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Asian cues, depreciating rupee pull equity indices lower (Roundup)

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Mumbai, July 5 (IANS) Tepid investor sentiments in the Asian markets on the back of trade war concerns subdued the key Indian equity indices on Thursday.

In the Asian markets, concerns prevailed, as Friday, June 6 is the deadline set by the US to impose tarrifs on Chinese goods worth $34 billion.

Further, a depreciating Indian rupee also weakened the investor sentiments in the domestic market.

Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 10,749.75 points, lower by 20.15 points or 0.19 per cent from its previous close of 10,769.90 points.

The barometer 30-scrip Sensitive Index (Sensex), which opened at 35,703.17 points, closed at 35,574.55 points, down by 70.85 points or 0.20 per cent from its previous session’s close of 35,645.40 points.

Sensex touched a high of 35,748.26 points and a low of 35,517.79 points during the intra-day trade. The BSE market breadth was bearish with 1,607 declines and 1,077 advances.

“The weakness came on the back of weak Asian markets as a looming deadline for imposition of US tariffs on Chinese products seemed to worry investors across Asia,” Deepak Jasani, Head of Retail Research at HDFC Securities.

BNP Paribas Mutual Fund, Senior Fund Manager for Equities, Abhijeet Dey said July 6, 2018 is the deadline set by the US for imposition 25 per cent tariff on $34 billion worth of Chinese goods on more than 800 product categories.

“If implemented, China is likely to retaliate with duties of the same value on US products,” he added.

Globally, the major Asian markets closed on a negative note while the European indices like FTSE 100, CAC 40 and DAX traded in the green, Jasani told IANS.

On the currency front, the rupee ended at 68.95 per dollar, 21 paise weaker than its previous close of 68.74 per greenback.

Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 159.37 crore while the domestic institutional investors sold stocks worth Rs 296.97 crore.

Sector-wise, the S&P BSE FMCG index gained the most, by 115.86 points, followed by the banking index which ended 42.12 points higher and the auto index was up 36.51 points.

On the other hand, the S&P BSE consumer durables index plunged 561.63 points, the IT index fell 225.90 points and the metal index ended lower by 179.72 points from its previous close.

The major gainers on the Sensex were Yes Bank, up 3.96 per cent at Rs 348.80; ITC, up 2.97 per cent at Rs 272.30; Asian Paints, up 2.35 per cent at Rs 1,321.85; Coal India, up 2.27 per cent at Rs 270.15; and Bajaj Auto, up 1.77 per cent at Rs 2,969.80 per share.

The top losers were Infosys, down 4.47 per cent at Rs 1,284.50; Vedanta, down 3.09 per cent at Rs 221.10; Tata Steel, down 2.71 per cent at Rs 553.50; Tata Motors (DVR), down 2.66 per cent at Rs 153.40; and Reliance Industries, down 2.53 per cent at Rs 965 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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