Connect with us

Top News

Nifty scales record highs on upbeat macro-data, quarterly earnings (Roundup)

Published

7 years ago

on

Mumbai, Oct 13 (IANS) With stable inflation, healthy domestic factory output data and a strong rupee giving a fillip to investors’ risk-taking appetite, the wider Nifty50 of the National Stock Exchange (NSE) hit record highs on Friday. The BSE Sensex also closed 250 points higher.

A positive start to the quarterly results season kept investors’ sentiments buoyed, said market observers.

The Nifty50 closed at a new high of 10,167.45 points, surpassing its previous closing high of 10,153.10 points scaled on September 18.

The index also hit a fresh intra-day high of 10,191.90 points, crossing its previous high of 10,178.95 points on an intra-day basis scaled on September 19.

The 30-scrip Sensitive Index (Sensex) of the BSE, too, witnessed a strong closing at 32,432.69 points — up 250.47 points, or 0.78 per cent, from its previous close — its highest level since August 1 when the Sensex closed at a high of 32,575.17 points.

The Nifty has soared by 24 per cent and the BSE Sensex by 22 per cent so far this year.

“Key indices jumped higher on good domestic economic data. Broad market indices like mid-cap in the NSE has closed marginally higher (up 0.21 per cent) and in the BSE closed on a flat note (up 0.04 per cent),” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

“Nifty continued its up-run on Friday and closed the day higher by around 71 points. Nifty has witnessed sharp upside momentum over the last two days and made a new all time high of around 10,191 levels,” said Jasani.

On the currency front, the rupee strengthened by 15-16 paise to close at 64.93 against the US dollar from its previous close at 65.08-09.

Vinod Nair, Head of Research, Geojit Financial Services, said: “Market saw a fresh high due to good start to Q2 (second quarter) results. Investors are sitting with a hope that the ongoing quarter result season is likely to be better as compared to Q1 due to a positive start which gives leeway to the valuation.”

“Additionally, supportive IIP (Index of Industrial Production) and CPI (Consumer Price Index) data provided glimpse of improvement in economic activity.” Nair added.

According to official data released on Thursday, the IIP for August showed that factory output grew 4.3 per cent against the same month last year, and September’s CPI inflation remained static at 3.28 per cent as compared to August.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors (FIIs) sold scrips worth Rs 1,698.50 crore while domestic institutional investors (DIIs) purchased stocks worth Rs 1,590.13 crore.

“Shares of metal companies were in focus with the S&P BSE metal index hitting six-year high on expectations of strong earnings growth in July-September quarter (Q2FY18),” said Dhruv Desai, Director and Chief Operating Officer of Tradebulls.

“Reliance Industries hit record high for the second day in a row ahead of its September quarter earnings due later in the day post-market hours,” Desai told IANS.

Sector-wise, the S&P BSE banking index surged by 365.34 points, followed by metal index by 167.34 points and telecom index by 74.87 points.

On the other hand, the S&P BSE healthcare index fell by 40.67 points, followed by FMCG index by 25.86 points and capital goods index by 24.25 points.

Major Sensex gainers on Friday were: Bharti Airtel, up 7.89 per cent at Rs 431.60; Tata Steel, up 2.86 per cent at Rs 710.60; Kotak Bank, up 2.20 per cent at Rs 1,081.70; HDFC Bank, up 2.09 per cent at Rs 1,853.45; and Coal India, up 2 per cent at Rs 288.05.

Major Sensex losers were: Dr. Reddy’s Lab, down 1.18 per cent at Rs 2,351.90; Mahindra and Mahindra, down 0.95 per cent at Rs 1,326.40; Sun Pharma, down 0.87 per cent at Rs 534.70; ITC, down 0.43 per cent at Rs 265.85; and Maruti Suzuki, down 0.41 per cent at Rs 7,872.20.

–IANS
ppg/dg

Related Topics:
Continue Reading

Top News

Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

Published

2 months ago

on

September 3, 2024

By

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.

Continue Reading

Trending