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Lower oil prices, rupee propel markets out of downtrend (Market Review)
By Ravi Dutta Mishra & Rohit Vaid
Mumbai, Oct 13 (IANS) The Indian equity market came in for some rough weather due to global worries over high crude oil prices and US interest rates during the week just ended, but managed to catch the upside in the final session of trade.
However, the odds favoured a sixth week of decline, as the market swung widely with major losses of over 2 per cent in just one session — thereby pushing stock prices and the Indian currency down south.
The past week saw NSE Nifty50 fall to a six months’ low of 10,138 points led by outflows from debt and equity markets by foreign portfolio investors.
Currently, outflows have reached a worrying level. In just the nine trading sessions from October 1, foreign investors have sold stocks worth over Rs 17,000 crore. At this rate, the quantum might cross Rs 40,000 crore.
The worst month in over 10 years in this regard was January 2008 when the fund outflow crossed Rs 29,000 crore.
On a weekly basis, provisional figures from the stock exchanges showed that foreign institutional investors sold scrip worth Rs 8,335.12 crore, while the domestic institutional investors sold Rs 8,568.38 crore of stocks.
Notwithstanding the general downturn, the plunge in crude oil prices to around $80 per barrel saw a respite from the onslaught of negative sentiments. The downtrend in prices came after the US reported a sharp rise in its oil production.
Besides oil prices, attractive valuations and liquidity infusion by RBI lured domestic investors back to the Indian market.
In addition, the rupee’s recovery came in part as a result of lower oil prices and the central government’s decision to raise the import duty on selective telecom equipment smoothened investors’ nerves.
The rupee closed at 73.56 on Friday, strengthening by 21 paise from its previous week’s close of 73.77 per greenback.
Consequently, on a weekly basis, the S&P BSE Sensex closed at 34,733.58 points, up by 353.54 points or 1.02 per cent from its previous close.
Similarly, the wider Nifty50 of the National Stock Exchange made gains. It closed at 10,472.50 points, up 156.05 points or 1.51 per cent from the previous week’s close.
The market breadth on both NSE and BSE were positive in three out of the five trading sessions of the week.
“The market witnessed extreme volatility this week due to liquidity constraints, rising oil prices and depreciation in Indian rupee,” said Vinod Nair, Head Of Research at Geojit Financial Services.
“Negative sentiments over a slowing world economy due to the lingering trade war between the US and China and concerns over a Fed rate hike trajectory spooked global markets.”
Deepak Jasani, Head of Retail Research at HDFC Securities, said: “The top sectoral gainers for the on the BSE were media, energy, auto and power indices, as also the Bank Nifty. The top losers were IT and metal indices.”
The top weekly Sensex gainers were Yes Bank (up 19.64 per cent at Rs 246.70); Kotak Mahindra Bank(up 11.02 per cent at Rs 1,169.40); Reliance Industries(up 7.29 per cent at Rs 1,126.40); Adani Ports(up 7.08 per cent at Rs 323.45); and ONGC(up 6.98 per cent at Rs 157.20 per share).
The major losers were Tata Motors(down 15.31 per cent at Rs 183.40); Tata Motors(DVR)(down 13.88 per cent at 101.15 ); TCS(down 8.78 per cent at Rs 1,918.40); Vedanta(down 7.61 per cent at Rs 214.20); Infosys (down 5.93 per cent at Rs 679.05).
(Ravi Dutta Mishra and Rohit Vaid can be contacted at [email protected] and [email protected])
–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.
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