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Equity market dodges oil bullet, surges on trade talks (Market Review)
By Ravi Dutta Mishra and Rohit Vaid
Mumbai, Jan 12 (IANS) Despite a rise in global crude oil prices and heavy outflow of foreign funds, the Indian equity market logged gains during the week ended on Friday, partly owing to an ease in liquidity and hopes of the US-China trade war being resolved.
According to market observers, initially, stock-specific buying on the back of expectation of healthy third quarter earning results led the market higher, but results from private banks and the IT sector disappointed.
Accordingly, the volatile week saw the Sensex gain 314.74 points or 0.88 per cent, and Nifty50 scale-up only 67.6 points or 0.63 per cent.
“Market started-off on a positive note on the back of easing liquidity situation, appreciation in INR and selective buying in FMCG, IT & Private banks on expectation of strong earnings,” Geojit Financial Services Head of Research Vinod Nair said.
“However, investors turned cautious as private banks reported higher NPAs and margin disappointment from the IT sector. While a potential settlement of the trade dispute helped oil prices to re-test $60 in the last couple of days, leading to depreciation in the rupee.”
Index-wise, the S&P BSE Sensex gained 314.74 points, or 0.88 per cent, to close at 36,009.84, whereas the 50-share Nifty of the NSE gained by 67.6 points, or 0.63 per cent, to settle at 10,794.95.
Globally, investors were upbeat as a resolution in the US-China trade tension seemed near. However, the talks which concluded this week failed to completely convince market participants.
“Investors are waiting for further guidance from the US-China trade negotiations. Meanwhile, China’s economy is slowing and facing increasingly powerful headwinds. Crude oil prices rose sharply amid easing concerns about energy demand,” SMC Investments & Advisors CMD D.K. Aggarwal told IANS.
Sunsequently, the rise in crude oil prices depreciated the India currency, which eneded the week lower against the US dollar. It weakened by 77 paise to 70.49 against the dollar from its previous week’s close of 69.72.
“The rupee touched a strong point of 69.24 last week and started weakening thereafter in response to a 20 per cent expensive crude from lows of $50 to a barrel,” Sajal Gupta, Edelweiss Securities’ Head of Forex and Rates.
“The rupee has got concerns from rising crude and the risk of fiscal slippages in a poll bound nation… any breach above 70.60 levels can take it to 71.50 levels.”
Besides, the Indian markets were dented by an outflow of foreign funds, as FIIs were net sellers to the tune of over Rs 500 crore as against domestic institutional investors, who bought over Rs 1,100 crore worth of stocks, provisional data on BSE showed.
“The market breadth was negative in four out of the five trading sessions of the week. The top sectoral gainers for the week were the FMCG, Pharma and IT indices. The top losers were the Metal, Media and Energy indices,” Deepak Jasani of HDFC Securities said.
The top gainers on the BSE and the NSE were Axis Bank which gained 7.53 per cent and Tata Motors which was up 5.59 per cent. ITC inched up over 5 per cent while Tata Motors (DVR) and ICICI Bank gained in the range of 3 to 5 per cent.
In contrast, export-oriented Hero MotoCorp lost 3.08 per cent followed by Yes Bank, Tata Steel, Bajaj Finance and IndusInd Bank declining in the range of 2 to 3 per cent.
(Ravi Dutta Mishra can be reached at [email protected] and Rohit Vaid at [email protected])
–IANS
ravi-rv/vm
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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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