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Equity market rise on fresh inflows; Q3 expectations (Roundup)
Mumbai, Jan 9 (IANS) Despite heavy volatility, fresh inflows of foreign funds and buying interest in FMCG, banking and realty stocks lifted the Indian equity market for the fourth straight session on Wednesday.
Accordingly, the BSE Sensex crossed the 36,000-mark while the NSE Nifty50 reclaimed the 10,850-level. The rise came after a sharp dip in the mid-afternoon session.
The domestic investor sentiment was boosted by firm global markets and expectations of healthy corporate earnings for the October-December quarter.
Globally, investor sentiment was upbeat after the US-China trade talks concluded during the day. Investors expect a positive outcome from the three-day talks.
Index-wise, the Nifty50 rose by 53 points or 0.49 per cent to settle at 10,855.15 points.
The Sensex closed at 36,212.91 points, higher by 231.98 points or 0.64 per cent from the previous close of 35,980.93 points. It had opened at 36,181.37 and touched an intra-day high of 36,250.54 and a low of 35,863.29 points.
“The market started on a positive note but took some caution ahead of major quarterly results scheduled tomorrow. In totality with expectation of a breather from the US-China meeting which concluded today led the market to close on a positive bias,” said Vinod Nair, Head of Research, Geojit Financial Services.
“Buying interest has been seen across sectors led by private banks, IT and FMCG while PSU banks declined due to profit booking post recent gains.”
The Indian rupee stood weaker by 26 paise at Rs 70.46 per dollar from its previous close of 70.20. In just two days the rupee has lost over 75 paise.
On the other hand, Brent crude futures rose to around $59 per barrel.
“Technically, with the Nifty moving up further, traders will need to watch if the recent gains can sustain in the near term. Further upsides are likely once the immediate resistances of 10,870 are taken out,” said Deepak Jasani of HDFC Securities.
“Crucial supports to watch for resumption of weakness is at 10,815.”
Investment-wise, FIIs bought Rs 276.14 crore while DIIs bought stocks worth over Rs 439.67 crore on Wednesday.
Stock-wise, the top gainers on Sensex were Axis Bank, ITC, Tata Motors, Bharti Aitel, HDFC which inched up in the range of 1 to 3 per cent.
In contrast, Yes Bank lost 3.07 per cent and Tata Steel, ONGC, Heromoto Corp, NTPC declined up to 2 per cent.
–IANS
ravi-rv/mr
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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.