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Global cues pull equities lower; banks stocks slump (Roundup)
Mumbai, Feb 9 (IANS) Indian equities on Friday plunged into the negative territory amid a global sell-off, with the key indices — the BSE Sensex and NSE Nifty50 — shedding over 400 points and 100 points respectively, a fall of over 1 per cent each.
According to market observers, heavy selling pressure in banking, auto and capital goods stocks, along with continuous outflow of foreign funds, added to the downward trajectory of the equity indices.
On the global front, Asian markets slumped on Friday tracking the decline in US stocks overnight (Thursday). The benchmark Dow Jones declined over 1,000-points for the second time this week as rising bonds yields dented investors’ sentiments.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 34,005.76 points — down 407.40 points or 1.18 per cent from its previous session’s close.
The BSE market breadth was bearish with 1,403 declines and 1,369 advances.
On the National Stock Exchange (NSE), the wider Nifty50 fell by 121.90 points or 1.15 per cent to close at 10,454.95 points.
“Indian equities did not do much post gap-down opening in Friday trade. Asian stocks tumbled to two-month lows after US shares plummeted again in the face of rapidly rising bond yields,” Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.
In the broader markets, the S&P BSE mid-cap index fell mere 0.09 per cent, while the small-cap index edged up by 0.23 per cent.
“Markets corrected further on Friday. A bounce back from the lows helped to curb the losses. The weakness came on the back of negative Asian and European equity markets,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Major Asian markets have closed on a negative note. European indices like FTSE 100, DAX and CAC 40 traded in the red,” he added.
On the currency front, the Indian rupee weakened by 14 paise to close at 64.40 against the US dollar from its previous close at 64.26.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 1,351.70 crore while domestic institutional investors bought stocks worth Rs 588.42 crore.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Banks are underperforming, while some buying interest was seen in mid and small-caps after the recent sharp correction.”
Sector-wise, the S&P BSE banking index plunged by 514.03 points, followed by auto index by 239.88 points and capital goods index by 141.24 points.
On the other hand, the S&P BSE metal index rose by 186.87 points, consumer durables by 48.65 points, and realty index by 13.85 points.
Major Sensex gainers on Friday were: Tata Steel, up 1.83 per cent at Rs 683.65; Dr Reddy’s Lab, up 0.73 per cent at Rs 2,194.80; Asian Paints, up 0.67 per cent at Rs 1,131.55; Hindustan Unilever, up 0.23 per cent at Rs 1,335.40; and Tata Consultancy Services, up 0.20 per cent at Rs 2,972.30.
Major Sensex losers were: Yes Bank, down 2.84 per cent at Rs 325.55; ICICI Bank, down 2.33 per cent at Rs 326.75; HDFC, down 2.13 per cent at Rs 1,773.20; Infosys, down 2.01 per cent at Rs 1,111.80; and Axis Bank, down 1.93 per cent at Rs 557.50.
–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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