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Sensex, Nifty gain for third straight session; IT stocks up (Roundup)
Mumbai, Nov 28 (IANS) The benchmark S&P BSE Sensex advanced 200 points on Wednesday, extending gains for the third straight session led by healthy buying in IT stocks. The sentiment was also boosted by an appreciating rupee and healthy foreign fund inflows.
The BSE IT index rose 3.5 per cent, followed by Teck (technology, entertainment and media) stocks, though healthcare, oil and gas stocks on the bourse witnessed selling pressure.
“Strong global cues, fall in USD-INR and bond yield boosted the market sentiment. Both Asian and European markets gained on account of easing trade tension between China and US ahead of G-20 meeting in Argentina on Friday,” a report by Motilal Oswal Financial Services said.
“However, market breath was negative and select heavyweight stocks lifted Nifty.”
The Nifty PSU Bank index also witnessed selling pressure during the day and closed 1.34 per cent lower.
The Sensex settled 203.81 points, or 0.57 per cent, up at 35,716.95, from its previous close of 35,513.14. It touched an intra-day high of 35,822.16 and a low of 35,605.34.
The Nifty50 gained 36.15 points or 0.34 per cent to finish at 10,721.75.
“The ongoing elections contributed to market volatility and put a lid on intraday gains,” said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.
Crude oil prices, which eased over the past month and supported the domestic and foreign investor sentiments, logged a slight increase on Thursday. Analysts attribute the rise to expectations of a decision to reduce supply in the OPEC meeting next week.
According to Motilal Oswal Financial Services, oil climbed as the Trump administration signalled optimism that a trade deal may be reached with China and an industry report indicated robust U.S fuel demand.
The benchmark Brent crude price traded at $61 a barrel.
The Indian rupee ended at Rs 70.62 per US dollar from its previous close of 70.76.
“Technically, with the Nifty rallying higher after breaking out of the recent trading range, the bulls remain in control,” said Deepak Jasani, Retail Research Head, HDFC Securities.
“Further upsides are likely once the immediate resistances of 10,758 are taken out. Crucial supports to watch for any weakness are at 10,690.”
Provisional data with the exchanges showed that foreign institutional investors bought stocks worth Rs 961.26 crore on Wednesday while the domestic institutional investors sold Rs 330.29-crore shares.
Top gainers on the Sensex were TCS, up 4.67 per cent at Rs 1,976.55; Infosys, up 4.61 per cent at Rs 666.35; IndusInd Bank, up 1.87 per cent at Rs 1,614; Reliance Industries, up 1.66 per cent at Rs 1,146.25; and ICICI Bank, up 1.33 per cent at Rs 359.05.
The top laggards were Yes Bank, down 11.71 per cent at Rs 161.70, Bharti Airtel, down 4.26 per cent at Rs 314.50; Tata Motors, down 3.14 per cent at Rs 174.35; Tata Motors(DVR), down 2.70 per cent at Rs 95.50; and ONGC, down 2.49 per cent at Rs 142.65 per share.
–IANS
ravi/nir
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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.