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Value buying, Q2 expectations push indices; Sensex up over 460 points (Roundup)

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Mumbai, Oct 10 (IANS) Attractive valuations, along with a stable rupee and expectations of a healthy second quarter earning results, pushed the key domestic equity indices higher on Wednesday.

Healthy buying in banking, capital goods and automobile stocks, coupled with the hopes of revival of the non-banking financial companies (NBFCs) enhanced investors’ risk-taking appetite.

According to analysts, key Indian equity indices which opened on a positive note maintained the gains aided by a slight drop in crude oil prices.

HDFC Securities Head of Retail Research Deepak Jasani said: “Markets rallied strongly on Wednesday after the correction seen in the previous session.”

“Value buying seemed to emerge after the recent sharp fall in the markets. Sentiments also improved on the back of the central bank (RBI)’s decision to inject liquidity into the system through purchase of government bonds.”

Kotak Securities’ Head of Fundamental Research Rusmik Oza said: “I would view this as a relief rally, after the fall of the stock market in the recent past, led by NBFCs. This pull-back effect was long due. It comes after the SBI on Tuesday said that they will buy assets from NBFCs.”

“Having said that, there is still uncertainty, we are definitely not out of the woods as other public sector banks are low on cash.”

Index-wise, the NSE Nifty50 closed at 10,460.10 points, up 159.05 points or 1.54 per cent.

The benchmark S&P BSE Sensex, which had opened at 34,493.21 points, settled at 34,760.89 points, up 461.42 points or 1.35 per cent from the previous close.

The Sensex touched an intra-day high of 34,858.35 points and a low of 34,346.50.

The Indian rupee closed at 74.20, recovering 19 paise from its previous close of 74.39 per US dollar — the all-time closing low.

In terms of fund flows, provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 1,096.05 crore, whereas the domestic institutional investors bought Rs 1,892.94-crore stocks.

The top Sensex gainers were Axis Bank, up 6.62 per cent at Rs 589.35; State Bank of India, up 5.88 per cent at Rs 278.10; Maruti Suzuki, up 4.77 per cent at Rs 7,011.15; Yes Bank, up 4.44 per cent at Rs 234.05; and ICICI Bank, up 4.18 per cent at Rs 318.90 from its previous close.

Major losers included Infosys, down 2.38 per cent at Rs 700.30; Tata Consultancy Services (TCS), down 2.27 per cent at Rs 2,043.05; Sun Pharma, down 1.12 per cent at Rs 603; Wipro, down 1.05 per cent at Rs 316.85; and Coal Industries, down 0.48 per cent at Rs 271.60 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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