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Global cues, fund outflows, auto stocks pull equity indices down (Roundup)
Mumbai, Jan 2 (IANS) The Indian equity market ended in the red on Wednesday, in line with global indices, over fears of a worldwide slowdown in economic growth.
In addition, outflows of foreign funds, a weaker rupee and profit booking led to the market slide. A key data reflecting lower manufacturing output in December in both India and China also impacted the market sentiment.
The silver lining, however, in the otherwise dismal trading session on Wednesday were the gains made by export-oriented IT stocks and low crude oil prices.
“The Nikkei India Manufacturing Purchasing Managers’ Index (PMI) for December 2018 stood at 53.2, marginally lower than the 54 posted in November, though the survey showed that companies continues to scale up production and employment…on strong new business inflows,” said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.
Sector-wise, auto counters took a beating to end 2.80 per cent lower as companies reported disappointing sales data.
The BSE Sensex settled 363.05 points or 1 per cent lower at 35,891.52 after touching an intra-day high of 36,236.70 and a low of 35,734.01 points.
The NSE Nifty50 closed at 10,792.50, up 117.60 points or 1.08 per cent.
Major markets across the globe had concluded 2018 with heavy losses. However, the Indian markets were among the best performers on account of rise in the pace of economic expansion and easing inflation.
The stocks of IT firms inched up as the rupee weakened to 70 per dollar.
Furthermore, Brent Crude price declined by over half a per cent to $53.19 per barrel.
On the currency front, the domestic currency logged an intra-day decline of 72 paise. The rupee closed at 70.17 from its previous close of 69.45 against the US dollar.
According to analysts, the weakening of rupee was rooted in fears of a global slowdown and multiple factors which have created a negative environment for investors globally.
The domestic currency was one of the worst performing currency in Asia during 2018. It lost over 9 per cent.
“Technically, with a surging Nifty, the bulls remain in control,” said Deepak Jasani, Head – HDFC Securities Retail Research.
“Further, upsides are likely once the immediate resistances of 10,985 are taken out. Crucial supports to watch for any trend reversal is at 10,807-10,850 band.”
According to the provisional figures from the stock exchanges, foreign institutional investors (FIIs) sold shares worth Rs 621.06 crore, while domestic institutional investors (DIIs) off-loaded Rs 226.18-crore stocks.
Stocks-wise, only six among the 30 scrips on Sensex inched up led by Sun Pharma with 1.66 per cent gains, followed by TCS. Asian Paints, Infosys, Yes Bank, ICICI Bank advanced up to 1 per cent.
In sharp contrast, Vedanta lost 4.48 per cent, followed by Tata Steel, Mahindra and Mahindra losing over 4 per cent. Tata Motors (DVR) and Tata Motors declined 3.22 and 2.91 per cent, respectively.
–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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