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Easing inflation, Q3 earnings optimism lift Nifty50 to 10,700-mark (Roundup)
Mumbai, Jan 15 (IANS) Domestic macro-economic data indicating easing inflation, coupled with an optimism surrounding quarterly corporate earnings, pushed the key Indian equity indices to record high levels, with the NSE Nifty50 index crossing the 10,700-mark for the first time.
The Sensex and the Nifty50 touched fresh closing as well as intra-day highs as investors’ sentiments were lifted by positive Asian cues, along with a strong rupee and healthy buying in banking, consumer durables and finance stocks, added market observers.
The wider Nifty50 of the National Stock Exchange (NSE) scaled a new intra-day high level of 10,782.65 points.
The Nifty50 rose by 60.30 points or 0.56 per cent to close at a fresh level of 10,741.55 points.
On the BSE, the barometer 30-scrip Sensitive Index (Sensex) surged over 300 points to touch a new high of 34,963.69 points on an intra-day basis.
The Sensex closed at a record high of 34,843.51 points — up 251.12 points or 0.73 per cent — from its previous session’s close.
The BSE market breadth remained bullish as 1,547 stocks advanced as compared to 1,387 declines.
“Markets surged higher on Monday with the Nifty touching a new record high of 10,783. Selling pressure, however, emerged from these highs which saw the Nifty losing some of its morning gains,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Both the Sensex and the Nifty hit record highs on intra-day as well as closing basis. Major Asian markets have closed on a positive note, barring the Shanghai and Hang Seng indices, while the European indices like FTSE 100, DAX and CAC 40 traded in the red,” Jasani said.
In the broader markets, the S&P BSE mid-cap index closed a tad lower by 0.04 per cent, while the small-cap index closed higher by 0.27 per cent.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market rallied to a new high in line with the start of third quarter earnings season and ease in WPI (Wholesale Price Index) inflation to 3.58 per cent despite rise in CPI (Consumer Price Index) inflation supported the sentiment.”
Official data released during the market hours showed that lower food prices pulled India’s annual rate of inflation based on wholesale prices to a three-month low of 3.58 per cent in December from 3.93 per cent in November.
“Bank Nifty led from the front owing to encouraging growth in industrial activity which raised the expectation for credit cycle improvement, while healthy domestic liquidity and strong rupee kept the direction intact,” Nair added.
On the currency front, the Indian rupee strengthened by 14 paise to close at 63.49 against the US dollar from its previous close at 63.63.
Sectorwise, the S&P BSE banking index surged by 364.85 points, followed by consumer durables index by 268.24 points and finance index by 96.89 points.
On the other hand, the S&P BSE auto index slipped by 235.20 points, oil and gas index by 114.15 points and capital goods index by 64.32 points.
Major Sensex gainers on Monday were: HDFC, up 6.17 per cent at Rs 1,869.95; ICICI Bank, up 3.73 per cent at Rs 329.45; Kotak Bank, up 1.94 per cent at Rs 1,039.15; Tata Steel, up 1.58 per cent at Rs 783.20; and HDFC Bank, up 1.55 per cent at Rs 1,894.65.
Major Sensex losers were: Tata Motors (DVR), down 2.50 per cent at Rs 246.20; ONGC, down 1.85 per cent at Rs 196.55; Hero MotoCorp, down 1.57 per cent at Rs 3,627.75; IndusInd Bank, down 1.41 per cent at Rs 1,681.50; and Yes Bank, down 1.38 per cent at Rs 335.95.
–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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