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Equities surge on positive global cues, value buying (Roundup)

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7 years ago

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Mumbai, Oct 4 (IANS) Continuing with gains for the fourth consecutive session, key Indian equity indices closed on a higher note on Wednesday as positive global cues, coupled with healthy buying in healthcare, oil and gas and FMCG stocks, buoyed investors’ sentiments.

According to market observers, the equity markets — which had already discounted any further reduction in key lending rates — made substantial gains as the RBI reduced the SLR (statutory lending rates), which created healthy demand for banking stocks.

The wider Nifty50 of the National Stock Exchange (NSE) rose by 55.40 points, or 0.56 per cent, to close at 9,914.90 points.

The 30-scrip Sensitive Index (Sensex) of the BSE closed at 31,671.71 points — up 174.33 points, or 0.55 per cent.

The BSE market breadth was bullish — 1,461 advances and 1,182 declines.

“Nifty continued its upmove in today’s session and closed the day higher by 55 points. Minor volatility was witnessed after the outcome of RBI’s mid-quarter policy meet during afternoon and Nifty finally erased some of intra-day loss and closed near the highs,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

“Major Asian markets ended on a positive note, barring the SET and Straits Times, while European indices like FTSE 100 and CAC traded lower and DAX higher.”

Jasani added that the RBI’s Monetary Policy Committee kept the repo and reverse repo rate unchanged as widely expected, based on its assessment of current and evolving macro-economic situation.

In terms of the broader markets, the mid-cap index rose by 0.39 per cent, while the small-cap index gained 0.79 per cent.

Vinod Nair, Head of Research, Geojit Financial Services, said: “Other than recapitalisation of PSU banks, there was nothing new in the RBI policy, rather than acknowledgment of reduction in GVA (gross value added) and increase in inflation.”

“Market is unlikely to react much to the event and move on with the factors like domestic Q2 earnings season and global liquidity,” Nair added.

On the currency front, the rupee strengthened by 48-49 paise to close at 65.01-02 against the US dollar from its previous close at 65.50.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrips worth Rs 632.14 crore while domestic institutional investors (DIIs) purchased stocks worth Rs 584.88 crore.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, shares were set for a fourth winning session on Wednesday as oil firms such as Reliance Industries gained due to a tax cut on petrol and diesel, though initially caution lingered ahead of the outcome of the central bank’s policy meeting.

“Shares of rate sensitive sectors such as financials, automobiles and real estate traded firm after the RBI kept the repo rate and reverse repo rate unchanged at 6 per cent and 5.75 per cent, respectively,” Desai told IANS.

Sector-wise, the S&P BSE healthcare index increased by 248.10 points, followed by oil and gas index by 192.91 points and FMCG index by 155.36 points.

On the other hand, the S&P BSE metal index fell by 33.11 points, consumer durables index by 18.37 points and IT index by 16.71 points.

Major Sensex gainers on Wednesday were: Sun Pharma, up 2.98 per cent at Rs 517.80; Tata Motors (DVR), up 2.68 per cent at Rs 239.65; Reliance Industries, up 2.61 per cent at Rs 819.20; ITC, up 2.30 per cent at Rs 267.35; and Kotak Bank, up 2.16 per cent at Rs 1,028.

Major Sensex losers were: Bharti Airtel, down 2.26 per cent at Rs 376.95; ICICI Bank, down 0.88 per cent at Rs 276; HDFC Bank, down 0.66 per cent at Rs 1,796.80; Axis Bank, down 0.63 per cent at Rs 505.30; and Maruti Suzuki, down 0.58 per cent at Rs 7,842.80.

–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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