investors (FPIs) invested Rs 46.36 crore, or $6.47 million in the equities segment during August 27-31.
Sector-wise, metal, IT and pharma stocks were the top gainers while the major losers were media and energy stocks, according to Deepak Jasani, Head of Retail Research at HDFC Securities.
The top weekly Sensex gainers were Power Grid (up 5.11 per cent at Rs 200.60), Tata Steel (up 4.55 per cent at Rs 601.65), Tata Motors (up 4.50 per cent at Rs 267.10), Infosys (up 4.35 per cent at Rs 1,440) and Bharti Airtel (up 4.03 per cent at Rs 383.35 per share).
The major losers were Yes Bank (down 8.34 per cent at Rs 343.40), Reliance Industries (down 2.90 per cent at Rs 1,240.95), Asian Paints (down 1.54 per cent at Rs 1,240.95), Coal India (down 1.48 per cent at Rs 286.10) and IndusInd Bank (down 1.21 per cent at Rs 1,903.85 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.