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Equity indices fall over 1% on higher crude price, F&O expiry (Roundup)
Mumbai, Oct 25 (IANS) India’s benchmark indices fell over 1 per cent on Wednesday, taking cues from global peers. Also, a slight increase in international crude oil prices pulled down the Indian rupee, dampening investor sentiments.
That apart, the derivative expiry of the October series led to a volatile trading session as traders rolled over positions in the F&O segment from the October 2018 series to November 2018 series.
However, the massive outflow of foreign funds witnessed in early October continued as FIIs (Foreign Institutional Investors) sold stocks worth Rs 1,495.71 crore on Thursday.
In the 17 trading session from October 1, foreign investors have sold stocks worth over Rs 23,500 crore, highest in the previous 12 months.
The provisional data with the exchanges showed domestic institutional investors bought scrip worth Rs 339.60 crore.
The Indian rupee weakened to Rs 73.28 to a US dollar, from its previous close of 73.15, as the benchmark Brent crude oil price rose to around $76.61 a barrel.
India imports around 80 per cent of its crude oil requirements, and an increase in prices of the dollar-denominated commodity pressures the country’s current account deficit.
The BSE Sensex, which had opened at 33,778.60, lost 343.87 points, or 1.01 per cent, to close at 33,690.09.
It touched a high of 33,838.76 and a low of 33,553.18 during the day’s trade.
The NSE’s Nifty settled about 100 points, or 0.98 per cent, lower at 10,124.90.
“US stocks dropped yesterday as mixed corporate earnings and weak housing data fuelled anxiety that rising prices will crimp economic growth,” said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.
“Most Asian stocks declined as concerns mount that corporate profits and economic growth are peaking amid rising borrowing costs,” he added.
Said HDFC Securities’ Retail Research Head Deepak Jasani: “The weakness was led by a slid in index pivotals HDFC, Reliance Industries and HDFC Bank. It was also the derivative expiry of the October series and trading was volatile as traders rolled over positions in the F&O segment from the near month October 2018 series to November 2018 series.
“Sectorally, the top gainer was the IT index. The top losers were Media, PSU banks, Pharma, Realty and Metal indices.”
In the broader markets, the S&P BSE Mid-cap declined 0.58 per cent while the S&P BSE Small-cap was down by 0.98 per cent from its previous close. The BSE market breadth was negative with 937 advances and 1,569 declines.
“Technically, with the Nifty correcting, traders will need to watch if the index can now hold above the immediate supports of 1,0079, else a further correction is likely. Any rallies could find resistance at 1,0196,” Jasani said.
The top gainers on the Sensex were Wipro, up 3.30 per cent at Rs 319.35; Coal India, up 1.66 per cent at Rs 281.65; Kotak Mahindra Bank, up 1.41 per cent at Rs 1,193.85; Asain Paints, up 0.89 per cent at Rs 1,200.60 and Mahindra and Mahindra, up 0.16 per cent at Rs 733.80.
Major losers included Bharti Airtel, down 6.60 per cent at Rs 295.85; Vedanta, down 3.47 per cent at Rs 204.50; Tata Motors, down 3.02 per cent at Rs 165.40; Adani Ports, down 2.98 per cent at Rs 304.45; and Yes Bank, down 2.77 per cent at Rs 198.35 per share.
–IANS
ravi/mr
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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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