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Amid volatility equity indices end in red; banking, financial stocks bleed (Roundup)
Mumbai, Sep 21 (IANS) High volatility, following a likely credit crisis in the infrastructure lending and development sector, dragged the market in the red, with the S&P BSE Sensex swinging in around 1,500-point range on Friday.
A plunge of over 1,100 points was witnessed on the BSE Sensex around 1 p.m, only to recover from the day’s low within few minutes. Similarly, the NSE Nifty50 also recovered after dropping below the 11,000-mark.
Analysts described the slump as a result of panic sell-off and said the recovery came on the back of buying at lower levels.
Index-wise, the wider NSE Nifty50 closed at 11,143.10 points, lower 91.25 points or 0.81 per cent from the previous close of 11,234.35 points.
The S&P BSE Sensex, which had opened at 37,278.89 points, closed at 36,841.60 points, lower 279.62 points or 0.75 per cent from the previous close of 37,121.22 points.
The volatility in the market could be judged by a near 1,500-point swing during the day’s trade on the Sensex as it touched a high of 37,489.24 points and a low of 35,993.64 points.
“This negative sentiment led to a plunge in many stocks such as DHFL, Yes Bank, Indiabulls group… Firesale of financial units by IL&FS for repaying its CPs (commercial paper) added fuel to fire,” said Mustafa Nadeem, CEO, Epic Research.
He further said: “It was basically widespread to multiple companies, specifically to NBFC (non-banking financial companies) space, as there were concerns over credit risk.” Coupled with that, fall in private banks, NBFCs and infrastructure housing finance companies also aided the slump, he added.
The Dewan Housing Finance Corporation (DHFL) stocks led the sudden fall losing half its share price within few hours during the afternoon session of the trade. It closed at Rs 351.55 on BSE, lower 259.05 or 42.43 per cent from its previous close of Rs 610.60 a share.
Sector-wise, only energy, oil and gas stocks showed resistance while sell-off was witnessed in almost all sectors on Friday. The S&P BSE Energy index gained 35.47 points and oil and gas index gained 221.73 points.
On the other hand, very heavy selling pressure was witnessed in the banking and finance stocks. The S&P BSE Banking index lost 926.19 points, the finance index was down 146.78 points and the auto index down 276.89 points from its previous close.
On the currency front, the Indian rupee closed at 72.20 per US dollar, appreciating 17 paise from its previous close of 72.37 per greenback.
Investment-wise, provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 2,184.55 crore and domestic institutional investors bought stocks worth Rs 1,201.30 crore.
In a major stock-wise development, shares of Yes Bank lost 28.71 per cent to end at Rs 227.05 per share, after the Reserve Bank of India on Thursday decided not to extend the tenure of the bank’s CEO, Rana Kapoor.
The other major losers were Kotak Mahindra Bank, down 3.86 per cent at Rs 1,179.65; Tata Motors (DVR), down 3.79 per cent at Rs 131.85; Adani Ports down 2.94 at Rs 362; and IndusInd Bank, down 2.38 per cent at Rs 1,761.70 per share.
The top gainers on the Sensex were ONGC, up 1.95 at Rs 180.10; Wipro, up 1.38 per cent at Rs 337.35; ITC, up 1.37 per cent at Rs 303.75; TCS, up 1.30 per cent at Rs 2,103.80; and Asian Paints, up 1.07 per cent at Rs 1,303.10 per share.
–IANS
ravi-rrb/nir
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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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