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Bargain buying halts equity market’s 5-day losing streak, Sensex up 350 points (Roundup)
Mumbai, Sep 25 (IANS) After shuttling between the red and the green through the day, the key Indian equity indices finally ended their five-day losing streak and closed nearly one per cent higher on Tuesday as investors took to bargain buying.
The S&P BSE Sensex ended nearly 350 points higher and the NSE Nifty50 was able to regain the 11,000-mark.
Although the session was largely volatile, buying picked up in the last hour of trade, which helped the indices close on a positive note.
The Nifty50 on the National Stock Exchange provisionally closed at 11,067.45 points, higher 100.05 points or 0.91 per cent from its previous close.
The BSE Sensex, which had opened at 36,350.25 points, closed at 36,652.06 points, up 347.04 points or 0.96 per cent from its previous close of 36,305.02 points.
It touched an intra-day high of 36,705.79 points and a low of 36,064.10 points.
“Benchmark indices opened the day lower and oscillated around the flat line through the day to finally close with gains of over one per cent,” said Abhijeet Dey, Senior Fund Manager for Equities at BNP Paribas Mutual Fund.
“Global sentiment was muted as well as investors turned cautious, after the latest round of US-China tariffs revived fears that the trade dispute would negatively impact global growth, while crude oil (prices) rose to near four-year highs after Saudi Arabia and Russia ruled out immediate production increases,” he said.
Brent crude oil is currently around $82 per barrel.
HSFC Securities’ Head of Retail Research, Deepak Jasani, said Nifty had opened on a negative note, but buying soon resumed as bargain hunting emerged and pushed the index higher.
On the currency front, the Indian rupee closed at 72.69 per US dollar, weaker six paise from its previous close of 72.63 per greenback.
Investment-wise, provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 1,231.70 crore and domestic institutional investors bought stocks worth Rs 2,284.26 crore.
The top Sensex gainers were: Axis Bank, up 2.96 per cent at Rs 615.25; HDFC, up 2.95 per cent at Rs 1,771.75; Kotak Mahindra Bank, up 2.88 per cent at Rs 1,182.50; Hindustan Unilever, up 2.72 per cent at Rs 1,634.30; and Maruti Suzuki, up 2.66 per cent at Rs 8,003.30 per share.
On the other hand, major Sensex losers were: Power Grid, down 3.07 per cent at Rs 192.35; Yes Bank, down 2.83 per cent at Rs 219.85; Coal India, down 2.22 per cent at Rs 275.20; Adani Ports, down 2.04 per cent at Rs 338.70 and Tata Steel, down 1.10 per cent at Rs 599.95 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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