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Equity market gains 1% on easing trade tension, inflation (Market Review)
By Ravi Dutta Mishra
Mumbai, Jan 19 (IANS) Sensex and Nifty gained over 1 per cent during the week ended Friday over easing trade tension and expectations of a rate cut by the Reserve Bank of India in its policy meet next month.
Easing retail and wholesale inflation in December has given room for the central bank to go for a cut in the policy rates, thereby boosting investor sentiments.
Investor sentiments globally were upbeat over progress in the US-China trade negotiations, following reports that US officials are considering lifting some tariffs on Chinese products.
However, rise in global crude oil prices and slowdown in China’s economy, in addition to the partial US government shutdown and political uncertainty in the UK over Brexit fiasco, continued to weigh on investor sentiments.
The ongoing corporate result season, analysts said, have been largely in line with the estimates.
Most corporate earnings declared in the last fortnight were from the IT and banking sectors.
“Companies in the IT space reported revenue growth in line with expectations and management commentary, and deal wins were fairly robust despite a lingering worry on the US GDP growth slowdown,” said Shibani Kurian of Kotak Mahindra Asset Management Company.
Kurian added that banks reported higher loan growth and stable margins while booking some marked-to-market gains on their bond portfolio and asset quality trends have been so far stable.
Top sectoral gainers for the week were the oil and gas, IT and realty indices and the losers comprised capital goods, PSU banks, power and pharma sector stocks, said Deepak Jasani of HDFC Securities.
Sun Pharma lost the most, this week, heaviest on Friday — its biggest fall in over two years — after a second whistleblower letter emerged, levelling allegations with regard to corporate governance.
Top gainers, both on BSE and NSE, were Yes Bank, Reliance Industries and Infosys, which gained in a healthy 6-8 per cent range. Tata Consultancy Services and HCL Technologies inched up by 2-3 per cent.
Bharti Airtel lost close to 7 per cent followed by Larsen and Toubro, which ended lower 3.79 per cent. State Bank of India and NTPC declined in the range of 2-3 per cent.
The S&P BSE Sensex gained 376.77 points, or 1.04 per cent, to close at 36,386.61, whereas the Nifty gained 112 points, or 1.04 per cent, to settle at 10,906.95 points.
The Indian rupee continued to depreciate for the second week on the trot, as it weakened by 69 paise to Rs 71.18 against a US dollar from its previous close of 70.49.
Provisional data from BSE since the start of year showed that foreign institutional investors offloaded stocks worth Rs 2,318.76 crore as against domestic investors buying Rs 1,842.31-crore shares.
(Ravi Dutta Mishra can be reached at [email protected])
–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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