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Equity indices close higher ahead of Gujarat exit poll results (Roundup)
Mumbai, Dec 14 (IANS) Short covering, along with positive hopes of the ruling BJP’s win in the crucial two-phased Gujarat assembly elections, erased the day’s entire losses and lifted the key Indian equity indices to close in the green on Thursday.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) edged higher by 59.15 points or 0.58 per cent to 10,252.10 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,246.70 points — up 193.66 points or 0.59 per cent — from its previous close.
However, the BSE market breadth was bearish — 1,526 declines and 1,092 advances.
In the broader markets, the S&P BSE mid-cap index was up by 0.09 per cent, whereas the small-cap index inched down 0.32 per cent.
“Markets rallied on Thursday to close with healthy gains after two sessions of weakness,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“After a weak morning session ahead of the exit poll results of the assembly elections in Gujarat and Himachal Pradesh to be announced later in the day, buying emerged in the afternoon session from the Nifty-lows of 10,129 as investors digested the US Federal Reserve’s decision of raising interest rates for the third time this year,” he added.
Early on Thursday morning (India time), the US Federal Reserve raised the benchmark interest rates for the third time this year and maintained the forecast of three more rate hikes in 2018, as the economy and job market continued solid growth.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market was volatile ahead of Gujarat exit poll result later in the day which directed the indices to trade between gains and losses.
“However, covering of short position towards the closing helped the market to end in a positive note. US Fed’s comment on three more hikes in 2018 amid benign inflation also impacted investors’ sentiments.”
The Indian rupee strengthened by 10 paise to close at 64.34 against the US dollar from its previous close at 64.44.
On the macro-data front, official data released during market hours revealed that an exponential rise in food and fuel prices — especially those of onions and diesel — pushed India’s annual rate of inflation based on wholesale prices higher to 3.93 per cent for November.
Provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 232.17 crore while domestic institutional investors divested in stocks worth Rs 374.21 crore.
Sector-wise, the BSE S&P banking index rose by 188.67 points, followed by oil and gas index by 159.33 points and auto index by 91.83 points.
On the other hand, the S&P BSE consumer durables index fell by 133.91 points, IT index by 4.11 points and industrials index by 1.51 points.
Major Sensex gainers on Thursday were: Dr. Reddy’s Lab, up 2.34 per cent at Rs 2,313.70; Cipla, up 2.22 per cent at Rs 591; ITC, up 1.87 per cent at Rs 263.90; Mahindra and Mahindra, up 1.36 per cent at Rs 1,431.70; and Axis Bank, up 1.24 per cent at Rs 541.60.
Major Sensex losers were: Tata Consultancy Services, down 2.62 per cent at Rs 2,558.55; Sun Pharma, down 0.48 per cent at Rs 514.30; Power Grid, down 0.37 per cent at Rs 200; and Larsen and Toubro, down 0.01 per cent at Rs 1,188.85.
–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.