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Sell-off in index heavyweights snaps equities’ eight-day gains (Roundup)
Mumbai, Nov 28 (IANS) Breaking an eight-day winning streak, key Indian equity indices on Tuesday succumbed to heavy selling pressure and closed in the negative territory after trading on a volatile note during the entire day.
Market observers pointed out that heavy selling pressure in index heavyweights like NTPC, Infosys and Tata Motors, along with caution ahead of GDP data announcement and derivatives expiry on November 30 (Thursday), dragged down the equity indices.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) fell by 29.30 points or 0.28 per cent to 10,370.25 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,618.59 points — down 105.85 points or 0.31 per cent — from its Monday’s close.
However, the BSE market breadth was slightly bullish — 1,386 advances and 1,341 declines.
“Markets ended lower on Tuesday after eight consecutive sessions of gains. It was a volatile session that saw the Nifty crossing the 10,400 levels during the day before selling pressure pulled the index lower into negative territory,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“The slide was led by heavyweights like NTPC, ONGC and Infosys. Broad market indices like the BSE mid-cap and small-cap indices ended with gains, thereby outperforming the main indices,” Jasani added.
The S&P BSE mid-cap index closed higher by 0.10 per cent and the small-cap index by 0.27 per cent.
“With investors now focused on September-quarter GDP data due on Thursday, which is also the day of market expiry, we are expecting heavy volatile trade sessions,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
Vinod Nair, Head of Research, Geojit Financial Services, said: “PSU banks underperformed on account of profit booking after the recapitalisation led rally. But broadly the downside is protected as global cues are positive and the rupee continued to stay on the positive side.”
On the currency front, the rupee strengthened by 11 paise to close at 64.41-42 against the US dollar from its previous close at 64.50-51.
Sector-wise, the S&P BSE consumer durables index declined by 196.93 points, followed by banking index by 72.66 points and IT index by 60.23 points.
On the other hand, the S&P BSE auto index was up 10.77 points, FMCG index by 9.88 points and consumer discretionary goods and services index by 8.65 points.
Major Sensex gainers on Tuesday were: Maruti Suzuki, up 1.48 per cent at Rs 8,633; HDFC, up 1.03 per cent at Rs 1,728.90; Coal India, up 1.03 per cent at Rs 274.65; Asian Paints, up 1.01 per cent at Rs 1,169.95; and Bajaj Auto, up 0.68 per cent at Rs 3,294.70.
Major Sensex losers were: NTPC, down 1.88 per cent at Rs 182.55; Bharti Airtel, down 1.56 per cent at Rs 490.40; Infosys, down 1.30 per cent at Rs 984.50; Tata Motors, down 1.23 per cent at Rs 415.95; and Sun Pharma, down 1.19 per cent at Rs 543.70.
–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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