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Global rally, F&O expiry lift Indian equities (Weekly Review)

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By Ravi Dutta Mishra and Rohit Vaid
Mumbai, Dec 29 (IANS) Global relief rally following the resolution of a standoff between US President Donald Trump and Federal Reserve Chairman Jerome Powell gave a lift to the Indian equity markets.

Initially, investors around the world were spooked by a partial US government shutdown and slowing global growth, and to add to it were reports that the US President had discussed sacking the Federal Reserve Chairman over Fed’s decision to hike the short-term interest rate.

However, reassurances by Kevin Hassett, Trump’s key economic adviser, that Powell’s job is safe unleashed a global rally.

As a result, the two key domestic equity indices — Sensex and Nifty — finally ended with nearly a per cent gains in the week punctuated by heavy volatility.

Apart from global cues, decline in crude oil prices and strengthening of Indian rupee also accounted for the BSE Sensex’s 334.65 points, or 0.93 per cent, gains. Sensex closed at 36,076.72 points on Friday.

Similar was the trend in broader NSE Nifty50 which edged up by 105.9 points, or 0.98 per cent, to close the week at 10,859.90.

“Despite volatility, domestic market gained some momentum this week led by improvement in macros drop in oil prices…,” Geojit Financial Services Head of Research Vinod Nair said.

“On the other hand, global markets were volatile due to a fear of growth being affected. Trade war between the US and China, partial shutdown of the US government and tightening of interest rate in the US were the major headwinds impacting the global market.”

According to Viral Berawala, CIO, Essel Mutual Fund, the week gone by saw wild swings at Wall Street, beginning with one of the worst Christmas-eve ever to the largest single-day point gain seen towards the end.

“Oil prices have fallen the most this quarter since 2014,” said Berawala. The Brent Crude price was over $50 per barrel at the closing bell here on Friday.

A strengthening domestic currency also firmed up the rise of market back home. The Indian rupee gained 76 paise against the US dollar that ended at 69.94 from its last week’s close of 70.15.

“Weekly expiry, negative global cues turning positive, continued fall in crude and strength in INR translated in an overall buying momentum,” said Mustafa Nadeem, CEO, Epic Research.

Besides, healthy buying by foreign institutional investors (FIIs) aided the gains, as global investors reacted to positive fundamentals due to improving macros.

As per the provisional BSE data, FIIs bought a total of Rs 1,249.6 crore worth of shares during the week ended on Friday. On the other hand, domestic institutional investors ended the week with marginal buying of just Rs 96.36-crore shares.

“The top sectoral gainers for the week were the media, PSU banks, energy and infra indices. The top losers were the realty, metal and auto indices,” Deepak Jasani of HDFC Securities’ Retail Research said.

The top gainer on both BSE and NSE was Bajaj Finance, which gained 1.55 per cent, followed by ONGC, up 1.21 per cent. Mahindra and Mahindra, Kotak Mahindra Bank and SBI gained up to 1 per cent.

In contrast, Hero MotoCorp lost 6.87 per cent, followed by Bajaj Auto with a decline of 5.58 per cent. Other major losers were Tata Motors(DVR), Asian Paints and Maruti Suzuki — all in the range of 3 to 5 per cent.

(Ravi Dutta Mishra can be reached at [email protected] and Rohit Vaid at [email protected])

–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

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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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