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Equity indices snap 7-day fall on investors’ bargain hunting (Roundup)

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Mumbai, Feb 8 (IANS) Bargain hunting by investors after seven consecutive days of losses propelled key Indian equity indices to close on a higher note on Thursday.

According to market observers, healthy buying in healthcare, banking and auto stocks added to the upward trajectory of the key indices.

The wider Nifty50 of the National Stock Exchange (NSE) closed higher by 100.15 points or 0.96 per cent at 10,576.85 points.

The 30-scrip Sensitive Index (Sensex) of the BSE closed at 34,413.16 points — up 330.45 points or 0.97 per cent from its previous session’s close.

The BSE market breadth was bullish with 2,197 advances and 625 declines.

In the broader markets, the S&P BSE mid-cap index edged higher by 1.82 per cent and the small-cap index by 2.25 per cent.

“Stocks advanced as bargain hunting emerged after seven straight sessions of sell-off in the domestic equities,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

“Sectorally, all the sectors of broader market have closed in positive trend and no sectors have showed any weakness for the day,” he added.

Talking about the global markets, Jasani said all the Asian markets closed on a positive note, except for Taiwan and Shanghai, while the European indices like FTSE 100, DAX and CAC 40 traded in the negative territory.

Vinod Nair, Head of Research, Geojit Financial Services, said: “Market rebounded as prospects of economic growth and earnings revival encouraged investors to start accumulate equities.”

“The 10-year-bond yield fell from yesterday’s high of 7.61 per cent to 7.49 per cent and rupee strengthened which is positive for investors,” Nair said.

On the currency front, the Indian rupee strengthened by two paise to close at 64.26 against the US dollar from its previous close at 64.28.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 2,297.09 crore while domestic institutional investors bought stocks worth Rs 2,373.59 crore.

“After several straight sessions of ending in the red, the Indian equity market shrugged off negative global cues and recouped some losses, majorly led by gains in shares of banks and pharmaceutical companies,” said Karthikraj Lakshmanan, Senior Fund Manager – Equities, BNP Paribas Mutual Fund.

All the sectoral indices closed with gains barring the S&P BSE oil and gas index which fell by 38.61 points.

Sector-wise, the S&P BSE healthcare index surged by 405.77 points, followed by banking index by 324.24 points and auto index by 292.11 points.

Major Sensex gainers on Thursday were: Sun Pharma, up 6.32 per cent at Rs 583.40; Dr Reddy’s Lab, up 3.18 per cent at Rs 2,178.95; State Bank of India, up 2.97 per cent at Rs 301.45; Infosys, up 2.33 per cent at Rs 1,134.55; and Axis Bank, up 1.75 per cent at Rs 568.50.

Major Sensex losers were: Power Grid, down 1.20 per cent at Rs 193.55; Tata Motors, down 0.70 per cent at Rs 374.85; NTPC, down 0.70 per cent at Rs 163.65; ONGC, down 0.66 per cent at Rs 188.55; and Adani Ports, down 0.43 per cent at Rs 405.

–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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