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Profit booking, crude oil prices pull indices by over 1% (Roundup)

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Mumbai, Oct 17 (IANS) Profit booking, along with a slight rise in global crude oil prices and depreciation in the Indian rupee, pulled the key Indian equity indices lower on Wednesday after three consecutive days of gains.

Sector-wise, except for IT and FMCG stocks, all others witnessed heavy selling pressure led by auto, finance and banking counters.

Index-wise, the benchmark S&P BSE Sensex settled at 34,779.58 points, down 382.90 points or 1.09 per cent.

The NSE Nifty closed at 10,453.05 points, down 131.70 points, or 1.24 per cent.

The volatility during the trade session can be gauged by the 878.27 points swing in Sensex from an intra-day high of 35,605.43 points and a low of 34,727.16.

Vinod Nair, Head of Research, Geojit Financial Services said: “Market slid below 10,500 mark as rise in oil price and volatility in INR influenced investors to book profit.”

“Global market remain mixed ahead of the release of FOMC minutes later in the day to get cues about rate hike trajectory. Currently the market valuation has moderated to some extent and bond yield has reduced. However, the outcome of Q2 earnings will have a say on the market.”

According to Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund: “Initial positive momentum gave way to heavy selling pressure as stock markets in India wiped off intra-day gains and plummeted into negative terrain.”

“Selling in auto and financial stocks put pressure on bourses. Meanwhile, US President Donald Trump continued his criticism of the Federal Reserve, calling it his biggest threat as it was raising rates too fast. Trump had previously said that the Fed has ‘gone crazy’ and attributed last week’s plunge on Wall Street to the US central bank.”

On Wednesday, the Indian rupee closed at 73.60, down 14 paise from its previous close of 73.46 per US dollar.

In addition, brent crude oil prices inched up to over $81.60 a barrel.

Provisional data with the exchanges showed that foreign institutional investors bought stocks worth Rs 140.02 crore, whereas domestic institutional investors sold scrip Rs 343.11 crore.

HDFC Securities’ Retail Research Head Deepak Jasani said: “Technically, with the Nifty correcting sharply, traders will need to watch if the index can now hold above the immediate supports of 10,410 points; else a further correction is likely.”

The top gainers in the Sensex were ITC, up 1.34 per cent at Rs 286.35; Coal India, up 1.28 per cent at Rs 280.05; Wipro up 1.20 per cent at Rs 324 ;Infosys up 1.16 per cent at Rs 704.50; and Hindustan Uniliver, up 1.08 per cent at Rs 1,561.05.

Major losers included Yes Bank, down 6.85 per cent at Rs 231.75; Adani Ports, down 5.41 per cent at Rs 315; Maruti Suzuki, down 3.79 per cent at Rs 6,878.70; Tata Motors, down 3.40 per cent at Rs179.20; and Tata Steel, down 3.39 per cent at Rs 554.65 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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