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Equity indices slide on weak global cues, profit booking (Lead)

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Mumbai, Feb 5 (IANS) Weak global cues, along with heavy selling pressure in banking, capital goods, consumer durables and finance stocks, pulled the key Indian equity indices lower during the mid-afternoon trade session on Monday.

According to market observers, disappointing announcements in the Budget like the reintroduction of the long-term capital gains (LTCG) tax and a higher-than-expected fiscal deficit target for 2018-19 continued to dampen investors’ risk-taking appetite.

Around 12.30 p.m., the wider Nifty50 of the National Stock Exchange fell by 81.75 points or 0.76 per cent to trade at 10,678.85 points.

On the BSE, the barometer 30-scrip Sensitive Index (Sensex), which opened at 34,718.85 points, traded at 34,794.66 points — down 272.09 points or 0.78 per cent from Friday’s close.

The BSE market breadth was bearish as 1,776 stocks declined as against 854 advances.

“Indian shares opened lower on Monday, after falling most in 14 months in the last trading session, on profit taking across sections,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

“Investors booked profits on concerns over LTCG tax and widened fiscal deficit target amid weak cues from the Wall Street and Asian stocks, after an upbeat jobs report sparked fears of a sharper hike in interest rates in the US,” he added.

Last Friday, the equity indices fell the steepest since November 2016 due to a huge sell-off in the markets.

The Sensex plunged by 839.91 points or 2.34 per cent to close at 35,066.75 points, while the Nifty50 dropped 256.30 points or 2.33 per cent to 10,760.60 points.

–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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