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Global cues, banking reforms lift equity markets (Roundup)
Mumbai, Aug 23 (IANS) Positive global cues, along with the announcement on consolidation of public sector banks, lifted the key Indian equity indices — the NSE Nifty 50 and the BSE Sensex — on Wednesday.
According to market observers, broadly positive global indices and healthy buying in banking, metal and automobile sector stocks supported equity indices’ upward trajectory.
The 30-scrip Sensitive Index (Sensex) closed higher by 276 points or 0.88 per cent.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) gained 86.95 points or 0.89 per cent to 9,852.50 points.
The Sensex of the BSE, which opened at 31,407.47 points, closed at 31,568.01 points, up 276.16 points or 0.88 per cent from Tuesday’s close at 31,291.85 points.
The Sensex touched a high of 31,593.39 points and a low of 31,379.25 points during the intra-day trade.
The initial trade session on Wednesday saw both the BSE Sensex and the NSE Nifty open higher against their respective previous session’s close. The Indian rupee also opened on a strong note against the US dollar.
Around 3 p.m. Finance Minister Arun Jaitley announced that “in principle” approval has been granted by the Union Cabinet for the consolidation of state-run banks through mergers.
The announcement led to massive gains in public sector bank’s stocks.
“Nifty displayed a sharp upmove today and closed the day with handsome gains of 0.89 per cent. After opening on a positive note today, Nifty shifted into intra-day consolidation within a narrow high low range for better part of the session,” Deepak Jasani, Head of Retail Research, HDFC Securities, told IANS.
“Buying emerged in the last hour of trade. Gains in banking shares propelled key indices higher. Reports suggest that the Union Cabinet has given “in-principle approval” to set up an alternative mechanism to go ahead with the PSU Banks consolidation process.”
On the currency front, the Indian rupee closed on a flat note to 64.11 to a US dollar from its Tuesday’s close.
“The Sensex and Nifty traded higher on Wednesday… but were confined to a narrow range for want of fresh triggers after a tepid results season,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
Major Sensex gainers on Wednesday were: Adani Ports and Special Economic Zone, up 2.82 per cent at Rs 385.05; Bharti Airtel, up 2.41 per cent at Rs 431.80; Tata Steel, up 2.28 per cent at Rs 633.40; Dr Reddy’s Lab, up 2.25 per cent at Rs 2,029.50; and Infosys, up 1.98 per cent at Rs 894.50.
Major Sensex losers were: Hindustan Unilever, down 1.10 per cent at Rs 1,187.55; Sun Pharma, down 0.45 per cent at Rs 468.75; ITC, down 0.28 per cent at Rs 282.25; Mahindra and Mahindra (M&M), down 0.13 per cent at Rs 1,372.85; and Tata Consultancy Services (TCS), down 0.12 per cent at Rs 2,493.
–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.