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Volatility on F&O expiry, global cues pull equities lower (Roundup)

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Mumbai, Feb 22 (IANS) Volatility infused by futures and options (F&O) expiry, along with negative global cues and a weak rupee, pulled the key Indian equity indices lower on Thursday.

The wider Nifty50 of the National Stock Exchange (NSE) closed on a flat-to-negative note — down 14.75 points or 0.14 per cent at 10,382.70 points.

The barometer 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) closed lower by 25.36 points or 0.07 per cent at 33,819.50 points from its previous session’s close.

The BSE market breadth was bearish with 1,714 declines and 1,010 advances.

In the broader markets, the S&P BSE mid-cap index edged lower by 0.54 per cent and the small-cap index by 0.43 per cent.

“Markets corrected marginally on Thursday as the Nifty traded in a narrow range. Volatility was seen in the afternoon session on the back of the derivatives expiry of the February series as traders rolled over their positions to the March series,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

“Major Asian markets closed on a negative note, barring the Shanghai index, while European indices like FTSE 100, DAX and CAC 40 traded in the red,” Jasani added.

Vinod Nair, Head of Research, Geojit Financial Services, said: “Fed’s hawkish stance on future rate-hike on account of improving economic activity and expiry-led volatility in domestic market impacted the sentiment.”

“Rise in India’s 10-year bond yield due to inflationary pressure and rupee depreciation is signalling cautious trade in the near term,” added Nair.

On the currency front, the Indian rupee weakened by 29 paise to close at 65.04 against the US dollar from its previous close at 64.76.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 2,335.34 crore, while domestic institutional investors purchased stocks worth Rs 1,059.42 crore.

Sectorwise, the S&P BSE oil and gas index plunged by 224.95 points, followed by auto index by 220.53 points and consumer durables index by 197.01 points.

On the other hand, the S&P BSE IT index rose by 72.73 points, healthcare index by 51.98 points and banking index by 36.83 points.

Major Sensex gainers on Thursday were: Sun Pharma, up 3.32 per cent at Rs 542.15; Adani Ports, up 2.16 per cent at Rs 404.10; IndusInd Bank, up 1.83 per cent at Rs 1,624.45; Mahindra and Mahindra, up 1.76 per cent at Rs 720.90; and Kotak Bank, up 1.70 per cent at Rs 1,072.65.

Major Sensex losers were: Dr Reddy’s Lab, down 2.19 per cent at Rs 2,121.30; ONGC, down 2.05 per cent at Rs 186.20; Power Grid, down 1.88 per cent at Rs 190.95; Tata Motors, down 1.59 per cent at Rs 358.55; and Maruti Suzuki, down 1.47 per cent at Rs 8,650.40.

–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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