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New RBI chief, global cues push up equity market (Roundup)
Mumbai, Dec 12 (IANS) Positive global markets along with value buying and hopes of an ease in the monitory policy with the appointment of Shaktikanta Das as the RBI chief pushed the key equity indices 1.8 per cent higher on Wednesday.
Analysts said investors were optimistic over the swift appointment of Das as
the 25th Governor of the Reserve Bank as it might lead to a more liberal monetary policy.
However, caution ahead of the release of industrial production and retail inflation data coupled with higher crude oil prices and outflow of foreign funds arrested the upward movement.
All sectoral indices rose, led by financial and auto counters, with the latter gaining 3 per cent the highest increase on BSE.
“A clear mandate in key states assuaged investor concerns and had a positive impact on volatility,” said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.
According to Vinod Nair, Head of Research, Geojit Financial Services: “Market rallied and reclaimed the 10,700 mark as swift reaction from government with the appointment of new RBI governor supported the sentiment.
“Bank Nifty outperformed with an expectation of ease in liquidity and relaxation in PCA framework. Global indices rallied on US-China trade hopes and the ripple effect was seen in other EMs as well.”
Index-wise, the S&P BSE Sensex settled higher by 1.79 per cent, or 629.06 points, at 35,779.07 points, from its previous close of 35,150.01 points. It touched an intra-day high of 35,826.58 points and a low of 35,167.47 points.
The NSE Nifty50 advanced 188.45 points or 1.79 per cent to close the session at 10,737.60 points.
The BSE market breadth was positive as the number of advancing stocks was thrice the declining ones. A total of 1,910 stocks advanced while 652 declined.
In the broader market, BSE Mid-cap and Small-cap registered strong gains, advancing 2.53 per cent and 2.46 per cent respectively.
On the currency front, the rupee settled at 72.01 per US dollar, weakened by 85 paise from the Tuesday’s close of 71.86.
“Technically, with the Nifty rallying sharply higher after the bounce back seen in the previous session, the bulls are gaining control. Further upsides are likely once the immediate resistances of 10,747 are taken out,” said HDFC Securities’ Retail Research Head Deepak Jasani.
“Crucial supports to watch for any weakness are at 10,640-10,567.”
In terms of investment, provisional data from the BSE showed that foreign Institutional Investors (FII’s) sold stocks worth Rs 1,299.43 crore, whereas the Domestic Institutional Investors (DII’s) bought Rs 1,121.29 crore of shares.
All the 30 stocks on Sensex advanced led by Hero MotoCorp, which gained 7.57 per cent at Rs 3,265.30, while Yes Bank, Bharti Airtel, Adani Ports and Tata Motors (DVR) advanced in a range of 4 to 5.30 per cent.
–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.