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Global cues, caution ahead of F&O expiry depress equity markets (Roundup)
Mumbai, April 25 (IANS) Weak global cues coupled with profit booking and caution ahead of the April derivatives expiry pulled the key Indian equity indices lower on Wednesday.
According to market observers, a weak rupee, along with recent surge in crude oil prices and heavy selling in banking, consumer durables and capital goods stocks weighed heavy on the key indices.
Index-wise, the wider Nifty50 on the National Stock Exchange closed at 10,570.55 points, down 43.80 points or 0.41 per cent from the previous close.
Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE closed in the red. It opened at 34,593.17 points, closed at 34,501.27 points, down 115.37 points or 0.33 per cent.
The Sensex touched a high of 34,631.27 points and a low of 34,400.56 points during the day. The BSE market breadth was bearish with 1,794 declines and 867 advances. Market breadth on the NSE too was bearish on Wednesday.
In the broader market segment, the S&P BSE mid-cap index closed lower by 0.52 per cent and the small-cap index by 0.72 per cent.
“Markets ended lower on Wednesday as selling was seen through the day. The recent rise in crude oil prices and cautiousness ahead of April derivatives expiry due on Thursday, 26 April, 2018 seemed to have affected investors,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.
Abhijeet Dey, Senior Fund Manager, Equities, BNP Paribas Mutual Fund said: “Recent firmness in crude prices, rising bond yields in the US and the expiry of derivatives contracts this week, all contributed to the volatility in the markets.”
“Asian stocks tumbled across the board while US stocks witnessed selling pressure after the 10-year US Treasury yield briefly touched the psychologically important three per cent level for the first time in four years,” he said.
Dhruv Desai, Director and Chief Operating Officer of Tradebulls said: “Markets traded lower as global markets were in negative territory and investors booked profits amid weakened global sentiment.”
Sector specific trade, saw IT stocks’ rise due to a weak rupee which fell by 53 paise to 66.91 against the US dollar on Wednesday from its previous close at 66.38.
In terms of investments, provisional data with the exchanges showed that FIIs sold scrip worth Rs 304.79 crore, while the domestic institutional investors purchased stocks worth Rs 435.98 crore.
Sector-wise, the S&P BSE IT index rose by 163.05 points, followed by Teck (technology, media and entertainment) index by 71.36 points and telecom stocks which inched up by 9.26 points.
On the other hand, the S&P BSE banking index declined by 301.59 points, cosumer durables index by 270.76 points and capital goods index by 231.99 points.
The major gainers on Sensex were: Bharti Airtel, up 3.37 per cent at Rs 419.80; Tata Consultancy Services (TCS), up 2.43 per cent at Rs 3,467.90; Mahindra & Mahindra (M&M), up 1.88 per cent at Rs 854.25; Infosys, up 0.61 per cent at Rs 1,160.90; and Power Grid, up 0.58 per cent at Rs 207.20 per share.
The top losers were: Tata Steel, down 2.01 per cent at Rs 586.20; ICICI Bank, down 1.86 per cent at Rs 278.90; ONGC, down 1.67 per cent at Rs 179.55; Tata Motors (DVR), down 1.65 per cent at Rs 185.15; and Dr. Reddy’s Lab, down 1.46 per cent at Rs 2,124.75 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
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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