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Equity indices slip on global cues; Sensex down over 460 points (Roundup)

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Mumbai, Oct 19 (IANS) Broadly negative global markets, along with outflow of foreign funds and a marginal rise in crude oil prices, dragged the key domestic equity indices into the red on Friday.

In addition, mixed quarterly earning results combined with heavy selling pressure in IT, auto and consumer durable stocks eroded investors’ risk-taking appetite.

Index-wise, the S&P BSE Sensex opened at 34,563.29 points from its previous close of 34,779.58 points on Wednesday. The Indian stock and forex markets were shut on Thursday.

On Friday, the 30-scrip Sensex closed at 34,315.63 points down by 463.95 points or 1.33 per cent.

Similarly, the NSE Nifty50 of the National Stock Exchange (NSE) ended the day’s trade in the red.

The NSE Nifty50 closed at 10,303.55 points down 149.50 points and 1.43 per cent.

“Stock markets in India traded under pressure today as key benchmark stocks reeled under selling pressure and dragged indices lower. Tepid global markets further fuelled the negative sentiment as investors dogged fears about global growth,” said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.

“Additionally, the minutes of the (US) Fed’s September meeting, released earlier in the week, indicated that policymakers are prepared to forge ahead with increases and will likely hike rates again as early as December…”

According to Vinod Nair, Head of Research, Geojit Financial Services: “Market slid below 10,300 mark due to mixed earnings from index heavyweights and selling pressure in global market.”

“Despite the fall, rupee gained some weight supported by stability in oil prices. IT stocks slid the most due to stock specific sell off and concerns on tightening of US H1-B visa norms.”

On Friday, the Indian rupee closed at 73.33 to a USD, strengthened by 28 paise from its previous close of 73.61 per greenback.

Additionally, brent crude oil prices inched up to around $80 a barrel.

Investment-wise, provisional data with the exchanges showed that foreign institutional investors sold stocks in the tune of Rs 618.26 crore, whereas domestic institutional investors off-loaded scrip worth just Rs 2.14 crore.

HDFC Securities’ Retail Research Head Deepak Jasani said: “The weakness in the Nifty came on the back of selling in index heavyweights Reliance, HDFC and Infosys.”

“Technically, with the Nifty correcting further, traders will need to watch if the index can now hold above the immediate supports of 10,249 points; else a further correction is likely.”

The top gainers in the Sensex were Sun Pharma, up 2.52 per cent at Rs 608.40; Kotak Mahindra Bank, up 1.83 per cent at Rs 1,199.55; Vedanta up 1.51 per cent at Rs 211.15; Hindustan Unilever up 1.16 per cent at Rs 1,579.20; and ITC, up 0.73 per cent at Rs 288.45.

Major losers included Yes Bank, down 6.06 per cent at Rs 217.70; HDFC, down 4.32 per cent at Rs 1,661.30; Reliance Industries, down 4.11 per cent at Rs 1,101.65; Tata Motors DVR, down 4 per cent at Rs 95.95; and Hero MotoCorp, down 3.70 per cent at Rs 2,711 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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