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Equity indices slip on global cues, profit booking (Roundup)
Mumbai, March 22 (IANS) Negative cues on the back of global protectionist measures, higher interest rates in the US and hike in crude oil prices, along with selling pressure in banking, auto and capital goods stocks depressed the key Indian equity indices on Thursday.
According to market observers, the BSE Sensex and NSE Nifty50 — which had opened on a higher note after the US Federal Reserve gave a dovish outlook on its rate hike trajectory in 2018 — trimmed their initial gains as investors booked profits.
On a closing basis, The wider Nifty50 of the National Stock Exchange (NSE) fell by 40.50 points or 0.40 per cent to 10,114.75 points.
The barometer 30-scrip Sensitive Index (Sensex) of the BSE closed at 33,006.27 points — down 129.91 points or 0.39 per cent from the previous session’s close.
The BSE market breadth was bearish with 2,059 declines and 670 advances.
“Markets ended lower on Thursday after two sessions of gains. A sharp rise in crude oil prices yesterday, March 21, seemed to have dented investors’ sentiments,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“Major Asian markets have closed on a mixed note. European indices like FTSE 100, DAX and CAC 40 traded in the red,” he added.
In terms of the broader markets, the S&P BSE mid cap index fell by 0.75 per cent and the small cap index by 1.05 per cent.
Vinod Nair, Head of Research at Geojit Financial Services, said: “Market started on a positive note on account of less hawkish US Fed commentary on CY18 (calendar year 2018)rate hike trajectory and in turn US10 year yield declined.”
“However, the gains were only short lived due to negative trend in European and other Asian market owing to re-emergence of trade war. Investors are utilising every rally as an opportunity to sell and market has come back to the 200 DMA due to concern on domestic credit growth and liquidity crunch,” said Nair.
On the currency front, the Indian rupee strengthened by 10 paise at 65.11 against the US dollar from its previous close at 65.21.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors purchased scrips worth Rs 161.11 crore and domestic institutional investors worth Rs 409.89 crore.
Sector-wise, the S&P BSE auto index declined by 225.95 points, followed by capital goods index by 198.79 points and banking index by 180.11 points.
On the other hand, the S&P BSE consumer durables index edged higher by 169.67 points, metal index by 49.39 points, and energy index by 12.32 points.
Major Sensex gainers on Thursday were: ONGC, up 2.45 per cent at Rs 179.75; IndusInd Bank, up 1.41 per cent at Rs 1,756; Tata Motors, up 1.29 per cent at Rs 338.20; Reliance Industries, up 1.22 per cent at Rs 907.30; and Tata Motors (DVR), up 1.03 per cent at Rs 190.65.
The Sensex losers were: State Bank of India, down 2.46 per cent at Rs 241.60; Wipro, down 2.32 per cent at Rs 288.70; Mahindra & Mahindra, down 2.14 per cent at Rs 729.80; ICICI Bank, down 2.09 per cent at Rs 283.55; and Maruti Suzuki, down 2.01 per cent at Rs 8,699.
–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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