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Global cues, hopes of healthy GDP growth lift equity indices (Roundup)

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Mumbai, Feb 26 (IANS) Positive global cues, coupled with forecast of a healthy GDP growth, lifted the key Indian equity indices on Monday.

According to market observers, positive cues from the Asian and European markets along with buying support for interest rate-sensitive stocks like automobiles, banks and capital goods led to the rise.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed the day’s trade at 34,445.75 points — up 303.60 points, or 0.89 per cent, from its previous close of 34,142.15 points.

Similarly, the wider Nifty50 of the National Stock Exchange (NSE) edged higher on Monday. It rose by 91.55 points, or 0.87 per cent, to 10,582.60 points.

In the intra-day trade, the S&P BSE Sensex touched a high of 34,483.39 points and a low of 34,225.72 points.

“Markets surged higher on Monday to close with healthy gains. The gains came on the back of positive Asian and European equity markets,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

“Sectorally, top gainers were the realty, auto, media and bank Nifty indices. Top losers were IT, PSU banks and pharma indices.”

On the currency front, the Indian rupee weakened by six paise to close at 64.79-80 against the US dollar from its previous close at 64.73.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrip worth Rs 1,119.51 crore, while domestic institutional investors purchased stocks worth Rs 1,409.45 crore.

Vinod Nair, Head of Research, Geojit Financial Services said: “Market is gradually recovering from the lost ground supported by positive global cues.”

“Investors are waiting for Q3 GDP and IIP data, GDP is expected to grow at 6.9 per cent which has raised a positive sentiment while reducing the volatility in the market.”

Sector-wise, S&P BSE automobile stocks rose by 540.83 points, banking index by 465.86 points, capital goods index by 345.92 points, metal index by 154.90 points and oil and gas index by 141.72 points.

However, IT index receded by 137.07 points.

Major Sensex gainers on Monday were: Maruti Suzuki, up 3.41 per cent at Rs 9,001.80; Tata Motors, up 3.22 per cent at Rs 372.05; IndusInd Bank, up 2.94 per cent at Rs 1,691.25; Axis Bank, up 2.94 per cent at Rs 552.30; and Larsen and Toubro, up 2.83 per cent at Rs 1,339.20.

The Sensex losers were: Sun Pharma, down 2.46 per cent at Rs 556.15; Tata Consultancy Services (TCS), down 1.35 per cent at Rs 3,035.25; Infosys, down 1.26 per cent at Rs 1,141.05; ITC, down 0.93 per cent at Rs 266.55; and Wipro, down 0.76 per cent at Rs 291.90.

On Friday — the previous trade session — both the key indices had closed at almost a week’s high on the back of global cues, along with a strong rupee and value buying.

The Nifty50 had edged higher by 108.35 points, or 1.04 per cent, to close at 10,491.05 points, while the Sensex closed at 34,142.15 points — up 322.65 points, or 0.95 per.

–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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