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Global cues, oil prices cheer investors; Sensex up 1% (Roundup)

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Mumbai, Nov 26 (IANS) Firm global cues, a persistent decline in crude oil prices, and value buying lifted the Indian equities higher on Monday.

However, a strong demand for US dollars from importers coupled with domestic political uncertainty due to state elections and concerns over global growth limited the gains.

Buying was witnessed in FMCG and consumer durables stocks.

The index pivotals — finance and banking — gained 1.32 per cent and 1 per cent, respectively.

The S&P BSE Sensex settled up 373.06 points or 1.07 per cent at 35,354.08 points, from its previous close of 34,981.02 points. It touched an intra-day high of 35,397.24 and a low of 34,896.07.

The NSE Nifty50 gained 101.85 points or 0.97 per cent to finish the day at 10,628.60.

The overall market breadth on the BSE was negative, with 1,067 stocks advancing and 1,536 declining.

“Broad market indices like the BSE Mid-cap index gained less, thereby underperforming the main indices,” said Deepak Jasani, Retail Research Head, HDFC Securities.

According to Vinod Nair, Head of Research, Geojit Financial Services: “Market regained strength amid volatility, supported by positive global cues and improvement in domestic macros on account of sharp fall in crude and firming rupee.”

“Recapitalisation announcement of Rs 42,000 crore to PSU Banks is likely to provide respite to the current liquidity issues, which also boosted the sentiment.”

Heavy US dollar demand from importers weakened the domestic currency to Rs 70.87 against the greenback, from its previous close of 70.67.

“The recent appreciation in the rupee is a golden opportunity for the importers… Given the volatility and uncertainty in the global financial markets, importers are rushing to hedge their exposure for the next 2-3 months,” said Rishabh Maru, research analyst at Anand Rathi Shares and Stock Brokers.

Provisional data with the exchanges showed that foreign institutional investors bought stocks worth Rs 62.74 crore on Monday while the domestic institutional investors bought scrips worth Rs 351.78 crore.

Top gainers on the Sensex were Hero MotoCorp, up 5.02 per cent at Rs 3,062.10; Hindustan Uniliver, up 4.21 per cent at Rs 1,745.15; Wipro, up 3.71 per cent at Rs 318.85; Asian Paints, up 2.72 per cent at Rs 1,349.60 and Axis Bank, up 2.69 per cent at Rs 630.80.

The laggards were Yes Bank, down 3.89 per cent at Rs 187.95; ONGC, down 3.58 per cent at Rs 146.75; Sun Pharma, down 2.88 per cent at Rs 510.65; Coal India, down 2.36 per cent at Rs 250.70, and Vedanta, down 1.90 per cent at Rs 195.85 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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