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Sensex, Nifty end 0.30% lower over IMF’s growth revision (Roundup)
Mumbai, Jan 22 (IANS) The Sensex and Nifty ended lower on Tuesday in line with global markets over concerns about the world economy as the International Monetary Fund (IMF)revised down its estimates of global GDP growth over the next two years.
This is the second such revision in three months.
Metal and basic material stocks declined over 1 per cent over downbeat global economic sentiments.
Global shares fell after the IMF slashed its world economic forecast on Monday, warning that the expansion seen in recent years is losing momentum. Domestic investors also booked profits after a five-session winning spree, said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.
“However, the IMF also said that India’s economy is poised to pick up this year.”
Dey also added that the IMF now projects a 3.5 per cent growth rate worldwide for 2019 and 3.6 per cent for 2020. These are 0.2 and 0.1 percentage points below its last forecasts in October 2019, making it the second downturn revision in three months.
The BSE Sensex closed lower by 134.32 points, or 0.37 per cent at 36,444.64, after touching a high of 36,650.47 and a low of 36,282.93.
The benchmark index opened higher on Tuesday, at 36,649.92 points, from its previous close of 36,578.96.
The broader Nifty50 ended lower by 39.10 points or 0.36 per cent at 10,922.75.
“Technically, with the Nifty correcting after the breakout seen yesterday, the index could continue to remain range bound in the coming sessions. Immediate resistance is now at 10,955-10,985 band, while crucial supports to watch for any weakness are now at 10,864,” said Deepak Jasani of HDFC Securities.
Stock-wise, Sun Pharma continued to gain on Tuesday. It ended with gains close to 5 per cent after its clarifications in a regulatory filing earlier in the day.
Sun Pharma was followed by Kotak Mahindra Bank which reported a healthy third quarter earning on Monday.
Hero MotoCorp, Bajaj Finance and Bajaj-Auto surged up to 2 per cent.
In contrast, Vedanta, Tata Steel, Mahindra and Mahindra, HCL Tech and Bharti Airtel lost in the range of 2 to 3.50 per cent.
The Indian rupee depreciated 16 paise against the US dollar, to 71.44 from its previous close of 71.28.
In terms of institutional investment, both foreign and domestic were sellers on Tuesday. FIIs sold stocks worth Rs 78.53 crore and DIIs off loaded stocks worth Rs 84.15.
–IANS
ravi/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.