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Sell-off in metal stocks, weak trade data drag equities lower (Roundup)
Mumbai, Nov 15 (IANS) Key Indian equity indices on Wednesday were dragged lower for the third consecutive day as sentiments were hampered by weak global cues, a huge sell-off in metal stocks, as well as disappointing trade deficit data released a day before.
According to market observers, the NSE Nifty50 closed at its lowest level in almost five weeks.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) fell by 68.55 points, or 0.67 per cent, to 10,118.05 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 32,760.44 points — down 181.43 points or 0.55 per cent — from Tuesday’s close.
The BSE market breadth was bearish — 1,991 declines and 720 advances.
“Markets corrected sharply on Wednesday to close with losses for the third consecutive session. Weak global cues and data showing widening of India’s trade deficit in October dampened investor sentiments,”Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
Official data released on Tuesday showed that India’s trade deficit widened to $14 billion in October as against $11.13 billion during the same period last year.
“Metal shares tumbled as prices of industrial metals declined in global commodities market. The Nifty hit its lowest closing level in five weeks,” Jasani added.
In terms of the broader markets, the BSE mid-cap closed lower by 1.01 per cent and the small-cap index by 1.52 per cent.
On the currency front, the rupee strengthened by 20-21 paise to 65.21-22 against the US dollar from its previous close at 65.42.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Setbacks like widening in trade deficit, slowdown in factory output and hike in crude oil prices impacted the market which was already trading at premium valuation.”
“Additionally, choppy Q2 results during the latest leg of the result season failed to provide a reasonable comfort,” he added.
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls, the Nifty metal index slipped over three per cent tracking lower global commodity prices.
“Metal stocks like Vedanta and Hindalco Industries fell over four per cent each,” Desai told IANS.
“All the sectoral indices led by metal, power and FMCG closed in the red. Shares of oil refiners such as Hindustan Petroleum and aviation shares, including Indigo Airlines’ parent InterGlobe Aviation, jumped on plunging crude oil prices,” he added.
All the 19 sub-indices of the BSE closed in the red, led by the metal (down 434.40 points), consumer durables (down 280.82 points) and healthcare (down 179.42 points) indices.
Provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 381.42 crore, while domestic institutional investors purchased scrips worth Rs 869.09 crore.
Major Sensex gainers on Wednesday were: Asian Paints, up 1.96 per cent at Rs 1,176.85; Kotak Bank, up 1.29 per cent at Rs 1,012.20; Hero MotoCorp, up 0.72 per cent at Rs 3,680; ICICI Bank, up 0.54 per cent at Rs 315.55; and Infosys, up 0.26 per cent at Rs 951.95.
Major Sensex losers were: Sun Pharma, down 4.01 per cent at Rs 505.05; ONGC, down 2.55 per cent at Rs 177.35; Bharti Airtel, down 2.15 per cent at Rs 487.35; NTPC, down 1.70 per cent at Rs 173.95; and Lupin, down 1.50 per cent at Rs 822.65.
–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
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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