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Disappointing Q4 results, global cues suppress Indian equity indices (Roundup)

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M0umbai, May 3 (IANS) Disappointing quarterly results, along with heavy selling pressure in capital goods, IT and FMCG stocks pulled the key domestic equity indices lower on Thursday.

Market observers opined that broadly negative global cues such as fears over the rise in geo-political tensions in the Middle East and future rate hike in the US eroded investors risk taking appetite.

Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 10,679.65 points — down 38.40 points or 0.36 per cent — from the previous session’s close.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) ended in the red on Thursday. The Sensex opened at 35,257.31 points and closed at 35,103.14 points — down 73.28 points or 0.21 per cent — from its previous close.

The Sensex touched a high of 35,257.31 points and a low of 35,020.08 during the intra-day trade.

The BSE market breadth was bearish with 1,848 declines and 817 advances.

In the broader market, the S&P BSE mid-cap declined by 1.16 per cent while the S&P BSE small cap fell 0.84 per cent.

“Markets corrected on Thursday as the Nifty ended in the red for the second consecutive day. The weakness seemed to have come on the back of negative global cues,” Deepak Jasani, Head, Retail Research, HDFC Securities, told IANS.

“Major Asian markets have closed on a negative note barring the Shanghai index. European indices like FTSE 100, CAC 40 and DAX are trading in the red.”

According to Vinod Nair, Head of Research, Geojit Financial Services: “The global market is trading weak as US starts trade talk with China while any escalation of trade war will dampen investor’s sentiment.”

“Back home, results and upcoming state election will give near term direction.”

On the currency front, the Indian rupee strengthened by one paise to 66.65 against the US dollar from its previous close at 66.66.

In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 148.42 crore, and the domestic institutional investors sold stocks worth Rs 578.92 crore.

Sector-wise, the S&P BSE metal index rose by 109.85 points, followed by the banking index which was up 64.28 points.

On the other hand, the S&P BSE capital goods index slumped 312.11 points, the IT stocks fell by 217.33 points and the FMCG index by 128.60 points.

The major gainers on the Sensex were Sun Pharma, up 3.68 per cent at Rs 534.50; NTPC, up 2.32 per cent at Rs 174.40; Tata Steel, up 1.84 per cent at Rs 585.65; Axis Bank, up 1.71 per cent at Rs 532.40; and ICICI Bank, up 1.61 per cent at Rs 281.55 per share.

The top losers were Wipro, down 1.94 per cent at Rs 270.15; Kotak Mahindra Bank, down 1.90 per cent at Rs 1,233.40; Asian Paints, down 1.74 per cent at Rs 1,200.50; Larsen and Toubro, down 1.52 per cent at Rs 1,380.25; and Hindustan Unilever, down 1.39 per cent at Rs 1,451.00 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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