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Forecast of normal rains, lower inflation boost equities (Market Review)
By Porisma P. Gogoi
Mumbai, April 7 (IANS) Prospects of normal monsoon rains, lower inflation and a positive growth outlook boosted the key Indian equity indices during the just concluded trade week.
The northward progression of the market was supported by the Reserve Bank of India’s ) lower inflation forecast and a positive growth outlook for the fiscal.
Along with the forecast, healthy auto sales data for March led the key indices — the BSE Sensex and the NSE Nifty50 — to their second consecutive week of gains.
However, “constantly lingering fear due to ongoing trade war-like” scenario between the US and China capped the weekly gains.
On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE gained a massive 658.29 points or almost 2 per cent to close at 33,626.97 points.
The wider Nifty50 of the National Stock Exchange (NSE) closed trade at 10,331.60 points — up 217.9 points or 2.15 per cent from its previous week’s close.
“Markets rallied strongly this week despite a sharp sell-off seen on Wednesday. It was the second consecutive week of gains for the Nifty,” Deepak Jasani, Head – Retail Research, HDFC Securities, told IANS.
“The top sectoral gainers were auto, pharma, PSU banks and realty indices. There were no losers,” Jasani added.
Rahul Sharma, Senior research analyst at Equity99, said: “Unexpected ‘dovish’ monetary policy announced by the RBI, improving macro-economic scenario and expectations of normal monsoon have been the main triggers for the second consecutive week of gains.”
On Thursday, the central bank in its first bi-monthly monetary policy review of 2018-19 lowered its inflation forecast for the first-half of the fiscal to between 4.7 per cent and 5.1 per cent, and 4.4 per cent for the second-half.
The forecast led the two key indices to their biggest intra-day gains since March 12. The BSE Sensex soared by over 500 points, while the NSE Nifty50 rose by almost 200 points.
On the currency front, the rupee strengthened by 21 paise to close at 64.97 against the dollar from its previous week’s close at 65.18.
D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors, said markets across the globe rebounded during the week gone by on hopes that the US and China could open negotiations and avert a global trade war, turning the focus to upcoming earnings.
“However, on Friday, the sentiments of the market participants’ get spooked after US President Donald Trump proposed additional tariffs on China,” Aggarwal told IANS.
On the investment front, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 1,363.95 crore, while the domestic institutional investors purchased stocks worth Rs 2,660.52 crore during April 2-6.
The top weekly Sensex gainers were: Tata Motors (DVR) (up 12.23 per cent at Rs 206.40); Tata Motors (up 11.12 per cent at Rs 363.85); Kotak Bank (up 6.72 per cent at Rs 1,119.10); Hero MotoCorp (up 6.68 per cent at Rs 3,782.40); and Adani Ports (up 6.67 per cent at Rs 378.30).
The losers were: Bharti Airtel (down 3.38 per cent at Rs 385.40); Coal India (down 2.84 per cent at Rs 275.45); Axis Bank (down 1.71 per cent at Rs 500.70); ONGC (down 0.51 per cent at Rs 176.90); and Infosys (down 0.45 per cent at Rs 1,129.30).
(Porisma P. Gogoi can be contacted at [email protected])
–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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