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Equities close flat; easing inflation, recovery in banks trim losses (Roundup)
Mumbai, March 14 (IANS) Macroeconomic data that showed an easing inflation, along with a sharp recovery in banking stocks, helped the key Indian indices to trim their losses and close Wednesday’s trade on a flat note with marginal losses.
According to market observers, the indices were pulled into the negative territory during the day by weak cues from the Asian markets and selling pressure.
On a closing basis, the wider Nifty50 of the National Stock Exchange (NSE) fell by 15.95 points, or 0.15 per cent, to 10,410.90 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,835.74 points — down 21.04 points, or 0.06 per cent.
The BSE market breadth was bearish with 1,416 declines and 1,267 advances.
“Nifty ended with marginal losses on Wednesday despite a sharp recovery from the lows of the day. Weak Asian markets impacted sentiments,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
In terms of the broader markets, the S&P BSE mid-cap index edged up by 0.28 per cent and the small-cap index by 0.06 per cent.
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market traded range bound due to a mixed trend in the global markets but recouped the losses as banking stocks outperformed due to improvement in financial market liquidity.”
“Ease in February WPI (Wholesale price index) inflation to 2.48 per cent will further provide support to the market while any escalation in global risk may lead investors to stay cautious,” he added.
Data released during market hours revealed that WPI inflation in India softened during February marginally at 2.48 per cent primarily due to lower fuel and food prices.
On the currency front, the Indian rupee strengthened by seven paise to close at 64.83 against the US dollar from its previous close at 64.90.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 258.98 crore and domestic institutional investors worth Rs 432.03 crore.
Sectorwise, the S&P BSE oil and gas index fell by 146.14 points, followed by metal index by 69.31 points and FMCG index by 29.22 points.
On the other hand, the S&P BSE banking index rose by 155.33 points, consumer durables index by 69.34 points and IT by 30.62 points.
Major Sensex gainers on Wednesday were: Yes Bank, up 1.85 per cent at Rs 318.90; Maruti Suzuki, up 0.99 per cent at Rs 8,839.85; Axis Bank, up 0.89 per cent at Rs 535.55; State Bank of India, up 0.82 per cent at Rs 257; and ICICI Bank, up 0.77 per cent at Rs 306.35.
The Sensex losers were: Hero MotoCorp, down 1.78 per cent at Rs 3,635.45; ONGC, down 1.53 per cent at Rs 180.60; Tata Steel, down 1.25 per cent at Rs 620.45; HDFC, down 0.91 per cent at Rs 1,846.30; and Bajaj Auto, down 0.85 per cent at Rs 2,948.85.
–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.