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Foreign funds power Nifty50 flight above 10,600-mark (Roundup)
Mumbai, Jan 8 (IANS) Healthy buying from foreign funds, along with optimism over the upcoming quarterly earnings result season, on Monday catapulted the key equity indices — NSE Nifty50 and S&P BSE Sensex — to their record closing highs.
Index-wise, the buoyant global cues lifted the wider Nifty50 of the National Stock Exchange (NSE) to close above the 10,600-points-level. It gained 64.75 points or 0.61 per cent to 10,623.60 points.
The Nifty50 touched a fresh intra-day high of 10,631.20 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE too closed at a fresh high of 34,352.79 points — up 198.94 points or 0.58 per cent from its previous close — after it scaled a new intra-day high of 34,385.67 points.
The BSE market breadth was bullish as 1,792 stocks advanced compared to 1,158 declines.
“Markets rallied higher on Monday to close with gains for the fourth consecutive day. The Nifty touched record highs in intra day trade,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“The rally came on the back of positive global cues,” added Jasani.
Apart from key indices, even the broader market indices closed at fresh highs.
The S&P BSE mid-cap index closed higher by 0.98 per cent at a new high of 18,247.55 points. The small-cap index edged up 0.97 per cent to close at a record high of 19,895.77 points.
On the NSE, the Nifty50 mid-cap index edged higher by 1.19 per cent to close at a record high of 5,702.70 points.
“Asian shares ex-Japan traded towards all-time peaks on Monday after Wall Street posted its best start to a year in over a decade,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
On the currency front, the Indian rupee weakened by 14 paise to close at 63.51 against the US dollar from its previous close at 63.37.
Provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 692.83 crore, while the domestic institutional investors divested funds worth Rs 206.30 crore.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Supportive global market and optimism ahead of earnings season took the market to a new high. A cut in FY18 GDP growth estimate by CSO did not impact the movement since it was overtly conservative.”
“Revival in earnings, incremental Q-o-Q growth in GDP and budget expectations are sustaining the momentum,” Nair added.
All the sub-indices of the BSE ended with substantial gains barring the telecom index which declined by 45.33 points.
Sectorwise, the S&P BSE capital goods index surged by 243.37 points, followed by healthcare index by 179.60 points and IT index by 157.03 points.
Major Sensex gainers on Monday were: Coal India, up 3.26 per cent at Rs 287.85; Infosys, up 2.33 per cent at Rs 1,035.65; Sun Pharma, up 2.28 per cent at Rs 591.95; Larsen and Toubro, up 1.80 per cent at Rs 1,338.10; and Hero MotoCorp, up 1.37 per cent at Rs 3,790.35.
Major Sensex losers were: Bharti Airtel, down 4.43 per cent at Rs 516.10; ONGC, down 0.28 per cent at Rs 197.15; State Bank of India, down 0.18 per cent at Rs 305.65; Tata Steel, down 0.18 per cent at Rs 768.95; and Adani Ports, down 0.07 per cent at Rs 424.15.
–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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