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Inflationary risks, global cues drag Sensex, Nifty down; both tank over 1% (Roundup)
Mumbai, Sep 11 (IANS) Inflationary risks on the back of higher crude oil prices and a weak rupee coupled with a rise in global protectionist measures dragged the key Indian equity indices deep into the red on Tuesday.
According to market observers, foreign fund outflows and downturn in Asian and European markets dented domestic investors’ sentiments.
Consequently, the S&P BSE Sensex plunged 509 points and the NSE Nifty50 ended below 11,300 points.
Index-wise, the Nifty50 of the National Stock Exchange (NSE) closed at 11,287.50 points, lower by 150.60 points or 1.32 per cent from its previous close of 11,438.10 points.
The benchmark S&P BSE Sensex, which had opened at 38,017.49 points, closed at 37,413.13 points, lower by 509.04 points or 1.34 per cent from the previous close of 37,922.17 points.
It touched an intra-day high of 38,043.27 points and a low of 37,361.20 points.
In the broader markets, the S&P BSE Mid-cap declined by 1.36 per cent and the S&P BSE Small-cap ended 1.37 per cent lower from its previous close.
The BSE market breadth was bearish with 1,872 declines against 845 advances. The total number of stocks traded on the exchange were 2,867 and only 150 scrips ended unchanged.
“Markets corrected further on Tuesday after a shaky opening. The losses came on the back of negative global cues as concerns over escalating tensions surrounding the US-China trade war continued to dampen investor sentiments,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
On the currency front, the Indian rupee touched a new closing low of 72.69 to the US dollar on Tuesday after it touched a fresh low of 72.74.
The Indian rupee settled 24 paise weaker than its previous close of 72.45 per greenback.
“Selling continued as worries over widening deficit due to rising oil price and weak rupee added clouds over investor’s sentiment,” said Vinod Nair, Head of Research, Geojit Financial Services.
“FMCG was hit the most today owing to weak market sentiment and stretched valuation. The threat of trade tariffs, outflow of foreign funds and concern on domestic macros will influence investors to stay on a cautious note.”
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrips worth Rs 1,454.36 crore and domestic institutional investors bought stocks worth Rs 749.62 crore.
Sector-wise, all the S&P BSE indices ended in the red. The consumer durables index lost the most, by 510.74 points, the banking index declined by 428.64 points and the auto index slipped 368.54 points from its previous close.
The main gainers on the Sensex were Coal India, up 0.95 per cent at Rs 282.80; NTPC, up 0.36 per cent at Rs 169.55; Infosys up 0.31 per cent at Rs 734.25; Mahindra and Mahindra, up 0.26 per cent at Rs 940.45; Asian Paints, up 0.26 per cent at Rs 1,295.85 per share.
The majors losers were Tata Steel, down 3.46 per cent at Rs 592.30; Power Grid, down 3.21 per cent at Rs 186.85; Hero MotoCorp, up 3.06 per cent at Rs 3,178; Tata Motors, down 3.03 per cent at Rs 267.20; and ITC, down 2.92 per cent at Rs 297.25 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.
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