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Value buying, positive Asian markets push equity indices higher (Roundup)

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Mumbai, March 21 (IANS) Broadly positive Asian markets, along with value buying pushed the key Indian equity indices higher on Wednesday.

However, some gains were ceded as caution prevailed ahead of the US Federal Reserve’s FOMC (Federal Open Market Committee) meet which is slated to begin later in the evening.

According to market observers, healthy buying was witnessed in capital goods, banking and oil and gas stocks.

Consequently, the barometer 30-scrip Sensitive Index (Sensex) of the BSE closed the day’s trade at 33,136.18 points, up by 139.42 points or 0.42 per cent, from its previous close of 32,996.76 points.

Similarly, the wider Nifty50 of the National Stock Exchange (NSE) edged higher during the day’s trade. It gained 30.90 points, or 0.31 per cent, to 10,155.25 points.

“Markets rallied further on Wednesday after the bounce back seen on Tuesday. A sell-off from the highs curbed the gains,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.

“Major Asian markets have closed on a mixed note. European indices like FTSE
100 and CAC 40 are trading in the red.”

Vinod Nair, Head of Research at Geojit Financial Services, said: “Market reversed from opening gain as investors utilised the initial rally to book profit and stay cautious ahead of (US) Fed policy.”

“Additionally, participants are keen to get cues on future rate hike trajectory, while hawkish pace of tightening might add volatility in the market. If the outcome of FOMC will be in-line with expectation without any underlining caveats, we could have a relief rally in the short-term.”

On the currency front, the Indian rupee closed flat at 65.21 against the US dollar from its previous close at 65.20.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 98.44 crore and domestic institutional investors worth Rs 197.78 crore.

Sector-wise, the S&P BSE capital goods index surged by 103.50 points, followed by banking index by 61.81 points and oil and gas index by 47.26 points.

On the other hand, the S&P BSE metal index declined by 72.73 points, healthcare index by 62.30 points, and automobile index by 28.38 points.

Major Sensex gainers on Wednesday were: Bharti Airtel, up 4.61 per cent at Rs 418.60; NTPC, up 2.47 per cent at Rs 170.20; Larsen and Toubro, up 1.14 per cent at Rs 1,308.40; HDFC, up 1.05 per cent at Rs 1,818.85; and HDFC Bank, up 1 per cent at Rs 1,857.65.

The Sensex losers were: Tata Steel, down 1.85 per cent at Rs 582.35; Tata Motors, down 1.58 per cent at Rs 333.90; Adani Ports, down 1.44 per cent at Rs 363.90; Hero MotoCorp, down 1.25 per cent at Rs 3,469.35; and Sun Pharma, down 0.82 per cent at Rs 504.70.

–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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