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Global growth concerns, Q3 results dent equity market; banking stocks tank (Roundup)
Mumbai, Jan 28 (IANS) Global growth concerns, along with disappointing quarterly results and heavy selling pressure in banking, automobile, healthcare and consumer durables stocks dragged the Indian equity market into the red on Monday.
Accordingly, the weakness was led by a slide in ICICI Bank, Reliance Industries and ITC.
However, global cues such as broadly positive Asian markets and fresh inflow of foreign funds aided in arresting the downward spiral.
Index-wise, the S&P BSE Sensex closed the day’s trade at 35,656.70 points, down 368.84 points or 1.02 per cent from its previous close.
The broader NSE Nifty50 lost 119 points or 1.10 per cent at 10,661.55 points.
The Sensitive Index of the BSE, which had closed at 36,025.54 points on Friday last week and opened higher at 36,099.62 points.
On January 25, the previous trade session, the Sensex had edged lower by 169.56 points or 0.47 per cent. The Nifty too went down by 69.25 points or 0.64 per cent.
“Market slid below 10,700 mark as uncertainty over global trade negotiation and US Fed policy later this week added volatility,” said Vinod Nair, Head Of Research at Geojit Financial Services.
“Any progress in US China trade deal and a dovish view from FOMC meet amid global growth concern may provide respite to investor’s dilemma. Additionally, weak set of earnings from auto major and selling in banks marked the tone of domestic indices.”
According to Deepak Jasani, Head of Retail Research with HDFC Securities: “Markets ended with losses on Monday for the second consecutive session. The weakness was led by a slide in ICICI Bank, Reliance Industries and ITC.”
“The Nifty could drift down further once the immediate supports of 10,628 are broken. Any pullback rallies could find resistance at 10,804.”
Stocks-wise, scrip of Zee, Dish TV, Sun TV and DLF moved higher, whereas shares of Adani Ports, Adani Power, DHFL and Indian Bank dipped.
On a company specific basis, the Zee Entertainment Enterprises Ltd (ZEEL) stock on Monday gained 16.64 per cent at Rs 372.50 a share, up Rs 53.15 from its previous close on the BSE.
The upswing in the stock price came a day after Zee and Essel Group Chairman Subhash Chandra said that the company management has successfully arrived at an understanding with lenders to whom the shares held by the group’s promoters have been pledged.
In terms of currency, the Indian rupee strengthened to Rs 71.10-11 per US dollar from its previous close of 71.18.
Investment-wise, foreign institutional investors (FII) bought Rs 223.44 crore worth of stocks on Monday, while the domestic institutional investors (DII) invested Rs 92.32 crore worth of stocks.
–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.