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Global cues, banking sector woes suppress equity markets (Market Review)

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By Rohit Vaid
Mumbai, March 3 (IANS) Despite better-than-expected macro-economic growth indicators, the key Indian equity indices closed the week on a flat note as negative global cues and the stress being faced by the banking sector, eroded investors’ risk-taking appetite.

However, a minor pullback rally led by healthy GDP growth data for the third quarter of 2017-18 pared some losses in the truncated week that ended Thursday, with Holi being celebrated on Friday.

Consequently, on a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) declined by 95.21 points or 0.28 per cent to close at 34,046.94 points.

However, the wider Nifty50 of the National Stock Exchange (NSE) closed trade at 10,458.35 points — down by just 32.7 points or 0.31 per cent from its previous week’s close.

“The week gone by saw the Nifty resuming its short term downtrend after a minor pullback witnessed last week,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.

“Market breadth was negative in three out of the four trading sessions of the week. Sectorally auto was the main gainer, while PSU, banks, metals and healthcare were the main losers.”

D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, markets across the globe became “more cautious” after comments from the US Federal Reserve’s Chief Jerome Powell which rekindled fears about the pace of US monetary tightening this year.

“In the domestic market front, in the first part of the week markets remained volatile tracking cues from weak global markets and domestic PMI data, amid continued selling in bank, metal and capital goods stocks.”

According to Vinod Nair Head Of Research at Geojit Financial Services: “Market was subdued this week largely due to concerns on NPA and fraud in PNB, trade deficit, rise in bond yield and depreciation in INR.”

“FIIs were on selling mode as foreign brokerages are lowering weight on India.”

Provisional figures from the stock exchanges showed that FIIs sold-off scrips worth Rs 2,535.04 crore, while domestic institutional investors (DIIs) purchased scrips worth Rs 4,049.72 crore during the week.

On the currency front, the rupee weakened by 96 paise to close at 65.17 against the US dollar from last week’s close of 64.73.

As per Arpit Jain, AVP at Arihant Capital Markets, the Nifty PSU bank was the top loser down by 5 per cent, while bank Nifty, metals and pharma index declined by 2 per cent each.

“On the other hand, the auto index gained by 2 per cent, realty and energy index gained by a per cent during the week,” Jain said.

(Rohit Vaid can be contacted at [email protected])

–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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