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Geo-political tensions, foreign fund outflows drag equity markets lower (Roundup)
Mumbai, Aug 29 (IANS) Rising geo-political tension in East Asia along with foreign fund outflows and upcoming derivatives expiry dragged the key Indian equity indices — the NSE Nifty50 and the BSE Sensex — to close deep in the red on Tuesday.
The two key indices closed at their lowest levels in a week’s time as heavy selling pressure in banking, consumer durables and capital goods stocks weighed on markets’ sentiments and spanned four consecutive sessions of gains.
Consequently, the wider 51-scrip Nifty of the National Stock Exchange (NSE) closed at 9,796.05 points — down 116.75 points or 1.18 per cent.
Similarly, the 30-scrip Sensitive Index (Sensex) of the BSE closed in the red. It opened at 31,724.84 points, closed at 31,388.39 points — down 362.43 points or 1.14 per cent from Monday’s close at 31,750.82 points.
The Sensex touched a high of 31,739.80 points and a low of 31,360.81 points during the intra-day trade.
Investors’ risk-taking appetite got eroded amid geo-political tensions in the Korean peninsula.
“Markets corrected sharply on Tuesday after a weak opening. The main indices lost over one per cent as weak European and Asian markets weighed on the market sentiments,” Deepak Jasani, Head of Retail Research, HDFC Securities, told IANS.
“The Sensex and Nifty hit one-week lows and all the major sectoral indices on the BSE closed in the red. Major Asian markets have ended on a negative note, barring the Shanghai index. European indices like FTSE 100, DAX and CAC 40 also traded lower.”
According to market observers, Anand James, Chief Market Strategist, Geojit Financial Services, concerns of heavy floods in the financial capital and the selling by FIIs in equities over the past one month “ensured that risk appetite was down to a trickle, especially as Asian markets were in a sea of red following North Korea threats”.
“The speeding process of NPA resolution may provide some respite to the market ahead of the F&O expiry, after it managed to hold the crucial 60 DMA level,” James said.
On the currency front, the Indian rupee weakened by 11 paise to 64.02 to a US dollar from its previous close at 63.91.
In investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrip worth Rs 1,459.64 crore, while domestic institutional investors (DIIs) purchased stocks worth Rs 1,391.33 crore.
“The selling pressure was broad-based with all the sectoral indices in the red,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.
“Banking, IT, Pharma and FMCG stocks led the sell off. Coal India, HDFC, Sun Pharma and Hindalco were down over 2 per cent.”
Sector-wise, all the 19 sub-indices of the BSE ended in the red, led by the S&P BSE banking index, which plunged by 290.54 points, followed by the S&P BSE consumer durables index, down 258.72 points and the capital goods index which edged-lower by 187.72 points.
The lone Sensex gainer on Tuesday was: Wipro, up 0.02 per cent at Rs 290.95.
On the other hand, major Sensex losers were: NTPC, down 2.80 per cent at Rs 168.50; Tata Motors (DVR), down 2.57 per cent at Rs 219.85; Sun Pharma, down 2.35 per cent at Rs 481.15; HDFC, down 2.20 per cent at Rs 1,727.85; and Reliance Industries, down 2.17 per cent at Rs 1,531.75.
–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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