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GDP data fails to cheer markets; Sensex, Nifty50 slump over 2% (Market Review)
Mumbai, Dec 2 (IANS) The equity markets turned bearish during the week on growing concerns over the country’s widening fiscal deficit as well as rising crude oil prices and persistant selling by foreign institutional investors (FIIs).
According to market observers, upbeat gross domestic product (GDP) growth data for the second quarter of 2017-18 failed to cheer the equity markets as investors remained cautious ahead of major events in the upcoming week.
The barometer 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) dropped 846.3 points, or 2.51 per cent, to close the week at 32,832.94 points.
The broader Nifty50 of the National Stock Exchange (NSE) declined by 267.9 points, or 2.58 per cent, to close at 10,121.80 points.
“Markets ended sharply lower this week after consolidating in a range for major part of the week. Selling emerged in the last two sessions of the week,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, said the domestic market got spooked by fiscal deficit readings ahead of expiry of November contracts.
“To note, India’s fiscal deficit at the end of October hit 96.1 per cent of the budget estimate for the fiscal year ending in March 2018,” Aggarwal told IANS.
“In the week gone by, the Dow industrials pushed past the 24,000 mark for the first time on the back of tax-reform optimism amid the latest batch of economic data pointing to a pickup in global and domestic demand. In a recent meeting, OPEC (Organisation of the Petroleum Exporting Countries) members agreed to extend curbs on output to the end of next year,” he added.
Provisional figures from the stock exchanges showed that domestic institutional investors bought scrips worth Rs 1,614.89 crore.
FIIs continued to remain net sellers and sold stocks worth Rs 2,772.56 crore during the week.
“Widening fiscal deficit and rising crude oil prices concerns continued to hurt sentiment. Investors turned cautious ahead of major events in the month ahead — the Reserve Bank of India policy, Federal Open Market Committee meet and Gujarat assembly elections,” said Arpit Jain, AVP at Arihant Capital Markets.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) invested in equities worth Rs 3,273.34 crore, or $506.06 million, from November 27-30.
On the currency front, the rupee strengthened by 23 paise to close at 64.47 against the US dollar from its last week’s close at 64.70.
The currency market was closed on December 1 on the occasion of Id-e-Milad.
The top weekly Sensex gainers were: Maruti Suzuki (up 1.41 per cent at Rs 8,607.55); Coal India (up 0.42 per cent at Rs 272.25); and NTPC (up 0.42 per cent at Rs 181.15).
The losers were: Tata Motors (down 6.07 per cent at Rs 399.15); State Bank of India (down 5.93 per cent at Rs 312.55); Infosys (down 5.09 per cent at Rs 958.50); Tata Motors (DVR) (down 4.92 per cent at Rs 228.85); and Adani Ports (down 4.46 per cent at Rs 386.90).
–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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