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Equity indices end with marginal gains, capital goods stocks up (Roundup)
Mumbai, Sep 8 (IANS) After a day of volatile trading, key Indian equity indices on Friday closed on a flat note — marginally in the green — buoyed by a strong rupee and good buying activities in capital goods stocks.
According to market observers, sentiments continued to remain subdued on the back of prevailing geo-political tensions, coupled with continous outflow of foreign funds and heavy selling pressure in index heavyweights like Dr. Reddy’s Lab, Mahindra and Mahindra, Bajaj Auto, Infosys and Sun Pharma, among others.
The wider 51-scrip Nifty50 of the National Stock Exchange (NSE) was up 4.90 points, or 0.05 per cent, to close at 9,934.80 points.
The 30-scrip Sensitive Index (Sensex) of the BSE closed at 31,687.52 points — up 24.78 points, or 0.08 per cent.
However, the BSE market breadth was bearish — with 1,539 declines and 1,098 advances.
“Markets ended with marginal gains on Friday as the Nifty continued to consolidate in a range. The main indices drifted lower through the day. A bounce back from the lows of the day in the afternoon helped the indices register marginal gains,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Major Asian markets ended on a mixed note, while European indices like FTSE 100, DAX and CAC 40 traded lower. Broader market indices fell, thereby underperforming the main indices,” he added.
In terms of broader market indices, the S&P BSE mid-cap index fell by 0.44 per cent and the small-cap index by 0.08 per cent.
Vinod Nair, Head of Research, Geojit Financial Services, said: “The market continued to consolidate amid lack of fresh triggers for a decisive up move. The global uncertainties are not completely out of the wood but the degree of threat is narrowing which will keep the long term outlook intact.”
On the currency front, the Indian rupee strengthened by 26 paise to 63.79 against the US dollar from its previous close at 64.05.
“Markets edged higher on Friday as metal shares continued to rally on the back of higher commodity prices, but indices were set to snap a three-week winning streak amid continued caution about global risk factors such as North Korea,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“The pharma and realty stocks were the top losers, while the S&P BSE capital goods index gained most and was up 1.60 per cent,” Desai added.
Sector-wise, the S&P BSE capital goods index rose by 325.72 points, FMCG index by 46.56 points and industrials index by 25.01 points.
On the other hand, the S&P BSE healthcare index fell by 122.38 points, automobile index by 121.88 points, and oil and gas index by 86.56 points.
Major Sensex gainers on Friday were: Larsen and Toubro, up 4.07 per cent at Rs 1,172.30; Bharti Airtel, up 1.45 per cent at Rs 403.20; Kotak Bank, up 1.22 per cent at Rs 1,007.60; HDFC Bank, up 0.98 per cent at Rs 1,788; and ITC, up 0.78 per cent at Rs 272.45.
Major Sensex losers were: M&M, down 3.29 per cent at Rs 1,294.70; Dr. Reddy’s Lab, down 2.93 per cent at Rs 2,158.80; Sun Pharma, down 1.87 per cent at Rs 471.05; Bajaj Auto, down 1.76 per cent at Rs 2,913.85; and Infosys, down 1.25 per cent at Rs 884.40.
–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.