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Equities close in green; consumer durables, oil & gas lift sentiments (Roundup)

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7 years ago

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Mumbai, Sep 5 (IANS) Boosted by positive European markets, persistent purchasing by domestic institutional investors (DIIs) and healthy buying in consumer durables, oil and gas as well as banking stocks, key Indian equity indices — the NSE Nifty50 and the BSE Sensex — surged from the flat zone to close on a higher note on Tuesday.

According to market observers, index heavyweights on the BSE like Coal India, Reliance Industries, Adani Ports and Tata Motors aided the indices in their bull run.

The wider 51-scrip Nifty50 of the National Stock Exchange (NSE) closed above the 9,950-mark at 9,952.20 points — up 39.35 points or 0.40 per cent.

The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,755.16 points, closed at 31,809.55 points — up 107.30 points or 0.34 per cent from its previous close at 31,702.25.

The BSE market breadth was bullish — 1,665 advances and 899 declines.

In terms of the broader market indices, the S&P BSE mid-cap index rose by 0.63 per cent and the small-cap index by 1.02 per cent.

“After the fall seen on Monday, markets bounced back on Tuesday to end with healthy gains. The gains came on the back of positive European markets,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

“Technically, with the Nifty bouncing back smartly after Monday’s sharp fall, the bulls are not willing to give up easily,” he added.

Vinod Nair, Head of Research, Geojit Financial Services, said: “Market started with a subdued bias but later recovered with a sign of improving bilateral relationship between India and China. Additionally, improving manufacturing and service data (August) and tax collection will redress concerns on valuation.”

A key macro-economic data released during market hours on Tuesday revealed that the seasonally adjusted Nikkei India Services Purchasing Managers’ Index (PMI) stood at 47.5 in August, pointing to a second successive decline in output.

However, this indicated a softer rate of reduction compared with 45.9 in July.

The Nikkei India Manufacturing PMI — released on September 1 — stood at 51.2 in August, up from the index reading of 47.9 reported in July, signalling “a renewed improvement in the health of the sector”.

On the currency front, the Indian rupee weakened by 7-8 paise to 64.13 against the US dollar from its previous close at 64.05-06.

In investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrip worth Rs 379.16 crore while DIIs purchased stocks worth Rs 474.36 crore.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, on the global front Asian shares were mostly defensive on North Korea worries though MSCI’s dollar-denominated index of Asia-Pacific shares outside Japan was up around 0.2 per cent due to gains in Chinese equities.

“In India, financials accounted for most of the gains. The Nifty Bank index rose as much as 0.6 per cent after ending 0.8 per cent lower in the previous session,” Desai told IANS.

“Consumer durables stocks and realty stocks rose as BSE consumer durables index surged by 2.26 per cent and BSE realty index by 1.53 per cent,” he added.

All the sub-indices on the BSE ended in the green, barring telecom index, which was down 22.88 points.

Sector-wise, the S&P BSE consumer durables index augmented by 409.57 points, oil and gas index by 154.48 points and banking index by 105.12 points.

Major Sensex gainers on Tuesday were: Coal India, up 2.96 per cent at Rs 253.70; Adani Ports, up 1.60 per cent at Rs 390.45; Bajaj Auto, up 1.58 per cent at Rs 2,959.40; Reliance Industries, up 1.34 per cent at Rs 1,633; and Dr. Reddy’s Lab, up 0.89 per cent at Rs 2,208.55.

Major Sensex losers were: Bharti Airtel, down 2.25 per cent at Rs 406.50; Sun Pharma, down 1.43 per cent at Rs 493.40; Power Grid, down 0.71 per cent at Rs 215.35; Tata Motors (DVR), down 0.50 per cent at Rs 219.50; and Lupin, down 0.43 per cent at Rs 991.65.

–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

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3 months ago

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September 3, 2024

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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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