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Equity indices close flat on global cues, profit booking (Roundup)

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Mumbai, Nov 6 (IANS) Key Indian equity indices — the BSE Sensex and the NSE Nifty50 — closed on a flat note on Monday after touching fresh highs during the intra-day trade.

According to market observers, mixed global cues, coupled with profit booking in banks, capital goods and telecom stocks, and outflow of foreign funds sudued investors’ sentiments.

However, the key indices scaled fresh intra-day highs on expectations of more tax reliefs in the GST Council meet slated for later during the week.

The Nifty50 scaled a new intra-day high of 10,490.45 points, while the Sensex touched a fresh high of 33,848.42 points intra-day.

On closing basis, the broader Nifty50 of the National Stock Exchange was down 0.70 points, or 0.01 per cent, at 10,451.80 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed trade at 33,731.19 points — up 45.63 points or 0.14 per cent — from its Friday’s close.

The BSE market breadth was bullish — 1,419 advances and 1,375 declines.

“Markets ended flat on Monday after witnessing a roller coaster ride during the day. Investor sentiments were spoiled on mixed cues from global markets and as President Donald Trump’s tour of Asia got underway,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

“Political unrest in Saudi Arabia also added to investor jitters in Asia,” added Jasani.

In terms of the broader markets, the BSE mid-cap closed higher by 0.46 per cent and the small-cap index gained 0.31 per cent.

According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the Sensex fell in early trade on profit booking in metal, oil and gas, banking, tech and PSU stocks after a recent rally.

“Besides, capital outflows by foreign funds and a mixed trend at other Asian bourses and caution ahead of earnings from some more bluechip companies this week influenced the sentiment,” Desai told IANS.

“The market had hit fresh high in intraday trade riding on hopes that the government may announce measures to help traders and small businesses in the next GST council meeting that begins on Thursday,” he added.

On the currency front, the rupee weakened by 13 paise to close at 64.68 against the US dollar from its previous close at 64.55.

On Friday last week, provisional data with the exchanges showed that foreign institutional investors sold scrip worth Rs 9,690.84 crore whereas domestic institutional investors purchased stocks worth Rs 33.40 crore.

Anand James, Chief Market Strategist, Geojit Financial Services, said: “Simmering geopolitical tensions in the Korean peninsula kept investors on the backfoot, but expectations of more tax reliefs kept stocks buoyant.

“Auto and PSU bank sector found traction but a rise in VIX (Volatility Index) over 8 per cent indicates that the record peaks, and the deluge of IPOs have had investors in two minds,” said James.

Sector-wise, the S&P BSE consumer durables index surged by 1,598.88 points, followed by automobile index by 293.10 points and IT index by 91.35 points.

On the other hand, the S&P BSE banking index fell by 94.76 points, capital goods index by 69.79 points and energy index by 20.71 points.

Major Sensex gainers on Monday were: Tata Motors (DVR), up 5 per cent at Rs 259.25; ONGC, up 3.81 per cent at Rs 198.95; Tata Motors, up 3.28 per cent at Rs 461.55; Mahindra and Mahindra, up 2.49 per cent at Rs 1,364.35; and Cipla, up 1.87 per cent at Rs 540.

Major Sensex losers were: Sun Pharma, down 1.96 per cent at Rs 541.40; NTPC, down 1.81 per cent at Rs 178.85; Bharti Airtel, down 1.59 per cent at Rs 532.75; Lupin, down 1.39 per cent at Rs 1,034.70; and Axis Bank, down 1.19 per cent at Rs 533.55.

–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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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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