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Equities end flat-to-negative as last hour sell-off pare gains (Roundup)

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Mumbai, March 9 (IANS) A sudden sell-off during the last hour of trade trimmed Friday’s entire gains and led the key Indian equity indices to close trade on a flat note with marginal losses.

Market observers said global trade war fears over a likely hike in US import tariff on steel and aluminium continued to dampen the domestic metals sector, which witnessed heavy selling pressure.

On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) fell by 15.80 points or 0.15 per cent to 10,226.85 points.

The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,307.14 points — down 44.43 points or 0.13 per cent from its previous session’s close.

The BSE market breadth turned bearish as 1,638 stocks declined as against 1,082 advances.

“Markets ended marginally lower on Friday after a positive morning session. Selling in the last one hour of trade pulled the indices lower,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

“Major Asian markets closed on a positive note, whereas European indices like DAX, CAC 40 and FTSE 100 traded in the red,” Jasani added.

In terms of the broader markets, the S&P BSE mid-cap index edged lower by 0.35 per cent and the small-cap index by 0.30 per cent.

Provisional data with the exchanges showed that foreign institutional investors turned net buyers and purchased scrips worth Rs 550.36 crore. However, domestic institutional investors sold stocks worth Rs 65 crore.

Vinod Nair, Head of Research, Geojit Financial Services, said: “Global trade fears continued to pull the domestic metal index lower while weakening trend in rupee supported IT companies.”

On the currency front, the Indian rupee weakened by two paise to close at 65.17 against the US dollar from its previous close at 65.15.

Sectorwise, the S&P BSE metals index declined by 277.59 points, banking index by 212.54 points and healthcare index by 82.15 points.

On the other hand, the S&P BSE IT index rose by 67.76 points, Teck (technology, media and entertainment) index by 36.60 points and capital goods index by 29.50 points.

Major Sensex gainers on Friday were: HDFC, up 1.17 per cent at Rs 1,818.45; Tata Consultancy Services, up 1.10 per cent at Rs 3,034.50; Infosys, up 0.58 per cent at Rs 1,163.40; Hindustan Unilever, up 0.56 per cent at Rs 1,300.60; and Larsen and Toubro, up 0.54 per cent at Rs 1,290.15.

The Sensex losers were: Tata Steel, down 4.66 per cent at Rs 605.60; Adani Ports, down 2.91 per cent at Rs 377.30; Axis Bank, down 2.85 per cent at Rs 505.35; Sun Pharma, down 1.67 per cent at Rs 506.80; and ICICI Bank, down 1.43 per cent at Rs 292.70.

–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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