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Equity indices surge on global cues; FMCG, pharma stocks lead (Roundup)
Mumbai, Dec 8 (IANS) The key Indian equity indices on Friday extended gains for the second consecutive session to close on a higher note as positive global cues and a surge in FMCG, healthcare, metal and auto stocks gave a boost to investors’ sentiments.
According to market observers, the upward rally of the equity markets was fuelled by positive hopes of the ruling BJP’s win in the critical Gujarat Assembly Elections 2017 which will take place in two phases on December 9 and December 14.
The wider Nifty50 of the National Stock Exchange (NSE) rose by 98.95 points or 0.97 per cent to close at 10,265.65 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE reclaimed the psychologically important 33,000-mark and closed around 300 points higher.
On a closing basis, the BSE Sensex surged by 301.09 points or 0.91 per cent to 33,034.20 points.
The BSE market breadth was bullish — 1,584 advances and 1,116 declines.
“Markets rallied higher on Friday after the sharp bounce back seen on Thursday. The upmove was driven by hopes that the ruling BJP would win critical state elections in Gujarat beginning this weekend,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“Positive global cues also boosted sentiments. Sectorally, the top gainers were the FMCG, pharma, metal and auto indices,” he added.
In the broader markets, the S&P BSE mid-cap index closed higher by 0.89 per cent and the small-cap index by 1 per cent.
On the currency front, the rupee strengthened by 12 paise to close at 64.45 against the US dollar from its previous close at 64.57.
Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 675.16 crore while domestic institutional investors bought stocks worth Rs 1,243 crore.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Investor’s sentiment has lifted amid favorable political cue for the ruling party in Gujarat ahead of state election. Positive global market ahead of US employment data also added fuel to the domestic market rally.
“Investors hurried to accumulate beaten down stocks as sectors like FMCG, pharma, metal indices gained attention and outperformed.”
All the 19 sub-indices of the BSE ended in the positive territory, led by the S&P BSE FMCG index, which augmented by 2.23 per cent, followed by metals index by 1.36 per cent and auto index by 1.35 per cent.
Major Sensex gainers on Friday were: ITC, up 3.44 per cent at Rs 261.70; Tata Motors, up 2.21 per cent at Rs 411.05.50; Sun Pharma, up 2.21 per cent at Rs 521.50; Tata Motors (DVR), up 2.05 per cent at Rs 233.75; and Hindustan Unilever, up 1.97 per cent at Rs 1,317.55.
Major Sensex losers were: Hero MotoCorp, down 1.19 per cent at Rs 3,513.05; State Bank of India, down 1.09 per cent at Rs 313.15; Reliance Industries, down 1.04 per cent at Rs 920.95; Tata Consultancy Services, down 0.64 per cent at Rs 2,601; and Asian Paints, down 0.56 per cent at Rs 1,137.
–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.