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Karnataka poll result slumps equity indices, rupee (Roundup)
Mumbai, May 15 (IANS) The Indian equity indices ceded their initial gains to close Tuesday’s trade session on a negative note, as uncertainty loomed over government formation in Karnataka.
According to analysts, panic selling erupted after the poll results showed that no single political party had reached the half-way mark for government formation, despite the fact that early trends had indicated a clear majority for the Bharatiya Janata Party (BJP).
The party, however, fell a few seats short of the clear majority mark. Election trends earlier in the day had led the barometer Sensex of the BSE to gain over 400 points.
Even the broadly subdued Asian indices and the disappointing macro-economic inflation data points released on Monday dented investor sentiments.
Index-wise, the S&P BSE Sensex, which had opened at 35,537.85 points, closed at 35,543.94 points, lower by 12.77 points or 0.04 per cent from the previous day’s close at 35,556.71 points.
It touched a high of 35,993.53 points and a low of 35,497.92 during the intra-day trade. The BSE market breadth was bearish with 1,611 declines and 1,028 advances.
Similarly, the wider 50-scrip Nifty of the National Stock Exchange (NSE) closed in the negative territory. It ended at 10,801.85 points — down 4.75 points or 0.04 per cent — from the previous close of 10,806.50 points.
“Markets ended with marginal losses after a volatile session. The index initially surged higher as trends showed BJP taking a lead in Karnataka Assembly elections,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
Anand Shah, Deputy CEO and Head of Investments at BNP Paribas Mutual Fund India said that apart from the uncertainty in Karnataka’s politics, the increase in inflation rate also caused concern among the investor community.
The election results not only dampened the equity market sentiments but also dragged the Indian rupee down by 56 paise to close at its 15-month low of 68.08 against the US dollar from its previous close at 67.52 per greenback.
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold scrips worth Rs 518.47 crore, while the domestic institutional investors bought stocks worth Rs 531.33 crore.
Sector-wise, the S&P BSE IT, metal and Teck (technology, media and entertainment) indices made gains and rose by 63.13 points, 30.12 points and 23.33 points respectively.
On the other hand, the S&P BSE auto index declined the most, by 176.56 points, followed by the healthcare index, which dropped by 60.14 points and the capital goods index that ended 51.37 points lower.
The major gainers on the Sensex were Tata Steel, up 2.29 per cent at Rs 624.05; Power Grid, up 2.27 per cent at Rs 213.80; Tata Consultancy Services, up 1.33 per cent at Rs 3,482.45; Asian Paints, up 0.89 per cent at Rs 1,310; and HDFC Bank, up 0.85 per cent at Rs 2,038.35 per share.
The top losers were Tata Motors, down 4.29 per cent at Rs 310.25; Tata Motors (DVR), down 4.27 per cent at Rs 182.75; Coal India, down 2.11 per cent at Rs 264; State Bank of India, down 1.87 per cent at Rs 248.60; and Sun Pharma, down 1.22 per cent at Rs 468.25 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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