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Equity indices extend losses on subdued global cues, weak rupee (Market Review)

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7 years ago

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By Porisma P. Gogoi
Mumbai, Nov 11 (IANS) Breaking a four-week rising streak, key Indian equity indices fell from their record high levels in the week just concluded as investors were spooked by weak global cues, a depreciating rupee and rising crude oil prices amid geo-political concerns.

The barometer 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) closed the week’s trade at 33,314.56 points — down 371 points, or 1.10 per cent — from its previous week’s close.

The broader Nifty50 of the National Stock Exchange (NSE) declined by 130.75 points, or 1.25 per cent, to close at 10,321.75 points.

On Monday (November 6), the Nifty50 touched its fresh 52-week high of 10,490.45 points, and on Tuesday (November 7), the BSE Sensex recorded a new 52-week high of 33,865.95 points.

“Nifty fell this week after rising for two weeks, ending lower by 1.25 per cent on a week-on-week basis. Reliance Industries (RIL), Bharti Airtel and Lupin were among the frontline stocks that fell during the week,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

“Sectorally, the top gainers were consumer durables and IT indices. Top losers were healthcare and oil and gas indices,” Jasani said.

According to D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, global stock markets looked little nervous in the week gone by tracking overnight weakness on the Wall Street on concerns over the US tax-overhaul plan.

“Back at home, domestic markets remained under pressure amid consolidation, tracking subdued global cues, disappointing September earnings from a few companies,” Aggarwal told IANS.

“Meanwhile, the rupee fell the most in seven weeks as investors feared that expensive oil may led to a fiscal slippage, increase inflationary pressures and lower the chances Reserve Bank of India to reduce the interest rates,” he added.

On the currency front, the rupee weakened by 61-62 paise to close at 65.16-17 against the US dollar from its last week’s close at 64.55.

“Asian stocks fell as Japan equities extended losses after an abrupt turnaround on Thursday that sparked the biggest one-day swing in a year, the dollar held losses and the Nikkei 225 Stock Average index fell as the yen held gains,” Arpit Jain, AVP at Arihant Capital Markets, told IANS.

“Oil prices have rallied sharply over the past week with the sharp rise in geopolitical tensions, however the prices held steady on Friday,” Jain added.

Dhruv Desai, Director and Chief Operating Officer of Tradebulls, said: “Foreign institutional investors (FIIs) pulled out money from Indian equity markets in the last six out of 12 months.”

“However, on a net basis they are still net buyers to the tune of Rs 9,000 crore, while domestic institutional investors (DIIs) have poured in over Rs 100,000 crore in the same period,” Desai told IANS.

Provisional figures from the stock exchanges showed that FIIs off-loaded stocks worth Rs 4,043.5 crore during the week, while the DIIs invested in scrips worth Rs 2,880.37 crore.

Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) invested in equities worth Rs 7,185.54 crore, or $1.10 billion, during November 6-10.

The top weekly Sensex gainers were: Mahindra and Mahindra (up 4.68 per cent at Rs 1,393.40); Hindustan Unilever (up 4.25 per cent at Rs 1,290.75); Infosys (up 3.66 per cent at Rs 960.60); Tata Consultancy Services (up 3.47 per cent at Rs 2,703.30); and Wipro (up 2.63 per cent at Rs 302.05).

The losers were: Lupin (down 20.53 per cent at Rs 833.80); Bharti Airtel (down 7.31 per cent at Rs 501.80); RIL (down 6.57 per cent at Rs 883.50); Tata Motors (down 5.43 per cent at Rs 422.65); and Cipla (down 4.78 per cent at Rs 609.05).

(Porisma P. Gogoi can be contacted at [email protected])

–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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