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Oil prices, short covering buoy equity markets (Roundup)
Mumbai, Oct 8 (IANS) Value buying along with short-covering and a slight decline in global crude oil prices buoyed the key domestic equity indices on Monday after three consecutive sessions of losses.
In addition, expectations of a positive set of corporate earnings during the upcoming second quarter result season aided in the upward trajectory.
Sector-wise, healthy buying was witnessed in oil and gas, banking and auto counters. The recovery in oil and gas stocks came after the Minister for Petroleum and Natural Gas Dharmendra Pradhan told reporters that Indian companies will continue to buy Iranian oil beyond November despite US sanctions.
Further, he categorically said that fuel prices will not be deregulated.
The sector had come under heavy selling pressure last week post the excise duty and fuel price cut.
Index-wise, the Nifty50 of the National Stock Exchange, closed at 10,348.05 points up 31.60 points or 0.31 per cent from its previous close.
The benchmark S&P BSE Sensex which opened at 34,412.36 points closed at 34,474.38 points, up 97.39 points or 0.28 per cent from its previous close.
The Sensex touched an intra-day high of 34,636.43 points and a low of 33,974.66 points during the intra-day trade.
However, in terms of broader markets, the S&P BSE Mid-cap index declined by 1.99 per cent, while the S&P BSE Small-cap index slipped by 2.01 per cent, from their previous close.
“Stock markets in India traded under the radar for most of the day only to witness a sharp recovery in the last thirty minutes of trade,” said Abhijeet Dey, Senior Fund Manager – Equities, BNP Paribas Mutual Fund.
“The recovery was led by buying interest in select banking, energy and automobile names.”
According to Deepak Jasani, Head of Retail Research at HDFC Securities: “Technically, while the Nifty remains in a downtrend, we remain open to pullback rallies that could push the Nifty higher in the near term.”
“Immediate supports are now at 10,198 points, while further upside rallies could find resistance at 10,398 points.”
On the currency front, the Indian rupee closed at 74.07 (74.0650) per US dollar — fresh closing low — 30 paise weaker than its previous close of 73.77.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold stocks worth Rs 1,805.07 crore and domestic institutional investors bought stocks worth Rs 1,973.97 crore.
The top gainers at the Sensex were Yes Bank, up 7.08 per cent at Rs 220.80; Reliance Industries, up 5.53 per cent at Rs 1,107.95; Hero MotoCorp, up 5.14 per cent at Rs 2,881.75; Kotak Mahindra Bank, up 4.62 per cent at Rs 1,102 and State Bank of India, up 3.18 per cent at Rs 266 from its previous close.
On the other hand, major losers included Vedanta, down 10.78 per cent at Rs 206.85; HDFC, down 2.62 per cent at Rs 1,670.15; Wipro, down 2.14 per cent at Rs 318.35; Axis Bank, down 2.10 per cent at Rs 556.50; and Tata Motors, down 1.75 per cent at Rs 212.75 per share.
–IANS
ravi-rv/vm
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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.