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Equities slip on weak global cues, DIIs outflows (Market Review)

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7 years ago

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By Porisma P. Gogoi
Mumbai, Sep 9 (IANS) Weak global cues on the back of geopolitical concerns, coupled with sustained outflow of foreign funds, led Indian equity indices — the BSE Sensex and the NSE Nifty — to close the week’s trade in the negative zone after three consecutive weeks of gains.

On a weekly basis, the 30-scrip Sensitive Index (Sensex) of the BSE lost 204.71 points or 0.64 per cent to close at 31,687.52 points.

Meanwhile, the Nifty50 of the National Stock Exchange (NSE) closed at 9,934.80 points, down 39.6 points or 0.4 per cent.

“Markets traded in a range for a major part of the week after correcting in the initial half of the week. Metals, capital goods and consumer durables indices gained, while PSU (state-run banks), power, FMCG, healthcare and IT indices fell over the week,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

Anita Gandhi, Whole Time Director, Arihant Capital Markets, said: “Markets ended the week on a flat note amid volatility and weak global cues, as investors remained cautious due to geopolitical concerns, premium valuation, lackluster earnings season and geopolitical headwinds.”

“However, sustained capital infused by domestic institutional investors (DIIs) supported the bulls to some extent,” Gandhi told IANS.

Provisional figures from the stock exchanges showed that DIIs bought scrips worth Rs 1,210.12 crore during the week. However, foreign institutional investors (FIIs) continued with their selling spree and off-loaded stocks worth Rs 3,426.51 crore.

Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 3,409.13 crore, or $531 million, during September 4-8.

Vinod Nair, Head of Research, Geojit Financial Services, said: “For the last one month, the Indian market declined by about 2 per cent, which is in line with the developed economies, but was underperforming other emerging markets largely due to divergence in earnings and valuation.”

“Further, lack of clarity on the impact of GST in the medium term corporate earnings is adding to cautiousness,” added Nair.

On the global front, sentiments of market participants got dampened by reports that the number of Americans filing for unemployment benefits jumped to its highest in more than two years last week amid a surge in applications in hurricane-ravaged Texas, said D.K. Aggarwal, Chairman and Managing Director, SMC Investments and Advisors.

“Also, the European Central Bank’s (ECB) indication that it may begin tapering its massive stimulus programme this autumn spooked the confidence of the market participants,” Aggrawal told IANS.

“Back at home, stock-specific movement was seen in the market. Some positive global cues after President Donald Trump’s support to a package that included a short-term debt ceiling extension gave strength to the domestic market to some extent… Now market participants are looking for fresh triggers,” he added.

During the week, the Indian rupee strengthened by 23 paise to close the week at 63.79 to a US dollar from its previous week’s close at 64.02-03.

The top weekly Sensex gainers were: Coal India (up 6.75 per cent at Rs 254.45); Larsen and Toubro (up 2.86 per cent at Rs 1,172.30); Maruti Suzuki (up 2.05 per cent at Rs 7,972.80); Reliance Industries (up 1.55 per cent at Rs 817.15); and Kotak Bank (up 1.40 per cent at Rs 1,007.50).

The losers were: Tata Motors (DVR) (down 6.29 per cent at Rs 210.65); Bharti Airtel (down 4.37 per cent at Rs 404); Tata Motors (down 4.01 per cent at Rs 375.05); Mahindra and Mahindra (down 4.01 per cent at Rs 1,294.70); and ITC (down 3.93 per cent at Rs 272.45).

(Porisma P. Gogoi can be contacted at [email protected])

–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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