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Equity indices rise on global cues; metal, oil & gas stocks surge (Roundup)
Mumbai, Aug 30 (IANS) A day after closing at their lowest levels in a week’s time, key Indian equity indices — the NSE Nifty50 and the BSE Sensex — on Wednesday surged on the back of positive global cues and healthy buying in metal, oil and gas, and banking stocks.
According to market observers, easing geo-political tension in East Asia and healthy buying in index heavyweights like Reliance Industries, Adani Ports, HDFC and Tata Steel aided the upward trajectory of the indices.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) reclaimed the psychologically important 9,900-mark to touch a high of 9,909.45 points during intra-day trade.
However, the Nifty50 could not retain that level and closed at 9,884.40 points — up 88.35 points or 0.90 per cent.
The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,534.57 points, closed at 31,646.46 points — up 258.07 points or 0.82 per cent from its previous close at 31,388.39 points.
The Sensex touched a high of 31,727.98 points and a low of 31,533.02 points during the intra-day trade.
The BSE market breadth was bullish with 1,805 advances and 770 declines.
“Markets rallied sharply on Wednesday after the sharp correction seen on Tuesday. Positive global cues aided the market sentiments,” Deepak Jasani, Head of Retail Research, HDFC Securities, told IANS.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market recouped from the previous day’s loss, taking cues from positive global markets due to no further escalation in the geopolitical tensions. The domestic market was also filliped by the better than anticipated tax collection under the GST regime.”
“Mid and small-caps outperformed the broader market as investors saw buying opportunity in corrections,” Nair added.
In terms of the broader markets, the S&P BSE mid-cap index rose by 1.49 per cent, and the small-cap index by 1.35 per cent.
On the currency front, the Indian rupee closed on a flat note at 64.02 to a US dollar from its previous close.
“Trading volumes, however, were muted as floods caused by heavy seasonal monsoon rains destroyed homes and disrupted traffic in Mumbai, India’s financial capital on Tuesday, causing many people to stay home on Wednesday,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.
“Oil marketing companies traded higher. Auto and auto ancillary stocks continued to trade higher even after the Cabinet cleared an ordinance to hike cess on luxury cars and sport-utility vehicles to 25 per cent from 15 per cent under the GST regime at present,” Desai told IANS.
Sector-wise, all the 19 sub-indices of the BSE ended in the green, led by the S&P BSE metal index, which surged by 342.40 points.
This was followed by the S&P BSE oil and gas index, which rose by 341.57 points, the banking index by 214.44 points and the consumer durables index by 211.93 points.
Major Sensex gainers on Wednesday were: Reliance Industries, up 2.12 per cent at Rs 1,564.15; Adani Ports, up 1.94 per cent at Rs 389.65; HDFC, up 1.83 per cent at Rs 1,759.50; Coal India, up 1.39 per cent at Rs 241.50; and Tata Steel, up 1.35 per cent at Rs 638.65.
Major Sensex losers were: Mahindra and Mahindra, down 1.28 per cent at Rs 1,360.10; Power Grid, down 0.35 per cent at Rs 215.05; NTPC, down 0.30 per cent at Rs 168; Cipla, down 0.19 per cent at Rs 566.85; and Dr. Reddy’s Lab, down 0.16 per cent at Rs 2,040.35.
–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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