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Equities’ 7-day fall concludes; bargain hunting lifts sentiments (Roundup)
Mumbai, Sep 28 (IANS) Breaking a seven-day-long losing streak, key Indian equity indices — the BSE Sensex and the NSE Nifty50 — on Thursday closed in the green on the back of positive European markets and bargain hunting.
Although volatility was induced in the markets intra-day on September derivatives expiry as investors booked profits, short covering in banks, automobile and healthcare stocks aided the key indices to pare losses and close on a higher note.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) rose by 33.20 points or 0.34 per cent to close at 9,768.95 points.
The 30-scrip Sensitive Index of the BSE, which lost around 1,263.95 points in the previous seven sessions, closed higher by 122.67 points, or 0.39 per cent, at 31,282.48 points.
The BSE market breadth was bullish — with 1,531 advances and 987 declines.
“Markets ended with modest gains on Thursday after bouncing back from a low of 9,688. Today’s gains came after seven consecutive sessions of losses for the Nifty,” Deepak Jasani, Head – Retail Research, HDFC Securities told IANS.
“It was also the expiry day of the September derivative series. Bargain hunting and positive European markets supported the Indian indices,” added Jasani.
On the currency front, the rupee strengthened by 21 paise to close at 65.50-51 against the US dollar from its previous close at 65.71-72.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrips worth Rs 5,328.46 crore while domestic institutional investors (DIIs) purchased stocks worth Rs 5,196.60 crore.
“The Sensex rose over 100 points while the Nifty regained the 9,750 mark after a tepid start on Thursday as pharma, FMCG and banking stocks witnessed buying. However, volatility was visible due to expiry of future and options contracts of September series,” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.
“Buying was also visible due to off-loading of short positions future and options contracts, traders say. Mid-cap and small-cap shares, which were among the worst hit in recent selloff, outperformed benchmark indices,” Desai told IANS.
The BSE mid-cap index rose by 0.77 per cent, while the BSE small-cap index by 0.90 per cent.
Sector-wise, the S&P BSE banking index surged by 206.65 points, automobile index by 108.94 points, and healthcare index by 92.31 points.
On the other hand, the S&P BSE consumer durables index fell by 58.14 points, capital goods index by 53.89 points, and energy index by 19.89 points.
Major Sensex gainers on Thursday were: Dr. Reddy’s Lab, up 2.62 per cent at Rs 2,367.85; Kotak Bank, up 2.43 per cent at Rs 1,004; Coal India, up 2.32 per cent at Rs 267; Maruti Suzuki, up 2.11 per cent at Rs 7,897.15; and Cipla, up 2.05 per cent at Rs 581.50.
Major Sensex losers were: Asian Paints, down 2.73 per cent at Rs 1,129.25; Reliance Industries, down 1.48 per cent at Rs 786.75; Wipro, down 0.95 per cent at Rs 285.85; Bharti Airtel, down 0.77 per cent at Rs 382.40; and Tata Motors, down 0.69 per cent at Rs 401.10.
–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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