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Oil prices lift equity indices; Nifty regains 11k-mark (Roundup)

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Mumbai, July 17 (IANS) Slide in global crude oil prices along with expectations of fund infusion into public sector banks and value buying lifted the key domestic equity indices higher on Tuesday.

However, broadly negative Asian and European indices capped gains.

Analysts pointed out that healthy buying was witnessed in banking, oil and gas, automobile and consumer durables stocks.

Index-wise, the broader Nifty50 of the National Stock Exchange (NSE) closed at 11,008.05 points — higher by 71.20 points or 0.65 per cent — from its previous close.

The barometer 30-scrip Sensitive Index (Sensex), which opened at 36,390.99 points, closed at 36,519.96 points — higher by 196.19 points or 0.54 per cent — from its previous session’s close of 36,323.77 points.

Sensex touched a high of 36,549.55 points and a low of 36,261.78 during the intra-day trade.

On Monday — the previous trade session — both the indices closed in the red due to a rise in wholesale inflation rate and broadly weak global cues.

“Markets bounced back sharply on Tuesday after the sharp correction seen in the previous session. The gains came on the back of an overnight steep fall in crude oil prices, which will benefit India from various angles,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

“Major Asian markets have closed mostly in the negative.”

European indices like FTSE 100, DAX and CAC 40 traded “mildly in the red”.

According to Geojit Financial Services’ Head of Research Vinod Nair: “Market regained 11,000 mark, given the strong earnings and benign yield despite rise in inflation.”

“Notably, mid and small cap participated in today’s up move, which were underperforming in recent times due to rich valuation. Additionally, drop in oil price and strengthening rupee may contain inflationary pressure. PSU banks outperformed due to prospects of government’s recapitalisation plan.”

On the currency front, the rupee strengthened by 12 paise to end at 68.45-46 per dollar, against the previous close of 68.58 per greenback.

Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrip worth Rs 673.99 crore and the domestic institutional investors bought stocks worth Rs 840.06 crore.

Sector-wise, the S&P BSE banking index was the top gainer with a rise of 422.53 points.

On the contrary, the S&P BSE FMCG index declined by 91.12 points.

The major gainers on the Sensex were SBI, up 2.98 per cent at Rs 259.25; Sun Pharma, up 2.97 per cent at Rs 548.80; Axis Bank, up 2.86 per cent at Rs 538.05; ICICI Bank, up 2.70 per cent at Rs 266.30; and Tata Steel, up 2.54 per cent at Rs 532.50 per share.

The top losers were Hindustan Unilever, down 4 per cent at Rs 1,683.75; Bharti Airtel, down 1.14 per cent at Rs 342.25; IndusInd Bank, down 0.94 per cent at Rs 1,905.15; ITC, down 0.63 per cent at Rs 269.80; and Infosys, down 0.42 per cent at Rs 1,327.40 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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