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Funds inflow boosts Sensex, Nifty50 to record highs (Market Review)

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By Porisma P. Gogoi
Mumbai, Jan 13 (IANS) Consistent investments by domestic institutions propelled the key Indian equity indices — the Sensex and the Nifty50 — to close the week’s trade at record high levels, continuing their winning streak for the sixth consecutive week.

Despite some volatility, the benchmark indices moved higher riding on optimism surrounding the ongoing earnings season, market observers said.

On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) surged by 438.54 points or 1.28 per cent to close Friday’s trade at a fresh level of 34,592.39 points.

The wider Nifty50 of the National Stock Exchange (NSE) crossed the 10,600-points-level for the first time this week.

The Nifty50 closed trade at a fresh high of 10,681.25 points, up 122.4 points or 1.16 per cent from its previous week’s close.

The indices also touched their new 52-week highs. On Friday, the Sensex scaled a fresh intra-day high of 34,638.42 points and the Nifty50 of 10,690.25 points.

“With the constant inflow of funds in the domestic market, markets moved higher on optimism surrounding corporate earnings amid mixed global cues,” D. K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, told IANS.

During the week, two global software majors — Tata Consultancy Services (TCS) and Infosys — came out with their earnings for the third quarter of 2017-18.

While TCS reported 4 per cent annual decline in consolidated net profit to Rs 6,545 crore for the period under review, Infosys’ net profit was reported at a record 38 per cent annually in rupee terms.

“Continuous buying by domestic institutional investors (DIIs) and expectation of recovery in this earnings season led to the rise in indices. Domestic institutions bought shares worth Rs 1,446 crore in the past 10 sessions,” Arpit Jain, AVP at Arihant Capital Markets, told IANS.

Provisional figures from the stock exchanges showed that DIIs purchased stocks worth Rs 2,383.11 crore during the week, while foreign institutional investors (FIIs) sold scrips worth Rs 965.16 crore.

Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors bought equities worth Rs 554.03 crore, or $88.34 million, during January 8-12.

Vinod Nair, Head of Research, Geojit Financial Services, said: “Liquidity from FIIs and DIIs continues to support domestic market sentiments. On the global front, strong global metal prices and rising crude prices continue attract positive investor sentiments.”

“Further, US investors remained optimistic on strong economic growth outlook led by better than expected quarterly earnings,” Nair added.

On the currency front, the rupee weakened by 26 paise to close at 63.63 against the US dollar from its last week’s close at 63.37.

In another economic development, the Union Cabinet this week opened up Air India for foreign investors and brought in changes in key sectors by allowing 100 per cent foreign investment in single brand retail and construction development through the automatic route.

“Besides spurring growth in the economy, this step is likely to contribute to growth of investment, income and employment,” Aggarwal said.

“Sectorally, the top gainers were the realty, IT, media and metal indices. The top losers were the PSU bank, infra and auto indices,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

The top weekly Sensex gainers were: Coal India (up 9.96 per cent at Rs 306.50); Infosys (up 6.21 per cent at Rs 1,075); Wipro (up 3.13 per cent at Rs 319.45); Tata Consultancy Services (up 2.78 per cent at Rs 2,759); and Reliance Industries (up 2.26 per cent at Rs 943.85).

The losers were: Bharti Airtel (down 6.06 per cent at Rs 507.30); Bajaj Auto (down 3.43 per cent at Rs 3,165.25); NTPC (down 2.40 per cent at Rs 173.10); Hero MotoCorp (down 1.91 per cent at Rs 3,668); and Power Grid (down 1.79 per cent at Rs 197.30).

(Porisma P. Gogoi can be contacted at [email protected])

–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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