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Equities at new highs on upbeat Q3 results, GST rate-cut (Market Review)
By Porisma P. Gogoi
Mumbai, Jan 20 (IANS) Upbeat quarterly corporate earnings along with influx of foreign funds and major decisions undertaken by the government during the week catapulted the key Indian equity indices — the Sensex and the Nifty50 — to record high levels.
The benchmark indices extended their bull run for the seventh consecutive week with banking and IT stocks giving a major thrust to the upward trajectory, said market observers.
The barometer 30-scrip Sensitive Index (Sensex), which crossed the psychologically important 35,000-mark during the week, augmented by a substantial 919.19 points or 2.66 per cent to close at a fresh level of 35,511.58 points.
The wider Nifty50 of the National Stock Exchange (NSE) crossed the 10,900-points-level for the first time this week.
However, the Nifty50 failed to sustain that level at the closing on Friday. The index closed trade at a fresh high of 10,894.70 points — up 213.45 points, or 2 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 35,542.17 points and the Nifty50 of 10,906.85 points.
“The recent rally was undoubtedly dominated by the technology and banking space. The banking stocks got lured on Thursday after the news that the government is mulling allowing 100 per cent FDI (foreign direct investment) in the sector,” D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, told IANS.
On the global front, stock markets across the globe rallied on the back of optimism in the US economy and expectations for a strong earnings season, Aggarwal said.
“Investors’ interest resumed in the market again after the Goods and Services Tax (GST) Council announced cut in the tax rate on 29 goods and 54 categories of services,” Arpit Jain, AVP at Arihant Capital Markets, told IANS.
“Encouraging Q3 FY18 results by blue-chip firms like HDFC Bank and ITC added to the cheer,” he said.
In a major decision on Thursday, the GST Council slashed the rates on 54 services and 29 items, including old and used motor vehicles, public transport buses run on bio-fuel, sugar-boiled confectionery and packaged water, which cheered investors.
On the investment side, provisional figures from the stock exchanges showed that foreign institutional investors purchased scrips worth Rs 4,234.46 crore, while domestic institutional investors divested stocks worth Rs 698.65 crore during the week.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors bought equities worth Rs 3,596.2 crore, or $563.3 million, during January 15-19.
“The announcement of the Ministry of Finance that the government will reduce the additional borrowing of dated securities for FY18 to Rs 200 billion from Rs 500 billion that was earlier announced helped alleviate some of the uncertainty,” Shibani Kurian, Senior Vice President and Head of Equity Research, Kotak Mutual Fund, told IANS.
“The government has reassessed its additional borrowing requirements, taking note of revenue receipts and expenditure patterns,” added Kurian.
On the currency front, the rupee weakened by 22 paise to close at 63.85 against the US dollar from its last week’s close at 63.63.
“Sectorally, the top gainers were the Bank Nifty, IT, PSU banks and FMCG indices. The top losers were the realty, metal and energy indices,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
The top weekly Sensex gainers were: ICICI Bank (up 11.32 per cent at Rs 353.55); HDFC (up 7.90 per cent at Rs 1,900.45); Tata Consultancy Services (up 6.56 per cent at Rs 2,954.75); Axis Bank (up 6.21 per cent at Rs 590.25); and Infosys (up 6.01 per cent at Rs 1,143.25).
The losers were: Coal India (down 7.65 per cent at Rs 284.45); Tata Motors (down 3.94 per cent at Rs 418.95); Tata Motors (DVR) (down 3.39 per cent at Rs 243.95); ONGC (down 3.32 per cent at Rs 193.60); and Hero MotoCorp (down 2.58 per cent at Rs 3,590.75).
(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
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.