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Caution ahead of Karnataka polls, global cues depress Indian equities (Roundup)
Mumbai, May 10 (IANS) Caution ahead of the Karnataka assembly elections along with subdued global factors including high crude oil prices and geo-political tensions in the Middle East dragged the Indian equity indices lower on Thursday.
According to market observers, heavy selling pressure was witnessed in consumer durables, capital goods and healthcare stocks.
The broader Nifty50 of the National Stock Exchange (NSE) closed at 10,716.55 points — down 25.15 points or 0.23 per cent — from its previous close of 10,741.70 points.
Similarly the barometer 30-scrip Sensitive Index (Sensex) on the BSE closed in the red. It had opened at 35,353.96 points and closed at 35,246.27 points — down 73.08 points or 0.21 per cent — from its previous session’s close of 35,319.35 points.
The Sensex touched a high of 35,500.76 points and a low of 35,203.85 points during the intra-day trade.
The BSE market breadth was bearish with 1,890 declines and 775 advances. On the NSE, too, the market breadth was bearish.
“Sensex and Nifty50 closed lower on Thursday as investors are cautious ahead of elections in the state of Karnataka,” said Dhruv Desai, Director and Chief Operating Officer, Tradebulls.
According to Deepak Jasani, Head of Retail Research at HDFC Securities: “Rising crude oil prices also impacted the sentiments.”
“Broad market indices like the BSE mid-cap and small cap indices lost more, thereby underperforming the main indices,” Jasani told IANS.
The S&P BSE mid-cap fell 1.52 per cent, while the S&P BSE small cap settled 1.36 per cent lower from its previous closing level.
Jasani added: “major Asian markets have closed on a mixed note. European indices like FTSE 100 and CAC 40 are trading in the red.”
On the currency front, the Indian rupee weakened by 4 paise to 67.31 against the US dollar from its previous close at 67.27.
Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 364.88 crore, while the domestic institutional investors purchased stocks worth Rs 900.69 crore.
Sector-wise, the S&P BSE oil and gas index and the S&P telecom index were the only gainers on Thursday. The oil and gas stocks rose by 77.85 points, while the telecom stocks ended 0.27 points higher than its previous close.
On the other hand, the S&P BSE consumer durables index fell by 287.03 points, the capital goods stocks dropped by 214.64 points and the healthcare stocks ended 208.25 points lower.
The major gainers on the Sensex were ONGC, up 2.87 per cent at Rs 188.15; Bharti Airtel, up 1.92 per cent at Rs 410.35; Tata Motors (DVR), up 0.71 per cent at Rs 198.25; Reliance Industries, up 0.55 per cent at Rs 980.70; and HDFC Bank, up 0.54 per cent at Rs 1,989.70 per share.
The top losers were Dr Reddy’s Lab, down 3.70 per cent at Rs 1,988.30; Tata Motors, down 2.34 per cent at Rs 333.35; Sun Pharma, down 1.85 per cent at Rs 496.95; Power Grid, down 1.77 per cent at Rs 207.95; and Bajaj Auto, down 1.62 per cent at Rs 2,827.80 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.