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Weak rupee, Asian markets pull indices lower; banking stocks aid in recovery (Roundup)
Mumbai, Nov 5 (IANS) The key domestic equity indices ended on a flat-to-negative note on Monday, as a weak rupee and broadly negative Asian markets weighed down investors sentiments.
However, positive macro-economic update, marginal foreign fund inflows and a rise in banking stocks after State Bank reported a profit for the second quarter aided the indices to pare some losses.
According to market observers, selling pressure was witnessed in oil and gas, power stocks, whereas buying support was witnessed in IT and banking.
Consequently, the S&P BSE Sensex settled at 60.73 points lower at 34,950.92 points. It had opened at 35,118.62 points from its previous close of 35,011.65 points.
It touched an intra-day high of 35,123.41 points and a low of 34,811.60 points.
Similarly, the NSE Nifty50 closed 24.80 points down at 10,528.20 points.
Apart from the main indices, the broader markets like the S&P BSE MidCap index declined by 0.47 per cent, while the S&P BSE SmallCap index was also down 0.28 per cent. The market breadth was positive with 1,290 advances and 1,308 declines.
“Despite positive macroeconomic updates, selling pressure persisted and dragged stocks lower,” said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.
“On the macro front, the results of a private survey pointed to a stronger improvement in India’s service sector, with an accelerated upturn in new work underpinning quicker rises in activity and jobs in October 2018.”
According to HDFC Securities’ Retail Research Head Deepak Jasani: “Technically, while the Nifty has corrected marginally, the underlying short term trend remains up. Further upsides are likely once the immediate resistance of 10,559 points is taken out.”
“Crucial supports to watch for any weakness are at 10,477 points.”
In terms of currency, the rupee closed at Rs 73.12 to a US dollar from its previous close of 72.44 to a greenback.
“Rupee weakened on account of crunch in domestic liquidity while gradual decline in yield may ease the concern,” Vinod Nair, Head of Research, Geojit Financial Services said in a statement.
“Investors’ were bit conservative in the holiday shortened week due to uncertainty regarding US China trade deal and (US) Fed policy.”
Investment wise, the provisional data with the exchanges showed that foreign institutional investors bought stocks worth Rs 12.34 crore on Friday while the domestic institutional investors sold scrip worth Rs 621.94 crore.
The top gainers on the BSE were led by State Bank of India, up 3.45 per cent at Rs 295.30; Axis Bank, up 2.35 per cent at Rs 624.30; Wipro, up 1.52 per cent at Rs 323.95; Reliance Industries, up 1.33 per cent at Rs 1,088.55; and Bajaj-Auto, up 0.94 per cent at Rs 2,680.90 a share.
The laggards were IndusInd Bank down 3.29 per cent at Rs 1,491.70; NTPC, down 1.28 per cent at Rs 153.60; Power Grid, down 2.18 per cent at Rs 185.85; ONGC, down 1.59 per cent at Rs 154.85 and Hero MotoCorp down 1.54 per cent at Rs 2,848 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
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.