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Global cues depress equity indices, banking stocks fall (Roundup)

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Mumbai, April 20 (IANS) Negative global cues such as high crude oil prices, along with a weak rupee and heavy selling pressure in banking stocks triggered by a likely hawkish stand of the Reserve Bank of India (RBI) in its next monetary policy review subdued the key Indian equity indices on Friday.

According to market observers, the downfall was arrested on the back of an accelerated pick-up in IT and Teck (technology, media and entertainment) stocks as well as expectations of healthy quarterly results.

Index-wise, the wider Nifty50 of the National Stock Exchange (NSE) closed at 10,564.05 points — down 1.25 points or 0.01 per cent — from the previous close.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE closed on a flat note. It opened at 34,434.14 points, closed at 34,415.58 points — down 11.71 points or 0.03 per cent — from its previous session’s close.

In the intra-day trade, the Sensex touched a high of 34,487.33 points and a low of 34,311.29 points with a bearish breadth of 1,478 declines and 1,148 advances.

In the broader market segment, the S&P BSE mid-cap index closed lower 0.44 per cent and the small-cap index ended a tad higher by 0.02 per cent.

“Markets ended on a flat note on Friday after a volatile session that saw the Nifty witnessing a roller coaster ride,” said Deepak Jasani, Head, Retail Research, HDFC Securities.

“The Nifty index slid lower in the morning session into negative territory, but a sharp recovery in the afternoon session from the lows of 10,527 ensured the Nifty ended with a minor loss,” Jasani told IANS.

On the currency front, the Indian rupee weakened by 33 paise to 66.13 against the US dollar from its previous close at 65.80.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrip worth Rs 21.02 crore, while the domestic institutional investors bought stocks worth Rs 111.01 crore.

Sector-wise, the S&P BSE IT index rose by 611.30 points, followed by Teck (technology, media and entertainment) which gained 263.25 points and auto stocks which edged up by 43.72 points.

On the other hand, the S&P BSE banking index fell by 291.67 points, capital goods index by 169.52 points and metal index by 96.37 points.

Scrip-wise, shares of IT bellwether Tata Consultancy Services (TCS) on Friday rose nearly seven per cent to touch a new high of Rs 3,414 per share, taking its market capitalisation (m-cap) to over Rs 6.50 lakh crore or around $98 billion.

The major Sensex gainers on Friday were Infosys, up 4.02 per cent at Rs 1,178.25; Coal India, up 3.25 per cent at Rs 292.05; Wipro, up 2.31 per cent at Rs 298.35; and Bharti Airtel, up 1.47 per cent at Rs 400.75 per share.

The top losers on Sensex were Yes Bank, down 3 per cent at Rs 308.45; ICICI Bank, down 2.49 per cent at Rs 281.95; Tata Steel, down 2.29 per cent at Rs 606.35; State Bank of India, down 1.97 per cent at Rs 241.40; and NTPC, down 1.80 per cent at Rs 174.25 per share.

–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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