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Expectation of healthy rural demand lifts equity indices; auto stocks rise (Roundup)

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Mumbai, July 4 (IANS) Expectation of a healthy rural demand on the back of the government’s enhanced farm sector support buoyed the key Indian equity indices on Wednesday.

Additionally, positive economic data on services sector and healthy buying in automobile and banking sector stocks pushed the indices higher, despite broadly negative global cues.

Consequently, the 30-scrip Sensitive Index (Sensex) zoomed by 266.80 points or 0.75 per cent.

Similarly, the wider 50-scrip Nifty of the National Stock Exchange (NSE) ended the day’s trade in the positive territory. It gained 70 points or 0.65 per cent at 10,769.90 points.

The Sensex of the BSE, which opened at 35,385.52 points, ended at 35,645.40 points, higher by 266.80 points or 0.75 per cent from the previous day’s close at 35,378.60 points.

The Sensex touched a high of 35,667.31 points and a low of 35,309.67 during the intra-day trade.

“Markets rallied strongly on Wednesday as it broke out of the recent trading
range. The gains came despite mixed Asian cues,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

“Positive economic data (Nikkei India Services Business Activity Index and Nikkei India Composite PMI Output Index) boosted investor sentiments.”

According to Vinod Nair, Head of Research, Geojit Financial Services said: “After an insipid start, the market gained momentum on account of better auto sales and govt’s announcement of increase in minimum support price (MSP).”

“Rural income and spending power will increase due to higher minimum price and progressing monsoon which may result in higher demand for consumption oriented stocks. Gradual fall in domestic yield and stability in oil price may add provide some direction in the market.”

Globally, major Asian markets closed on a mixed note, while European indices like FTSE
100 and DAX traded in the red.

On the currency front, the rupee ended at 68.74 per dollar, 16 paise weaker than its previous close of 68.58 per greenback.

Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 284.58 crore while the domestic institutional investors bought stocks worth Rs 611.01 crore.

Sector-wise, the S&P BSE automobile index gained the most, by 313.70 points, followed by the banking index which ended 201.19 points higher while the healthcare index was up 113.85 points.

On the other hand, the S&P BSE consumer durables index fell by 103.05 points, the IT index was down 85.05 points and the TECK index ended lower by 39.89 points from its previous close.

The major gainers on the Sensex were Bajaj Auto, up 3.95 per cent at Rs 2,978.20; Maruti Suzuki, up 2.69 per cent at Rs 9,220.80; HDFC, up 2.09 per cent at Rs 1,922.85; Hindustan Unilever, up 2.03 per cent at Rs 1,676.15; and Reliance Industries, up 1.90 per cent at Rs 990.05 per share.

The top losers were NTPC, down 1.32 per cent at Rs 153; Vedanta, down 1.21 per cent at Rs 228.15; ONGC, down 1.20 per cent at Rs 155.95; Bharti Airtel, down 1.01 per cent at Rs 366.45; and Tata Motors, down 0.93 per cent at Rs 267 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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