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Equity indices propel to fresh highs; Nifty above 10,400 mark (Roundup)
Mumbai, Nov 1 (IANS) Key Indian equity indices on Wednesday scaled record highs yet again as positive global cues, coupled with a strong rupee and robust buying activities in banking, metals and FMCG stocks, gave a boost to investor sentiments.
According to market observers, expectations of upbeat quarterly results, as well as the latest report that India for the first time has moved into the top 100 in the World Bank’s Ease of Doing Business global rankings riding on sustained government reforms, added to the upward trajectory of the indices.
Both the indices breached their earlier record levels, both on closing and intra-day basis, scaled on October 30.
The broader Nifty50 of the National Stock Exchange (NSE) breached the 10,400-mark for the first time and stayed above that level on closing basis.
The Nifty50 rose by 105.20 points, or 1.02 per cent, to close at a fresh high of 10,440.50 points — cracking its earlier closing high level of 10,363.65 points.
On an intra-day basis, the Nifty50 scaled a new high of 10,451.65 points, surpassing its previous high of 10,384.50 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE too closed at a fresh high of 33,600.27 points — surging 387.14 points or 1.17 per cent — higher than its earlier record closing at 33,266.16 points.
The Sensex touched a high of 33,651.52 points during intra-day trade, breaching its previous record high of 33,340.17 points.
The BSE market breadth was bullish — 1,516 advances and 1,274 declines.
“The Nifty closed above the 10,400 level for the first time. Banking and telecom stocks were in limelight. The Nifty witnessed a gap-up opening before touching new life highs as the session progressed,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Market sentiments were boosted by the latest World Bank report, which elevated India by 30 notches at 100 in the World Bank’s Ease of Doing Business rankings. Positive global cues also supported the rally,” he added.
The broader market indices underperformed the BSE Sensex. The S&P BSE mid-cap index closed higher by 0.35 per cent and the small-cap index by 0.55 per cent.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market extended gain on account of continued buying in banks in expectation of credit growth and negating the concern on premium valuation. Telecom stocks are gaining positive sentiment in view of attaining attractive competition after tariff revision by key players.”
“Further, positive global cues and expectation of unchanged policy outcome from today’s (Wednesday’s) FED meet is providing a better way to the domestic market.”
On the currency front, the rupee strengthened by 15-16 paise to close at 64.59-60 against the US dollar from its previous close at 64.75.
“The benchmark indices ended the day at record highs on Wednesday after the index heavyweight Bharti Airtel hit its highest in nearly a decade post its September quarter numbers. Traders await the start of central bank meetings and the nomination of the next Fed chair,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
“Strong moves on banks — PSUs and private — along with metals, FMCG, and infrastructure stocks also added to the sentiment,” he added.
Sector-wise, the S&P BSE banking index surged by 568.76 points, followed by metal index by 277.96 points and FMCG index by 136.20 points.
On the other hand, the S&P BSE consumer durables index fell by 112.86 points, automobile index by 52.03 points and healthcare index by 22.92 points.
Major Sensex gainers on Wednesday were: Bharti Airtel, up 8.19 per cent at Rs 538.40; State Bank of India, up 4.58 per cent at Rs 319.80; ICICI Bank, up 4.42 per cent at Rs 313.20; HDFC, up 2.58 per cent at Rs 1,751.35; and Axis Bank, up 2.05 per cent at Rs 533.75.
Major Sensex losers were: Dr Reddy’s Lab, down 2.90 per cent at Rs 2,360.90; Power Grid, down 1.06 per cent at Rs 210.50; Hero MotoCorp, down 0.99 per cent at Rs 3,816.45; Sun Pharma, down 0.89 per cent at Rs 548.45; and Bajaj Auto, down 0.60 per cent at Rs 3,240.50.
–IANS
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Lucknow: Vishal Singh, a renowned social worker from Lucknow, also known as Foodman, has once again made India proud. He was honored by the Happy Hands Gloves Cooperative Limited Company in Korathai, Thailand, for his work with the Hunger Free World Mission.
The Hunger Free World Mission’s meeting was held in Korathai, Thailand, under Vishal Singh’s leadership. Representatives from several countries, including Mr. Raja Dwivedi (Managing Director of Happy Hands Gloves Limited), Thailand Coordinator Mr. Raja Mishra, and member Mr. Varun Singh, attended the event.
Under Vishal Singh’s leadership, the attendees took a pledge to work together toward creating a hunger-free world.
Speaking on the occasion, Vishal Singh explained that the main goal of the Hunger Free World Mission is social participation. He said the mission is not just about feeding people but also about meeting other basic needs of those who are struggling. The mission focuses on helping families of terminally ill patients in hospitals by providing food and shelter. It also works to fulfill essential needs like education, jobs, and care for the elderly.
For the last 16 years, the Vijay Sri Foundation has been providing free services, benefiting thousands of people. Vishal Singh highlighted that the mission aims to gain global recognition like other organizations such as WHO, WWF, and Red Cross, which work for social causes.
During this meeting, Vishal Singh was appointed as the Chairman of the Hunger Free World Mission by representatives from various countries. They also discussed holding regular meetings in different countries to push the mission forward.
Business tycoon Dr. Abhishek Verma has also supported this humanitarian mission, vowing to promote the idea of “Seva Parmo Dharma” (Service is the highest duty) worldwide. Vishal Singh praised him, stating that people like Dr .Abhishek Verma inspire others to work for the betterment of society.
Recently, Romania’s Ambassador, Mr . Daniela Sezonov Ţane, invited Vishal Singh to the Romanian Embassy in Delhi, where they discussed the mission in detail. Impressed by his humanitarian work, she honored Vishal Singh and invited him to Romania to take the mission forward .
Food man Vishal Singh has been serving the people of India for the past 16 years. Through the Vijay Sri Foundation, he provides free meals to cancer patients & their families ,shelter, and education for women & children along with running free old-age homes in Lucknow.
In addition to his humanitarian work, Vishal Singh also addresses issues like crime and corruption through his role as Chairman of Seva Path Media and Managing Director of Vijay Sri Foundation.
During the COVID-19 pandemic, Vishal Singh and his team worked tirelessly to provide food and help to the needy, including starving children, elderly citizens, and pregnant women. Despite contracting the virus himself, he continued to assist others after his recovery. He even created a life-saving oxygen regulator using household items, which was praised by doctors both in India and abroad.
In his address at the meeting, Vishal Singh spoke about his mission to create a hunger-free world. He pointed out that India’s large population, along with issues like unemployment and poverty, has caused the country to fall on the Hunger Index. He urged people to contribute just one handful of grains daily to help create a hunger-free world.
He concluded by saying that through social participation, we can empower the people around us, meet their basic needs, and work together to build a stronger, more prosperous, and developed society.
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