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Equity indices surge to new highs on global cues, buying support (Roundup)
Mumbai, Jan 12 (IANS) Despite a sudden sell-off blip following a public attack on the Chief Justice of India by four senior colleagues, the key equity indices of the Indian stock markets on Friday closed at fresh highs with modest gains.
According to market observers, optimism over the ongoing corporate earnings season, along with positive global cues and buying support from oil and gas, banking and capital goods stocks, helped the key indices to recoup the losses.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE recovered almost 250 points from its day’s low at 34,342.16 points to close the day’s trade at a new high of 34,592.39 points — up 88.90 points or 0.26 per cent — from its previous session’s close.
During early morning trade, the Sensex — which opened at a fresh high of 34,578.99 points — scaled a fresh intra-day high of 34,638.42 points.
However, the BSE market breadth remained bearish as 1,584 stocks declined as compared to 1,331 advances.
On the National Stock Exchange (NSE), the wider Nifty50 edged higher by 30.05 points or 0.07 per cent to close at 10,681.25 points.
The Nifty50 too had opened at a fresh level of 10,682.55 points and touched a new intra-day high of 10,690.25 points.
“The Sensex and Nifty had hit record highs in early trade on the back of positive Asian cues. Expectations of recovery in domestic earnings in Q3FY18 also helped the market sentiments,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
“However, selling pressure emerged in afternoon trade after four Supreme Court judges reportedly said working of the apex Court was not in order. Indices later bounced back to close the session with small gains,” Jasani said.
In the broader markets, the S&P BSE mid-cap index closed lower by 0.17 per cent, while the small-cap index closed a tad higher by 0.05 per cent.
Vinod Nair, Head of Research, Geojit Financial Services, said: “The market reversed from intra-day low amid concerns over administration of the apex court which had resulted in a sentimental sell-off. Positive trade in global market and expectation of revival in domestic earnings from H1FY18 is upholding the healthy sentiment.
“On the other hand, concern over December Consumer Price Index inflation rising to 5.1 per cent and increase in oil prices are likely to add volatility in the near term,” he added.
On the currency front, the Indian rupee strengthened by three paise to close at 63.63 against the US dollar from its previous close at 63.66.
Sectorwise, the S&P BSE banking index rose by 145.58 points, followed by oil and gas index by 112.02 points and capital goods index by 95.84 points.
On the other hand, the S&P BSE consumer durables index fell by 61.29 points, FMCG index by 56.56 points and healthcare index by 51.79 points.
Major Sensex gainers on Friday were: ICICI Bank, up 2.63 per cent at Rs 317.60; Maruti Suzuki, up 1.27 per cent at Rs 9,460.30; ONGC, up 1.26 per cent at Rs 200.25; HDFC, up 1.17 per cent at Rs 1,761.25; and Reliance Industries, up 1.02 per cent at Rs 946.75.
Major Sensex losers were: Bharti Airtel, down 1.04 per cent at Rs 509.40; ITC, down 0.89 per cent at Rs 267.50; Power Grid, down 0.88 per cent at Rs 196.50; Bajaj Auto, down 0.84 per cent at Rs 3,175.10; and Tata Motors (DVR), down 0.73 per cent at Rs 252.50.
–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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