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Equity indices close with gains on global cues, strong rupee (Roundup)

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Mumbai, Dec 29 (IANS) Key Indian equity indices on Friday closed the last trading day of calendar year 2017 on a higher note as positive global cues, along with a strong rupee and healthy buying in auto, IT and consumer durables stocks gave a boost to investors’ sentiments.

On a closing basis, the broader Nifty50 of the National Stock Exchange (NSE) rose by 52.80 points or 0.50 per cent to 10,530.70 points.

The barometer 30-scrip Sensitive Index (Sensex) reclaimed the important 34,000-level and closed at 34,056.83 points — up 208.80 points or 0.62 per cent — from its previous session’s close.

The BSE market breadth indicated a bullish trend as 1,562 stocks advanced as compared to 1,213 declines.

“Markets surged higher on Friday after two sessions of negative closings. It was the first trading session of the January 2018 derivative series and it was the last trading session of the year 2017,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.

“The rally came on the back of positive global cues. Broad market indices like the BSE mid-cap and small-cap indices gained more, thereby outperforming the main indices,” he added.

The S&P BSE mid-cap index closed higher by 0.74 per cent and the small-cap index by 0.64 per cent.

Vinod Nair, Head of Research, Geojit Financial Services, said: “Market surprised the investors with a positive note on the final trading day of 2017. Expectation of a pick up in third quarter earnings and strengthening of rupee supported the sentiment.”

“Focus on upcoming union budget and government’s reforms will direct investors to turn sector/stock specific. We feel that though the outlook on main indices is moderate in the short to medium-term, the broad market will maintain its vibrancy as businesses flourish,” he added.

On the currency front, the Indian rupee strengthened by 21 paise to close at 63.87 against the US dollar from its previous close at 64.08.

Provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 595.04 crore while domestic institutional investors bought stocks worth Rs 461.37 crore.

Sectorwise, the S&P BSE auto index rose by 306.74 points, followed by consumer durables index by 191.32 points and IT index by 134.27 points.

On the other hand, the S&P BSE oil and gas index fell by 75.45 points, metal index by 66.12 points and energy index by 12.46 points.

Major Sensex gainers on Friday were: Tata Motors, up 3.06 per cent at Rs 431.20; Tata Motors (DVR), up 2.99 per cent at Rs 244.80; Axis Bank, up 2.74 per cent at Rs 562.40; Tata Consultancy Services, up 2.72 per cent at Rs 2,700.40; and Hero MotoCorp, up 2.38 per cent at Rs 3,802.

Major Sensex losers were: Dr. Reddy’s Lab, down 0.71 per cent at Rs 2,414.40; Reliance Industries, down 0.36 per cent at Rs 921.05; Tata Steel, down 0.30 per cent at Rs 732.45; Bharti Airtel, down 0.20 per cent at Rs 530; and HDFC Bank, down 0.19 per cent at Rs 1,871.

–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

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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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