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Rise in fiscal deficit, global cues subdue equity indices (Roundup)
Mumbai, Feb 28 (IANS) Global cues — especially the prospects of higher interest rates in the US — along with a rise in fiscal deficit subdued the Indian equity markets on Wednesday.
Market observers said the domestic equity indices mimicked their Asian peers which traded in the red following US Federal Reserve Chairman Jerome Powell’s comments on the rate hike trajectory.
However, a mild pullback rally which was led by the expectations of a healthy GDP figures for the third quarter of 2017-18 arrested the downward slide.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 34,184.04 points, down by 162.35 points or 0.47 per cent from its previous close of 34,346.39 points.
Similarly, the wider Nifty50 of the National Stock Exchange (NSE) edged lower during the day’s trade session. It receded by 61.45 points, or 0.58 per cent, to close at 10,492.85 points.
In the intra-day, the S&P BSE Sensex touched a high of 34,302.74 points and a low of 34,076.45 points.
“The weakness came on the back of weak global cues after hawkish comments from US Federal Reserve chair Jerome Powell on Tuesday,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Nifty finally ended 0.58 per cent lower at 10,493 per cent. Broad market indices like the BSE Mid Cap index fell less, thereby outperforming the main indices. Market breadth was negative on the NSE/BSE.”
Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS: “Hawkish comments from US Fed Chairman spooked the Asian indices and weak set of deficit numbers, made the trade day a negative one.”
As per Vinod Nair, Head of Research, Geojit Financial Services: “Weak global market on account of Feds hawkish view on future rate hike and extension of selling in banks continued to impact the market.”
On the currency front, the Indian rupee weakened by 31 paise to close at 65.18-19 against the US dollar from its previous close at 64.87-88.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrip worth Rs 1,750.52 crore, while domestic institutional investors purchased stocks worth Rs 1,596.89 crore.
“FIIs are sellers in the market due to domestic headwinds and is adding pressure on INR. Nifty is consolidating near the recent low while 10 yr yield is still floating at higher levels keeping investors cautious,” Nair added.
Sector-wise, S&P BSE banking index receded by 273.64 points, metals index by 186.53 points and capital goods index by 125.50 points.
However, IT index rose by 105.94 points.
Major Sensex gainers on Wednesday were: Infosys, up 2.26 per cent at Rs 1,174.25; Asian Paints, up 0.78 per cent at Rs 1,118.85; State Bank of India, up 0.35 per cent at Rs 268.75, Hero MotoCorp, up 0.35 per cent at Rs 3,600.55 and PowerGrid, up 0.28 per cent at Rs 198.45.
The Sensex losers were: Hindustan Unilever, down 2.02 per cent at Rs 1,316.35; ICICI Bank, down 1.92 per cent at Rs 313.50; Sun Pharma, down 1.75 per cent at Rs 535.35; Axis Bank, down 1.47 per cent at Rs 529.60; and Yes Bank, down 1.47 per cent at Rs 322.25.
–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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