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Sensex, Nifty end 2% lower amidst global sell-off and weak rupee (Roundup)
Mumbai, Oct 11 (IANS) A massive slide in global stock markets, along with fears of continued foreign fund outflows and a weak rupee plunged India’s key equity indices by over two per cent on Thursday.
The correction was partly triggered after International Monetary Fund head Christine Lagarde’s commented that stock market valuations had been “extremely high”. This spurred a meltdown in the US markets overnight, spilling over to Asia on Thursday.
Consequently, investors’ sentiments at both the key domestic indices were also impacted. In a volatile trading session on Thursday, the barometer index, Sensex, had crashed over 1,000 points at one point.
In addition to global equities slump, expectations that the US Federal Reserve will continue to hike rates, leading to a greater exodus of foreign funds from domestic indices, also hurt demand for the Indian currency and equities.
On Thursday, the Indian rupee touched a fresh low of 74.48 before closing at 74.12, recovering eight paise from its previous close of 74.20 per US dollar.
Heavy selling pressure was witnessed in banking, automobile, IT and capital goods stocks. All 19 sector-based indices on the BSE, except the metals index, traded in the red.
Index-wise, the NSE Nifty50 closed at 10,234.65, down 225.45 points or 2.16 per cent.
The benchmark S&P BSE Sensex, which had opened at 34,063.82 points, settled at 34,001.15 points, down 759.74 points or 2.19 per cent.
The Sensex touched an intra-day high of 34,325.18 and a low of 33,723.53.
“Market fell to a six month low after the US market dragged down yesterday due to concerns over US Fed rate hike trajectory and trade tensions,” Vinod Nair, Head of Research, Geojit Financial Services, told IANS.
“However, INR gained due to falling oil prices and slide in domestic bond yield. Oil prices declined in expectation of increased production and if this trend continues, the rupee may find some stability.”
HDFC Securities Head of Retail Research Deepak Jasani said: “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 10,139 points while further upside rallies could find resistance at 10,336-10,482 points.”
In terms of fund flows, provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 2,869.41 crore, whereas the domestic institutional investors bought Rs 1,888.18-crore stocks.
The forign fund-out flow has reached at around Rs 17,000 crore this month alone.
In the last eight sessions beginning October 1, FIIs have sold shares worth about Rs 17,000 crore.
“The FII take cues from the macros of a country. India’s current macro-economic senario does not inspire confidence due to the decline in the rupee,” said Astha Jain, Senior Analyst, Hem Securities.
The Sensex had only three gainers: ONGC, up 2.86 per cent at Rs 152.90; Yes Bank, up 2.54 per cent at Rs 240; Hindustan Unilever, up 0.75 per cent at Rs 1,538.50 from its previous close.
Major losers included State Bank of India, down 5.74 per cent at Rs 262.15 (SBI);Tata Steel, down 4.60 per cent at Rs 556.25; Vedanta, down 4.45 per cent at Rs 208.25; Mahindra and Mahindra, down 4.44 per cent at Rs 730.20; Infosys, down 3.61 per cent at Rs 675 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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