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Geopolitical concerns, lower Q4 results pulled Indian equities lower (Market Review)

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7 years ago

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By Rituraj Baruah
Mumbai, May 5 (IANS) The key Indian equity indices snapped their five weeks of consistent rise as geopolitical tensions in the Middle East, higher crude oil prices along with profit booking eroded investors risk-taking appetite during the truncated week ended on May 4.

According to analysts, even the caution ahead of the state assembly elections in Karnataka and a few lower-than-expected quarterly earning results pulled the key indices down.

On a weekly basis, the barometer 30-scrip Sensitive Index (Sensex) of the BSE fell by 54.32 points or 0.16 per cent to close at 34,915.38 points.

The wider Nifty50 of the National Stock Exchange (NSE) closed trade at 10,618.25 points — down 74.05 points or 0.69 per cent from its previous week’s close.

“Markets took a breather last week after a strong five-week rally as traders turned cautious ahead of the Karnataka elections and weak global cues,” said Prateek Jain, Director, Hem Securities, adding that most Asian shares remained volatile last week amid caution over the China-US trade talks.

“In the US, the Federal Reserve held interest rates unchanged at its latest monetary policy review, while indicating that inflation in US is rising towards the central bank’s medium-term target as a signal to investors of possible rate hikes later in 2018.”

Rahul Sharma, Senior Research Analyst at Equity99 said: “Markets settled lower last week as participants turned cautious ahead of the major corporate earnings. Last week heavyweight stocks like Kotak Bank, HDFC along with DHFL, Edelweiss, L&T Finance reported better than expected numbers, while InterGloble, Hero Motocorp, HCL Tech, Emami, Marico and Hexaware missed expectations.”

Sharma told IANS that apart from corporate earnings and guidance, the fate of Iran nuclear deal has also added to investors’ jitters.

Globally, in the week gone by, stock markets mostly remained mixed as concerns about trade wars weighed on the investor confidence, said D.K. Aggarwal, Chairman and Managing Director of SMC Investments and Advisors.

“Investors’ now awaited news from a US team which has been headed to Beijing to discuss trade and security. Meanwhile, the US dollar continued to strengthen following the US Fed’s hawkish tone on interest rates and concerns over the potential for an escalating trade war between Washington and Beijing,” Aggarwal added.

On the currency front, the rupee weakened by 20 paise to close at 66.87 against the dollar from its previous week’s close at 66.67.

In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrips worth Rs 2,688.05 crore, while the domestic institutional investors purchased stocks worth Rs 932.99 crore during the week.

Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) divested equities worth Rs 1,351.85 crore, or $202.56 million, during May 2-4.

Sector-wise, the top gainer was the Bank Nifty index, while the top losers were metals, energy, IT and realty indices, Deepak Jasani, Head, Retail Research, HDFC Securities told IANS.

The top weekly Sensex gainers were: Axis Bank (up 5.21 per cent at Rs 520.30); Kotak Mahindra Bank (up 4.04 per cent at Rs 1,231.55); State Bank of India (up 3.69 per cent at Rs 241.95); HDFC (up 3.02 per cent at Rs 1,912.05); and HDFC Bank (up 2.98 per cent at Rs 1,987.85).

The losers were: Coal India (down 6.39 per cent at Rs 271.75); Wipro (down 4.01 per cent at Rs 270.15); Maruti Suzuki (down 3 per cent at Rs 8,679.05); Bharti Airtel (down 3 per cent at Rs 396.60); and Reliance Industries (down 2.20 per cent at Rs 953.90).

(Rituraj Baruah 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

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3 months ago

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September 3, 2024

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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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