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Liquidity concerns, weak rupee dent equity indices; energy stocks down (Roundup)
Mumbai, Oct 22 (IANS) Concerns over a liquidity crunch impacting the NBFC space, along with fears over a rise in interest rates and a weak rupee, subdued the key domestic equity indices on Monday.
Additionally, almost all indices ended in the red. Heavy selling pressure was especially witnessed in the energy counters which fell over two per cent.
Consequently, the Indian stock market indices — S&P BSE Sensex and NSE Nifty50 — during the final hour of the day’s trade, ceded their gains made on the back of global cues.
Besides, the Indian rupee weakened to 73.56 against a greenback, while global crude oil prices stood around $80-per-barrel.
Index-wise, the S&P BSE Sensex opened on Monday at 34,689.39 points from its previous close of 34,315.63 points.
The NSE Nifty50 closed at 10,245.25 points down 58.30 points or 0.57 per cent.
According to Vinod Nair, Head of Research, Geojit Financial Services: “Despite a positive opening in global market, Nifty traded range bound and ended on a negative note due to concerns on liquidity and interest rate.”
“Mid and small cap under-performed, while mixed earnings from index heavy weights dragged investor’s sentiment. There is a risk of earnings to downgrade in the future since Nifty50-index earnings growth is less than 10 per cent in HIFY19, based on Q1FY19 review and Q2FY19 preview.”
In terms of currency, the Indian rupee closed at 73.56 to a USD, weaker by 15 paise from its previous close of 73.41.
Investment-wise, provisional data with the exchanges showed that foreign institutional investors sold stocks in the tune of Rs 511.91 crore, whereas domestic institutional investors bought scrip worth just Rs 303.21 crore.
Stock-wise, HDFC Bank’s scrip gained 1.38 per cent to Rs 1,996.25 a share from its Friday’s close.
The lending major last Saturday reported a 20.6 per cent increase in its net profit during the quarter ended September 30.
HDFC Securities’ Retail Research Head Deepak Jasani said: “The weakness was led by a
slide in index pivotals Reliance Industries, IndusInd Bank and Kotak Mahindra Bank.”
“Technically, with the Nifty correcting further, traders will need to watch if the index can now hold above the immediate supports of 10,224 points; else a further correction is likely.”
The top gainers in the Sensex were ICICI Bank, up 3.84 per cent at Rs 327; NTPC, up 1.95 per cent at Rs 165; Bajaj Auto up 1.86 per cent at Rs 2,556.80; Vedanta, up 0.99 per cent at Rs 213.25 and Maruti Suzuki up 0.76 per cent at Rs 6,814.
Major losers included IndusInd Bank, down 8.52 per cent at Rs 1,442.20; Reliance Industries, down 3.56 per cent at Rs 1,062.45; Tata Motors (DVR), down 3.18 per cent at Rs 92.90; Yes Bank, down 3.08 per cent at Rs 211; and ONGC, down 3.07 per cent at Rs 156.10 per share.
–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.