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Global cues, RBI policy stance drag equity indices lower (Roundup)
Mumbai, Dec 5 (IANS) Fears over signs of escalation in global trade tensions along with outflows of foreign funds dragged the key Indian equity indices in the red for a second straight day on Wednesday.
In addition, disappointment over the Reserve Bank’s decision to maintain its “calibrated tightening” stance and caution ahead of state Assembly elections impacted investors’ risk-taking appetite.
However, RBI’s monetary policy announcement sparked volatility. But later the indices recovered from the day’s low as the central bank said it will continue with the liquidity infusion measures.
Till now, the RBI has injected durable liquidity through open market operation purchases to the tune of Rs 1.36 trillion in the current financial year.
Index-wise, the S&P BSE Sensex settled lower at 0.69 per cent, or 249.90 points, at 35,884.41 points, from its previous close of 36,134.31 points. It touched an intra-day high of 36,048.65 and a low of 35,777.81.
The NSE Nifty50 lost 84.55 points or 0.74 per cent to close the session at 10,784.95 points.
“Both the benchmark Sensex and the Nifty continued to trade the day on a weak note to finally close with losses of over 0.50 per cent,” said Abhijeet Dey, Senior Fund Manager – Equities, BNP Paribas Mutual Fund.
“As per market expectations, the monetary policy committee (MPC) today kept the benchmark repo rate unchanged at 6.50 per cent.”
Sector-wise, metal, auto and healthcare stocks on the BSE closed in the negative territory, especially the interest rate sensitive banking shares which closed the day’s trade lower by 1 per cent.
However, the Nifty IT index ended with marginal gains.
On the currency front, the Indian rupee closed at 70.46 to a US dollar from its previous close of 70.49.
“Technically, with the Nifty breaking down from a narrow trading range, the underlying bias has turned weak. Further downsides are likely once the immediate support of 10,748 points is broken,” said Deepak Jasani, Retail Research Head, HDFC Securities.
“The bulls can make a come back once the Nifty crosses the immediate resistance of 10,846 points.”
Investment-wise, provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 357.82 crore on Wednesday while domestic institutional investors sold Rs 791.59 crore of shares.
Top gainers on the Sensex were Hindustan Uniliver, up 2.07 per cent at Rs 1,845.60; HDFC, up 1.75 per cent at Rs 1,973.20; HDFC Bank, up 0.51 per cent at Rs 2,099.45; Reliance Industries, up 0.29 per cent at Rs 1,154.85; and Power Grid, up 1.38 per cent at Rs 187 per share.
The laggards were led by Sun Pharma, which continued to lose heavily as it shed 6.59 per cent on Wednesday, reflecting concerns among the investors over probe by SEBI on several charges of corporate disclosure and insider trading.
The stock lost over 15 per cent in just the three trading sessions starting from Monday.
It was followed by Tata Steel, down 4.27 per cent at Rs 515.30; Tata Motors(DVR), down 3.85 per cent at Rs 92.50; and Vedanta, down 3.74 per cent at Rs 198.45, and Tata Motors, down 3.70 per cent at Rs 169.20 per share.
–IANS
ravi-team/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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