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Trade tensions dent indices; equities slip for third consecutive day (Roundup)

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Mumbai, Sep 19 (IANS) Broadly negative global cues on the back of escalation in trade tensions dragged the key Indian equity indices into the red on Wednesday.

Additionally, heavy selling pressure in banking, healthcare and FMCG counters, outflow of foreign funds and high crude oil prices eroded investors’ risk taking appetite for the third consecutive session.

However, an appreciation in the rupee’s value against the US dollar arrested the market’s slide.

Index-wise, the wider NSE Nifty50 closed at 11,234.35 points, lower by 44.55 points or 0.39 per cent from the previous close of 11,278.90 points.

The S&P BSE Sensex, which had opened at 37,432.93 points, closed at 37,121.22 points, lower by 169.45 points or 0.45 per cent from the previous close of 37,290.67 points.

It touched a high of 37,530.63 points and a low of 37,062.69 during the day’s trade.

“Markets continued to correct on Wednesday. It was the third consecutive session of losses for the Nifty,” said Deepak Jasani, Head of Retail Research, HDFC Securities.

“Broad market indices like the BSE Mid Cap and Small Cap indices lost more, thereby underperforming the main indices. Market breadth was negative on the BSE and the NSE.”

According to Vinod Nair, Head of Research, Geojit Financial Services: “Stock markets in India continued their downward trajectory as trade-war fears threatened to derail global economic growth.”

“Sectoral performance, though mixed, was largely skewed towards the negative.”

On the currency front, the Indian rupee closed at 72.37, recovering 61 paise from its previous close of 72.98 per greenback.

Investment-wise, provisional data with the exchanges showed that foreign institutional investors sold scrip worth Rs 2,184.55 crore and domestic institutional investors bought stocks worth Rs 1,201.30 crore.

Sector-wise, metal stocks gained 173.65 points, oil and gas gained 143.28 points and IT stocks edged up by 23.21 points.

On the other hand, the S&P BSE banking index lost 152.39 points, the Healthcare index was down 93.30 points and the FMCG ended 131.23 points lower from its previous close.

The top gainers on the Sensex were Coal India, up 2.60 per cent at Rs 280.55; ONGC, up 1.90 per cent at Rs 176.65; Tata Steel, up 1.31 per cent at Rs 620.45; Hero MotoCorp, up 0.99 per cent at Rs 3,142.35; and Kotak Mahindra , up 0.88 per cent at Rs 1227 per share.

The losers were IndusInd Bank, down 3.05 per cent at Rs 1,804.60; Maruti Suzuki, down 2.30 per cent at Rs 8,207; HDFC Bank down 1.58 at Rs 1,961.95; Yes Bank, down 1.44 per cent at Rs 318.50; HDFC, down 1.35 per cent at Rs 1,831.15 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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