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Sensex, Nifty50 recover from day’s lows (Fourth Lead)
Mumbai, Feb 6 (IANS) The key Indian equity indices pared some losses and recovered from the day’s lows during the afternoon trade session on Tuesday after a massive downturn in the global stock markets unleashed a selling frenzy on the domestic bourses.
However, the indices continued to trade in the red.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE recovered over 700 points from its day’s low at 33,482.81 points.
Around 2.12 p.m., the Sensex traded at 34,258.14 points — down 608.35 points or 1.75 per cent from its previous close at 34,757.16 points.
Similarly, the wider Nifty50 of the National Stock Exchange bounced back over 200 points to trade at 10,527.15 points — reclaiming the 10,500 mark — down 139.40 points or 1.31 per cent from its previous close.
According to market observers, all the major Asian, as well as European stock markets, edged-lower following an overnight downward correction in Dow Jones by over 1,100 points.
Just after the pre-open session, the Sensex of the BSE traded more than 1,000 points or 2.90 per cent lower from Monday’s close.
“The rally last year was a global rally on liquidity easing. Hence any inkling of liquidity tightening, at a faster than expected pace, would lead to asset price contraction. That has played out over last two weeks,” Anshul Saigal, Portfolio Manager and Head-PMS, Kotak Mutual Fund, told IANS.
“With earnings picking up, markets will focus on them in due time. Hence if we look beyond near term volatility, price corrections may turn out to be opportunities,” Saigal added.
According to Anita Gandhi, Whole Time Director, Arihant Capital Markets, the recent correction in the equity markets will help to bring in valuations to the realistic level for new entrants and long-term players.
“Equity markets started on negative note with weak global cues and a sharp fall in the Dow Jones. Negative closing for two previous trading sessions had a cascading impact on the leveraged positions. The fall has been sharper than rise,” said Gandhi.
“However, this correction will be helpful in bringing valuations to the realistic and attractive level for the new entrants, as well as for long term players.
“The recently announced Union Budget is growth-oriented and will help the economy in growth ignition, provided timely execution takes place,” she added.
Deepak Jasani, Head, Retail Research, HDFC Securities, said: “The unprecedented downfall in Dow yesterday (Monday) and combination of other negative factors like the high fiscal deficit projected and proposal on long-term capital gains tax (LTCG) and fear of the stand that the Reserve Bank of India will take during Wednesday’s monetary policy review had led to this melt-down or selling panic.”
Index heavyweights like Tata Steel, ICICI Bank, Axis Bank, Bharti Airtel and Larsen and Toubro were the top gainers on the BSE.
The top losers on the BSE were Tata Motors, Tata Motors (DVR), Tata Consultancy Services, Kotak Bank and Infosys.
–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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