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Global cues, banking, metal stocks lift Indian equity indices (Roundup)

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Mumbai, May 11 (IANS) Firm global markets along with healthy buying in banking, metal and capital goods stocks lifted the key Indian equity indices on Friday.

According to market analysts, better-than-expected quarterly earnings also supported the indices.

The wider Nifty50 of the National Stock Exchange closed at 10,806.50 points, up 89.95 points or 0.84 per cent from the previous close.

Similarly, the barometer 30-scrip Sensitive Index (Sensex) of the BSE ended in the green. It had opened at 35,287.99 points and closed at 35,535.79 points — up 289.52 points or 0.82 per cent.

The Sensex touched a high of 35,596.15 and a low of 35,262.06 points during the intra-day trade.

However, the BSE market breadth was bearish with 1,542 declines and 1,123 advances.

“Key benchmark indices opened higher and firmed up as the day progressed to finally close with gains of over 0.50 per cent,” said Abhijeet Dey, Senior Fund Manager, Equities, BNP Paribas Mutual Fund.

He said: “Globally, the sentiment turned risk-on as softer US inflation alleviated worries of a faster rate hike in the country and geo-political tensions ebbed with both the US and North Korea looking to reduce tensions in the region.”

According to Deepak Jasani, Head of Retail Research, HDFC Securities, positive Asian markets and overnight gains on Wall Street helped the Indian equities.

“Encouraging earnings announcements by Indian corporates also helped improve sentiments,” Jasani told IANS.

On the currency front, the Indian rupee weakened by 2 paise to 67.33 against the US dollar from its previous close at 67.31.

Provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 325.44 crore while the domestic institutional investors purchased stocks worth Rs 1,163.35 crore.

Sector-wise, the S&P BSE banking index surged by 331.14 points, metal stocks rose by 216.26 points and the capital goods stocks edged up by 190.73 points.

On the other hand, the S&P BSE consumer durables index fell by 265.61 points, the healthcare stocks dropped by 104.55 points and the telecom stocks ended 53.91 points lower.

The major gainers on the Sensex were Asian Paints, up 6.17 per cent at Rs 1,289.60; Tata Steel, up 2.17 per cent at Rs 606.65; Larsen and Toubro, up 1.69 per cent at Rs 1,387.05; Yes Bank, up 1.52 per cent at Rs 349.95; and HDFC, up 1.50 per cent at Rs 1,924.35 per share.

The top losers were Bharti Airtel, down 6.44 per cent at Rs 385.70; Sun Pharma, down 5.05 per cent at Rs 471.85; Tata Motors (DVR), down 1.69 per cent at Rs 194.90; Tata Motors, down 0.78 per cent at Rs 330.75; and Hero MotoCorp, down 0.74 per cent at Rs 3,616.15 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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