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Equities slip on negative global cues, sell-off in index heavyweights (Roundup)
Mumbai, Sep 6 (IANS) Negative global cues, coupled with heavy selling pressure in index heavyweights like Sun Pharma and ITC and substantial outflow of foreign funds, pulled key Indian equity indices — the NSE Nifty50 and the BSE Sensex — lower on Wednesday.
Sectorwise, the S&P BSE healthcare, FMCG and capital goods indices, among others, slipped into the negative zone.
The wider 51-scrip Nifty50 of the National Stock Exchange (NSE) fell by 36 points, or 0.36 per cent, to close at 9,916.20 points.
The 30-scrip Sensitive Index (Sensex) of the BSE, which opened at 31,713.50 points, closed at 31,661.97 points — down 147.58 points, or 0.46 per cent, from its previous close at 31,809.55 points.
The BSE market breadth, however, was slightly bullish with 1,330 advances and 1,249 declines.
In contrast, the broader market indices gained with the S&P BSE mid-cap index up 0.17 per cent and the small-cap index up 0.38 per cent.
“Markets corrected once again on Wednesday after the bounce back seen in the previous session (on Tuesday). Corrections in ITC and Sun Pharma weighed down the main indices,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Weak global cues triggered by tensions between US and North Korea also played a part. Major Asian markets have ended on a negative note, barring the Shanghai index. European indices like FTSE 100, DAX and CAC 40 traded lower,” he added.
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the rupee hit a three-week low against the dollar, as tensions over North Korea’s latest nuclear test showed few signs of abating and continued to spook global investors.
During the day’s trade, the Indian rupee strengthened by three paise to 64.10 against the US dollar from its previous close at 64.13.
“North Korea’s nuclear test on Sunday comes at a time when foreign investors were reducing their holdings in Indian shares, having sold a net $2 billion in August and $248.70 million so far in September, according to clearing and exchange data,” Desai told IANS.
In investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrip worth Rs 1,353.02 crore while domestic institutional investors (DIIs) purchased stocks worth Rs 51.57 crore during the day.
“Reliance Industries (RIL) was up 1 per cent at Rs 1,650, extending its 6.6 per cent surge in past five trading sessions on BSE, after the company fixed September 9 as the record date for 1:1 bonus issue. The stock will turn ex-bonus tomorrow on September 7,” he added.
Sector-wise, the S&P BSE healthcare index declined by 180.64 points, FMCG index by 108.99 points and capital goods index by 101.58 points.
On the other hand, the S&P BSE metal index was up 91.76 points, basic materials index by 17.62 points and finance index by 11.09 points.
Major Sensex gainers on Wednesday were: Kotak Bank, up 0.93 per cent at Rs 996.20; Reliance Industries, up 0.71 per cent at Rs 1,644.60; Coal India, up 0.69 per cent at Rs 255.45; Maruti Suzuki, up 0.45 per cent at Rs 7,851.15; and HDFC, up 0.44 per cent at Rs 1,774.85.
Major Sensex losers were: Sun Pharma, down 3.73 per cent at Rs 475; ITC, down 2.43 per cent at Rs 275.55; Tata Motors (DVR), down 2.26 per cent at Rs 214.55; Lupin, down 2.05 per cent at Rs 971.30; and Axis Bank, down 1.79 per cent at Rs 493.50.
–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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