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Caution ahead of Karnataka poll results, inflation keep equities flat (Roundup)
Mumbai, May 14 (IANS) Caution ahead of the Karnataka assembly election results and a rise in the April wholesale inflation rate subdued the key Indian equity indices on Monday.
Market observers said that even an expected rise in the Consumer Price Index (CPI) rate dented investors’ sentiments. Besides, heavy selling pressure was witnessed in consumer durables, auto and capital goods stocks.
Index-wise, the wider 50-scrip Nifty of the National Stock Exchange (NSE) closed flat at 10,806.60 points.
The barometer Sensitive Index (Sensex) of the BSE, which opened at 35,555.83 points, closed at 35,556.71 points — up 20.92 points or 0.06 per cent — from its previous day’s close.
The Sensex touched a high of 35,642.72 points and a low of 35,456.56 points in the trade.
The BSE market breadth was bearish with 1,860 declines and 815 advances. On NSE, too, market breadth was bearish throughout the day.
“Markets ended with marginal gains on Monday after correcting in the morning session. Traders seemed to be cautious ahead of Karnataka Assembly poll results tomorrow, 15 May 2018,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
He added: “Broad market indices the BSE mid-cap and small-cap indices fell sharply, thereby underperforming the main indices.”
The S&P BSE mid-cap fell by 0.88 per cent, while the S&P BSE small-cap ended 1 per cent lower from its previous close.
Globally, major Asian markets closed on a mixed note and European indices like FTSE 100, DAX and CAC 40 traded in the red, Jasani told IANS.
Apart from Tuesday’s election results, Abhijeet Dey, Senior Fund Manager, Equities at BNP Paribas Mutual Fund attributed the selling pressure on the higher wholesale inflation rate and the deceleration in industrial production numbers which were released on last Friday.
On the currency front, the Indian rupee weakened by 19 paise to 67.52 against the US dollar from its previous close at 67.33 per greenback.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors bought scrips worth Rs 717.99 crore and the domestic institutional investors purchased stocks worth Rs 687.23 crore.
Sector-wise, the S&P BSE banking index inched up by 50.19 points, oil and gas stocks rose by 22.26 points and the finance stocks ended marginally higher by 2.40 points.
On the other hand, the S&P BSE consumer durables index plunged by 549.25 points, the auto stocks dropped by 235.61 points and the capital goods stocks ended 155.74 points lower.
The major gainers on the Sensex were NTPC, up 2.51 per cent at Rs 171.75; Dr Reddy’s Lab, up 1.24 per cent at Rs 2,015.50; IndusInd Bank, up 1.07 per cent at Rs 1,914.45; State Bank of India, up 0.98 per cent at Rs 253.35; and Hero MotoCorp, up 0.92 per cent at Rs 3,649.35 per share.
The top losers were Mahindra and Mahindra, down 2.17 per cent at Rs 850.10; Tata Motors (DVR), down 2.05 per cent at Rs 190.90; Tata Motors, down 2 per cent at Rs 324.15; Yes Bank, down 1.51 per cent at Rs 344.65; and Bharti Airtel, down 1.09 per cent at Rs 381.50 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.