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Geopolitical issues, Q2 results to set equity market course (Market Outlook)
By Rituraj Baruah
Mumbai, Nov 4 (IANS) With the impending US sanctions on Iran, as also the ongoing quarterly earnings season and the upcoming festival of Diwali, the Indian equity market is likely to witness a short but eventful trading week ahead.
Among the global factors, the US reimposing sanctions on Iran from Monday (November 5) is seen as a major depressant for global investor sentiment, which would eventually reflect on the Indian market.
“The coming week is truncated on account of festivities in India, but (dotted with an) important series of events within and outside the country. The week will begin with the global blockade against Iran followed by the US legislative elections, apart from ongoing corporate earnings in India,” said Rahul Sharma, Senior Research Analyst with Equity99.
“While the mood will be cheerful due to Diwali, these events will dictate market movement and investors should follow a cautious approach during the three-day trading week,” he added.
Trading at stock exchanges, however, won’t take place on November 7-8 on account of Diwali, other than the brief traditional Muhurat Trading on Diwali day.
Meanwhile, the US has temporarily allowed eight countries to continue buying oil from Iran, and India features in the list, according to media reports. This would most likely soothe Indian market sentiments.
Another geopolitical matter that the markets would follow is the US-China trade talks. Trump last week said his conversation with his Chinese counterpart Xi Jinping laid “heavy emphasis on trade” and also described it as “long and very good”.
Further, the ongoing quarterly earnings would also influence the stock market in the next few trading days, analysts believe. Corporate results were a major factor for the substantial gains made by both key equity indices during the week ended Friday (November 2).
For the week under review, the S&P Bombay Stock Exchange (BSE) Sensex gained 1,662.34 points, or 4.74 per cent, to close at 35,011.65.
The 50-share Nifty of the National Stock Exchange (NSE) advanced 523 points, or 5.21 per cent, to settle at 10,553.
Investor sentiments also improved with the downward movement in crude oil prices.
“The benchmark Brent crude fell six per cent this week and 16 per cent since the beginning of October to $72.91 a barrel as fears of oil shortage faded,” said Sharma.
Analysts are of the view that value-buying by investors after the fortnightly loss also supported the Indian equity market in the week gone by.
Provisional figures from the stock exchanges showed that foreign institutional investors sold shares worth Rs 5,706.24 crore during the week, whereas domestic institutional investors bought Rs 6,377.02 crore worth of stocks.
Figures from the NSDL showed that foreign portfolio investors divested Rs 4,232.05 crore in the equities segment during the week ending November 2.
On the technical outlook for the upcoming week, Deepak Jasani, Head of Retail Research at HDFC Securities, said the NSE Nifty50 would witness resistance at 10,710 points and is likely to receive support at 10,460 level.
(Rituraj Baruah can be contacted at [email protected] )
–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
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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