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US-China tensions, political anxieties dent equity indices (Market Review)
By Ravi Dutta Mishra and Rohid Vaid
Mumbai, Dec 8 (IANS) The Indian equity indices dipped over concerns of slowing world economy and fears on a resurgence of US-China trade tensions after the arrest of Huawei’s Global CFO over alleged violation of US sanctions on Iran.
Additionally, outflow of foreign funds along with uncertainty over the outcome of Assembly elections in five states also weighed on investor sentiments.
Consequently, the S&P BSE Sensex lost 521.05 points, or 1.43 per cent, to close at 35,673.25, whereas the 50-share NSE Nifty declined 187.05 points, or 1.71 per cent, to settle at 10,693.70 points.
“After rallying for six consecutive sessions, domestic markets looked weak in the later part of the week as market participants turned cautious in the run up to the outcome of the state elections,” said SMC Investments and Advisors’ Chairman and Managing Director D.K. Aggarwal.
“Also, the weak global cues dented the confidence of the market participants. Meanwhile, the RBI’s Monetary Policy Review meeting was along expected lines.”
Besides, crude oil prices remained volatile amid expectations of supply cuts by OPEC, the group of world’s top 15 oil producers.
According to Mustafa Nadeem, CEO, Epic Research: “Amid a number of global events like the OPEC meeting, the arrest of Huawei’s Global CFO has unnerved investors. Also, Assembly election outcomes due on Tuesday may fuel short-term volatility.”
However, in the past week, the local currency gained Rs 1.21 from its previous week’s close of Rs 69.59. The rupee closed at 70.80 a dollar on Friday.
“Markets corrected sharply this week from a high of 10,941 points. A bounce back towards the end of the week helped to curb the losses. Nifty ended with W-o-W losses of 1.68 per cent,” said Deepak Jasani, Retail Research Head, HDFC Securities.
“Market breadth was negative in all the five trading sessions of the week. The top sectoral gainer for the week was the IT index. The top losers were pharma, auto and PSU bank indices.”
In addition, Foreign Institutional Investors (FII) were net sellers during the review as it off-loaded a total of Rs 865.52 crore worth shares, while Domestic Institutional Investors (DII) sold scrip worth Rs 2,266.64 crore, provisional data from the BSE showed.
On stock specific basis, IT major Infosys gained 7.42 per cent, the most on Sensex during the week followed by IndusInd Bank with 6.70 per cent while Mahindra and Mahindra, Reliance Industries and HDFC advanced in the range of 5 to 6 per cent.
Lending major Kotak Mahindra Bank gained steeply on Friday amid reports of Berkshire Hathaway Inc buying stakes in the bank.
Stocks fallen out of favour with investors were Yes Bank, shedding over 13 per cent during the week, followed by ONGC, Sun Pharma, Tata Motors and Tata Motors(DVR) whose share prices declined 5-7 per cent.
Pharmaceutical major Sun Pharma suffered heavy losses as investors distanced themselves, owing to the probe by SEBI on several charges of corporate disclosure and insider trading levied on pharma major. Tata Motors, too bore the brunt of downgrades by major rating agencies.
(Ravi Dutta Mishra can be reached at [email protected] and Rohit Vaid at [email protected])
–IANS
ravi-rv/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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