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Rupee movement, trade tensions to set course of equity indices (Market Outlook)
By Rohit Vaid
Mumbai, Sep 2 (IANS) Escalating geo-political tensions following further trade protectionist measures, coupled with high crude oil prices and the rupee’s movement against the US dollar will determine the trajectory of the Indian equity markets in the coming week, analysts said.
According to market observers, other factors such as the direction of foreign fund flows along with healthy GDP growth numbers and the upcoming macro-data points are also expected to influence investors’ sentiments.
“The higher GDP growth rate numbers is likely to buoy the sentiments in the markets, though the infrastructure output slowed down and fiscal deficit rose,” Devendra Nevgi, Delta Global Partners Founder and Principal Partner, told IANS.
“The PMI (Purchasing Managers’ Index) and the auto numbers will be closely watched, after the higher GDP growth rate.”
Apart from last week’s GDP growth numbers, trends in global markets and the rupee’s movement against the US dollar will dictate trend of key indices.
“Macro-economic data, trend in global markets, the movement of rupee against the US dollar and crude oil price movement will dictate trend on the bourses in the near term,” SMC Investments and Advisors’ Chairman and Managing Director D.K. Aggarwal told IANS.
In recent days, geo-political developments have pulled the Indian rupee to fresh intra-day and closing lows.
On Friday, the Indian rupee plunged to over 71 — the lowest-ever mark — against the greenback, surpassing the previous record low of 70.85 to a US dollar.
The Indian currency closed last Friday’s trade at a new record low of 70.99-71 per dollar, 25 paise weaker than its previous close of 70.74 per greenback.
Rushabh Maru — Research Analyst at Anand Rathi Shares and Stock Brokers — told IANS: “Strong reading of India GDP data may provide some relief to rupee. However, any appreciation in the rupee would be temporary as importers may rush to cover their unhedged exposure on any appreciation opportunity.
“Exporters are likely to refrain from selling US dollars at this juncture as there are talks of rupee moving towards 72-73 levels.”
Besides the rupee, the direction of foreign fund flows will also set the course for the key indices.
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.
“Domestic market may see some more consolidation in the near term given sharp rally in last two weeks,” said Vinod Nair, Head of Research at Geojit Financial Services.
“However, we expect the downside is limited given improvement domestic macros and revival in corporate earnings.”
Last week, firm global cues lifted the Indian equity market for the sixth consecutive week as both S&P BSE Sensex and NSE Nifty50 rose by over one per cent.
Accordingly, 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 ended last Friday’s trade session at 11,680.50 points, higher 123.40 points or 1.07 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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