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Value buying, easing of ‘trade war’ fears lift equities after 6-day fall (Roundup)
Mumbai, March 8 (IANS) Value buying by investors, along with positive global markets on the back of easing of trade war fears, propelled the key Indian equity indices on Thursday — snapping a six-day losing streak.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE surged over 400 points to scale an intra-day high of 33,439.97 points, with healthy buying in banking, auto and capital goods stocks adding to the upward trajectory.
The Sensex closed at 33,351.57 points — up 318.48 points or 0.96 per cent from its previous session’s close.
However, the BSE market breadth was bearish with 1,530 declines and 1,197 advances.
On the National Stock Exchange (NSE), the wider Nifty50 rose by 88.45 points or 0.87 per cent to close at 10,242.65 points.
“Markets bounced back on Thursday after six consecutive sessions of losses. Bottom fishing on the back of gains in Asian stocks amid news of potential US tariff exemptions helped to boost the market sentiments,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Major Asian markets have closed on a positive note, while European indices like CAC 40 and FTSE 100 traded in the green. Broad market indices like the BSE mid-cap and small-cap indices gained less, thereby underperforming the main indices,” Jasani added.
The S&P BSE mid-cap index edged higher by 0.56 per cent and the small-cap index by 0.50 per cent.
On the currency front, the Indian rupee weakened by 26 paise to close at 65.15 against the US dollar from its previous close at 64.89.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 364.80 crore, while domestic institutional investors purchased stocks worth Rs 675.26 crore.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market reversed from the last six days losing streak as ease in trade war concerns and short covering in PSU banks supported the rally.”
“Mid and small-caps continued to underperform as investors were still jittery waiting for further ease in valuation,” Nair added.
Sectorwise, the S&P BSE banking index augmented by 389.41 points, auto index by 220.70 points and capital goods index by 203.84 points.
On the other hand, the S&P metals index fell by 65.01 points, healthcare index by 33.36 points and the FMCG index by 21.38 points.
Major Sensex gainers on Thursday were: State Bank of India, up 4.09 per cent at Rs 256.75; ICICI Bank, up 3.58 per cent at Rs 296.95; Adani Ports, up 2.95 per cent at Rs 388.60; Mahindra and Mahindra, up 2.45 per cent at Rs 727.25; and Reliance Industries, up 2.25 per cent at Rs 911.60.
The Sensex losers were: Tata Steel, down 1.98 per cent at Rs 635.20; Sun Pharma, down 1.85 per cent at Rs 515.40; Yes Bank, down 1.63 per cent at Rs 307.80; Tata Consultancy Services, down 0.92 per cent at Rs 3,001.50; and Tata Motors, down 0.60 per cent at Rs 345.90.
–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.