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US-China trade talks drives Sensex 180 points up (Roundup)
Mumbai, Jan 4 (IANS) A rebound in global sentiment on hopes of a likely thaw in US-China trade relations, coupled with value buying, aided the key Indian equity indices to end on a positive note on Friday. The Sensex and Nifty ended over 0.50 per cent higher.
Initially, the domestic equity market was subdued by the downtrend in global indices. However, as the day progressed, reports of a likely thaw in frosty US-China trade relations buoyed global and domestic sentiments.
On Friday, reports surfaced of a US delegation’s visit to China next week to participate in trade talks. This led not only the Asian but even European indices like FTSE 100, DAX and CAC 40 to trade in the green.
Additionally, healthy uptake of domestic financial and automobile stocks, along with a strengthened rupee, gave an upward push to the key indices. Nevertheless, the benchmark Brent Crude traded over $57 per barrel, gaining over 1 per cent thereby capping gains.
Consequently, the S&P BSE Sensex settled 181.39 points or 0.51 per cent higher at 35,695.10 points after touching an intra-day high of 35,744.20 and a low of 35,382.08.
The NSE Nifty50 closed at 55.10 points or 0.52 per cent down at 10,727.35.
“On the last day of the week, the market attempted to recover but with high volatility due to initial signs of ease between US and China trade negotiations,” said Vinod Nair, Head of Research, Geojit Financial Services.
“Recent weak data from US and China provided a hope to the market that both the parties will try to find a peace soon. PSUB’s led the gains today due to consolidation and increase in capital infusion while IT underperformed due to appreciation in the INR.”
According to Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund: “Data released by a private survey showed India’s service economy expanded further at the end of 2018, as strengthening demand continued to translate into new business gains.”
Earlier, Chinese factory data, along with India’s, suggested a global growth slowdown, which was further magnified after a weak US factory data outcome on Thursday.
The latest addition to the worries was tech major Apple’s announcement of cutting its financial forecast, partly blaming US trade tensions with China along with a slowdown in the Chinese economy.
In terms of currency, the Indian rupee strengthened by 47 paise on Friday to end at 69.72 per dollar, against the previous close of 70.19 per dollar.
The gains by the domestic currency impacted export-oriented sectors as IT stocks declined by 1.15 per cent and the Teck sectors lost 0.58 per cent.
“Technically, with the Nifty bouncing back smartly, traders will need to watch if the recent gains can sustain early next week. Further upsides are likely once the immediate resistances of 10,741 are taken out,” said Deepak Jasani, Head – HDFC Securities Retail Research.
“Crucial supports to watch for resumption of weakness is at 10,658.”
As per the provisional figures from stock exchanges, FIIs sold shares worth Rs 157.72 crore, while DIIs bought Rs 240.60 crore stocks.
Stock-wise, Bharti Airtel and Yes Bank gained over 3 per cent, the most on the Sensex. Other top gainers were Vedanta, Tata Motors, Tata Motors (DVR) and inched up in the range fo 2 to 3 per cent.
In contrast, HCL lost the most, 1.55 per cent, followed by TCS declining 1.19 per cent while Infosys lost over 1 per cent. IndusInd Bank and Hero MotoCorp shed up to 1 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.
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