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Global weakness halts Sensex’s winning streak (Roundup)
Mumbai, Dec 20 (IANS) In line with weakness in global markets, the S&P BSE Sensex and NSE Nifty50 ended on a flat-to-negative note after trading in a narrow range on Thursday following the US Federal Reserve’s short-term interest rate hike and lowering of the US growth rate.
However, some respite came to the market after the US Fed signalled that its rate tightening cycle is nearing an end. A hike in the US interest rate drives FII investments away from emerging markets like India.
Additionally, a steep decline in crude oil prices and strong gain by the rupee against the US dollar triggered a last hour buying spree, which however failed to lift the market. Consequently, the Sensex closed 50 points lower, snapping its seven-session-long gaining streak.
The rupee settled at 69.70 against the US dollar after closing at 70.40 on Wednesday.
“Fed’s decision to increase the short-term interest rate and its indication for a milder path of future increase weakened the dollar which supported the domestic currency,” Anuj Gupta, Deputy Vice President – Research, Commodities and Forex, Angel Broking, told IANS.
The benchmark Brent Crude had slipped to $55.48 a barrel, down over 1 per cent, around the closing bell.
Major Asian markets closed on a negative note and the European indices like FTSE 100, DAX and CAC 40 traded in the red.
“The US Federal Reserve raised interest rates on Wednesday, as expected, but forecast fewer rate hikes next year and signalled its tightening cycle is nearing an end in the face of financial market volatility and slowing global growth,” said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.
“The rate hike, fourth of 2018, lifted the target range for the Fed’s benchmark overnight lending rate by a quarter of a percentage point to a range of 2.25 per cent to 2.50 per cent.”
Analysts said that barring the healthcare and auto indices, which ended the day on a positive note, all other sectoral indices on the National Stock Exchange closed in the red, while on the BSE, metal and telecom stocks along with index pivotals finance and banking stocks ended lower.
The 30-scrip Sensex settled 52.66 points or 0.14 per cent lower at 36,431.67 points after touching an intra-day high of 36,475.52 and a low of 36,202.90.
Similarly, the wider Nifty50 also ended in the red. It lost 15.60 points or 0.14 per cent to close at 10,951.70.
“Technically, while the Nifty has ended in the red, the strong bounce back from the lows indicates that the bulls are not willing to give up easily,” said Deepak Jasani, HDFC Securities’ Retail Research Head.
“Crucial supports to watch for any further weakness is at 10,880.”
Investment-wise, provisional figures from stock exchanges showed that Foreign Institutional Investors (FIIs) sold shares worth Rs 386.44 crore, while Domestic Institutional Investors (DIIs) bought stocks worth Rs 87.96 crore.
Stocks-wise, Yes Bank gained 3.93 per cent and Hero MotoCorp, Mahindra and Mahindra, Asian Paints and Tata Motors ended higher in the range of 1 to 2 per cent.
In contrast, State Bank of India, Wipro, Vedanta, Bharti Airtel and Maruti Suzuki lost up to 2.18 per cent.
–IANS
ravi-rv/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.
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