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After 2 days of losses, equity indices surge on value buying, global cues (Roundup)
Mumbai, June 29 (IANS) Value buying, along with broadly positive global bourses and a recovery in Indian rupee, aided the key Indian equity indices to make substantial gains on Friday.
Both the BSE Sensex and NSE Nifty50 ended over one per cent higher after two days of consecutive losses.
Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 10,714.30 points — up by 125.20 points or 1.18 per cent — from its previous close of 10,589.10 points.
The barometer 30-scrip Sensex on the BSE, which had opened at 35,128.16 points, closed at 35,423.48 points — higher by 385.84 points or 1.10 per cent — from its previous session’s close of 35,037.64 points.
Sensex touched a high of 35,459.05 points and a low of 35,099.65 points during the intra-day trade.
In the broader markets, the S&P BSE mid-cap rose by 1.81 per cent and the S&P BSE small-cap ended 1.92 per cent higher from its previous close. The BSE market breadth was bullish with 1,830 advances and 757 declines.
“After trading the week on a fairly negative note, benchmark indices traded today (on Friday) with gains as investors shrugged off reason concerns and took to buying stocks at lower levels,” said Abhijeet Dey, Senior Fund Manager for Equities at BNP Paribas Mutual Fund.
Despite the underlying sentiment being fragile, stocks across the globe recovered from the recent sell-off to trade higher, he said.
“The bounce back came on the back of positive global cues,” said Deepak Jasani, Head of Retail Research at HDFC Securities, adding that major Asian markets closed on a positive note and European indices like FTSE 100, CAC 40 and DAX also traded in the green.
According to Dhruv Desai, Director and Chief Operating Officer at Tradebulls, improved domestic sentiments after the rupee recovered from its record low against the US dollar also supported the markets.
The rupee ended at 68.47 per dollar, 32 paise stronger than its previous close of 68.79 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 157.15 crore while the domestic institutional investors bought stocks worth Rs 2,262.83 crore.
Sector-wise, all the indices ended on a positive note with the S&P BSE consumer durables index gaining the most, by 576.31 points. It was followed by the capital goods and oil and gas indices which rose by 475.61 points and 368.85 points respectively.
The major gainers on the Sensex were Tata Steel, up 3.61 per cent at Rs 567.85; Yes Bank, up 3.16 per cent at Rs 339.60; Reliance Industries, up 2.99 per cent at Rs 972.95; Larsen and Toubro, up 2.86 per cent at Rs 1,271.30; and Adani Ports, up 2.75 per cent at Rs 372 per share.
The top losers were IndusInd Bank, down 1.45 per cent at Rs 1,939.30; Hero MotoCorp, down 1.19 per cent at Rs 3,472.05; HDFC Bank, down 1.17 per cent at Rs 2,108.05; Mahindra and Mahindra, down 1.15 per cent at Rs 896.80; and Sun Pharma, down 0.83 per cent at Rs 560.55 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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