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Broad-based sell-off on prospects of political turmoil depresses equities (Roundup)
Mumbai, March 16 (IANS) Prospects of political instability led to broad-based selling in the Indian equity markets on Friday, even as weak global cues continued to mar investors’ sentiments.
According to market observers, the ongoing IPO (initial public offering) season, along with the nearing of financial year-end and outflow of foreign funds, were among other factors that contributed to the downfall of the equity indices.
On the National Stock Exchange (NSE), the wider Nifty50 declined by 165 points or 1.59 per cent to close at 10,195.15 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,176 points — down 509.54 points or 1.51 per cent from the previous session’s close — scaling a low of 33,119.92 points during the intra-day trade.
The BSE market breadth was bearish with 1,835 declines and 859 advances.
In terms of the broader markets, the S&P BSE mid-cap index edged lower by 1.07 per cent and the small-cap index by one per cent.
“Stocks suffered steep losses on the last trading day of the week in a broad-based sell-off. Trading sentiment took a hit after Telugu Desam Party (TDP) reportedly decided to quit the ruling Narendra Modi led National Democratic Alliance (NDA) government,” Gaurav Jain, Director at Hem Securities, told IANS.
“Negative clues from global markets also affected the sentiments. Most Asian stocks fell as reports of more chaos in the Trump administration tested investors’ nerves, already frayed by fears that US tariffs could hurt the global economy and trigger a trade war,” he added.
Apart from the political concerns, fiscal year-end considerations, selling before the onset of the Long Terms Capital Gains regime from April 1 and a bunch of lined up IPOs also resulted in liquidity being sucked out of the market, said Deepak Jasani, Head – Retail Research, HDFC Securities.
“Broad market indices like the BSE mid-cap and small-cap indices lost less, thereby outperforming the main indices. Sectorally, there were no gainers,” Desai told IANS.
All the 19 sub-indices of the BSE closed in the red, with the S&P BSE auto index slipping by 409.77 points, followed by metal index by 327.44 points, oil and gas index by 320.65 points, banking index by 312.62 points and capital goods index by 309.63 points.
On the currency front, the Indian rupee closed flat at 64.94 against the US dollar from its previous close.
“Yen appreciation also caused weak global markets. On the domestic front, FIIs (foreign institutional investors) have been net sellers in equity markets since last few trading sessions,” said Anita Gandhi, Whole Time Director at Arihant Capital Markets.
In terms of investments, provisional data with the exchanges showed that FIIs sold scrips worth Rs 150.46 crore and domestic institutional investors worth Rs 150.46 crore.
“Series of fresh IPOs are also sucking some amount of liquidity from the markets leading to investors as well as institutions taking some profits. Nearing of financial year end and advance tax payments may also have caused some profit taking,” Gandhi told IANS.
Major Sensex gainers on Friday were: Mahindra and Mahindra, up 0.88 per cent at Rs 741.55; Wipro, up 0.85 per cent at Rs 295.75; Hindustan Unilever, up 0.51 per cent at Rs 1,304; and Yes Bank, up 0.16 per cent at Rs 312.90.
The Sensex losers were: Tata Motors, down 3.67 per cent at Rs 340.10; Tata Motors (DVR), down 3.21 per cent at Rs 190; Asian Paints, down 3.09 per cent at Rs 1,125.05; Adani Ports, down 2.89 per cent at Rs 371.05; and Hero MotoCorp, down 2.67 per cent at Rs 3,546.05.
–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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