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After 5 weeks of gains, equity indices fall on global cues, weak rupee (Market Review)
By Rituraj Baruah
Mumbai, June 30 (IANS) Breaking a five-week gaining streak, the key Indian equity indices declined in the week ended Friday, with the Nifty50 of the National Stock Exchange (NSE) falling nearly one per cent.
The indices were weighed down by global factors including escalating trade war concerns and rising crude oil prices. Further, a weak Indian rupee also eroded the investor sentiments.
According to market observers, expiry of the June derivative contracts on Thursday also added to the volatility.
However, major losses made during the week were pared as value buying lifted the key indices over one per cent on Friday.
Index-wise, the wider Nifty50 of the NSE closed the week’s trade at 10,714.30 points — down 107.55 points or 0.99 per cent — from its previous close.
The barometer 30-scrip Sensex of the BSE fell by 266.12 points or 0.75 per cent to close at 35,423.48 points on a weekly basis.
“In line with global trends, key indices tumbled last week on worries of escalating US-China trade war. Investors were concerned that trade tensions between the US and major trading partner such as China could develop into a big drag on the global economy,” said Prateek Jain, Director of Hem Securities.
Equity99’s Senior Research Analyst Rahul Sharma said: “Trading last week was volatile as traders rolled over positions in the F&O segment from the near month June 2018 series to July 2018 series.”
Concerns of rising global crude oil prices increased pressure on India’s macro-economic indicators and tightening monetary policy in major economies globally also led to outflows from emerging markets’ debt and equity, Sharma added.
The depreciating rupee added to the dampened sentiments in the market. It touched and all-time low during the week by breaching the 69 per dollar mark on Thursday.
It closed at 68.47, weakening by 63 paise from its previous week’s close of 67.84 per greenback.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrip worth Rs 1,380.94 crore, while the domestic institutional investors purchased stocks worth Rs 2,941.61 crore during the week.
Figures from the National Securities Depository (NSDL) revealed that foreign portfolio investors (FPIs) invested equities worth Rs 528.41 crore, or $79.66 million, in the week ended on June 29.
Sectorally, top gainers were IT, FMCG and metal indices while the the top losers were public sector banks, energy, media and realty indices, Deepak Jasani, Head of Retail Research at HDFC Securities told IANS.
The top weekly Sensex gainers were Infosys (up 4.84 per cent at Rs 1,246.45); Vedanta (up 3.11 per cent at Rs 235.75); Hindustan Unilever (up 2.13 per cent at Rs 1,641.85); Tata Consultancy Services (up 1.95 per cent at Rs 1,847.20); and Bharti AItrtel (up 1.71 per cent at Rs 381.00 per share).
The major losers were Tata Motors (down 12.61 per cent at Rs 269.30); Tata Motors (DVR) (down 12.61 per cent at Rs 158.70); ICICI Bank (down 8.43 per cent at Rs 275.50); Power Grid (down 5.66 per cent at Rs 186.65); and State Bank of India (down 5.11 per cent at Rs 259.30 per share).
(Rituraj Baruah can be contacted at [email protected])
–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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