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Global cues, value buying lift Indian equity indices (Roundup)
Mumbai, May 7 (IANS) Broadly positive global cues, along with value buying and expectations of firm quarterly earnings, lifted the key Indian equity indices on Monday.
According to market observers, healthy buying was witnessed in automobile, banking and consumer durable stocks.
However, gains were capped due to higher crude oil prices and caution over the upcoming assembly polls in Karnataka.
Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 10,715.50 points — up 97.25 points or 0.92 per cent — from its previous close.
Similarly, the barometer 30-scrip Sensitive Index (Sensex) made gains during the day’s trade session. The Sensex opened at 34,983.59 points, closed at 35,208.14 points — up 292.76 points or 0.84 per cent — from its previous session’s close.
It touched a high of 35,259.81 points and a low of 34,977.74 points during the intra-day trade.
The BSE market breadth was bullish with 1,405 advances and 1,272 declines. On NSE, too, the market was positive during intra-day trade.
In the broader market segment, the S&P BSE mid-cap closed 0.55 per cent higher from its previous close, while the S&P BSE small cap inched up by 0.56 per cent.
“Markets rallied on Monday as the Nifty found support around the 10,635 points levels. Monday’s gains came after three sessions of losses,” said Deepak Jasani, Head, Retail Research, HDFC Securities, adding that, “Technically, with the Nifty bouncing back after three sessions of losses, the bulls seem to have made a comeback.”
“The rally came on the back of listless US jobs data on Friday as it eased fears of faster rate hikes by the US Federal Reserve,” Jasani told IANS.
Vinod Nair, Head of Research, Geojit Financial Services said: “Market gained momentum as yield slid after RBIs open market operation, while rupee weakened further due to higher oil prices. PSU banks outperformed in expectation of stability in govt bond yield with RBIs intervention.”
“Results are largely in line with expectation while volatility in rupee and yield and apprehensions about Karnataka election impacting the pace of rally. Additionally, investor’s sentiment improved after a tepid US job data which may slow down FEDs rate hike trajectory.”
On the currency front, the Indian rupee weakened by 27 paise to 67.14 against the US dollar from its previous close at 66.87 per greenback.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 635.24 crore, while the domestic institutional investors purchased stocks worth Rs 1,037.23 crore.
Sector-wise, the S&P BSE auto index surged by 359.53 points, the consumer durable stocks edged-up by 323.57 points and the banking stocks rose by 320.80 points.
On the other hand, the S&P BSE healthcare and IT indices were the only two which fell today. The S&P BSE healthcare index fell by 73.32 points while IT index ended a tad lower, by 1.45 points.
The major gainers on the Sensex during the day were Mahindra and Mahindra, up 3.68 per cent at Rs 885.60; Axis Bank, up 2.82 per cent at Rs 534.95; Tata Steel, up 2.52 per cent at Rs 595.95; ICICI Bank, up 2.30 per cent at Rs 289.40; and State Bank of India, up 1.88 per cent at Rs 246.50 per share.
The top losers were Dr Reddy’s Lab, down 1.75 per cent at Rs 2,068.85; Tata Consultancy Services, down 1.53 per cent at Rs 3,427.70; Coal India, down 1.51 per cent at Rs 267.65; Sun Pharma, down 1.00 per cent at Rs 513.55; and HDFC Bank, down 0.41 per cent at Rs 1,979.75 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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