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GST cuts bring cheers to equity market; Sensex hits record high (Roundup)

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Mumbai, July 23 (IANS) Healthy buying in banking, FMCG and consumer durable stocks lifted the key Indian equity indices on Monday with the BSE Sensex setting a fresh benchmark of 36,749.69 points by the fag end of the day’s trade.

Investor sentiments were boosted after Goods and Services Tax on many items including electronic appliances were slashed on Saturday, analysts said.

Index-wise, the BSE Sensex closed at 36,718.60 points — higher by 222.23 points and 0.61 per cent — from the previous close of 36,496.37 points.

The wider Nifty50 on the National Stock Exchange closed the day’s trade at 11,084.75 points, up 74.55 points or 0.68 per cent from the previous close of 11,010.20 points.

As mentioned, the Sensex touched an all-time high of 36,749.69 points, and an intra-day low of 36,491.83 points. The previous record high on Sensex was 36,747.87 hit on July 18.

In the broader markets, the S&P BSE mid-cap closed 1.29 per cent higher while the S&P BSE small-cap rose by 0.93 per cent from its previous close. The BSE market breadth was bullish with 1,511 advances against 1,089 declines.

“The gains came on the back of the government’s announcement on reduction in goods and services tax (GST) rate on 88 goods and services over the weekend,” said Deepak Jasani, Head, Retail Research, HDFC Securities.

Further, according to Abhijeet Dey, Senior Fund Manager for Equities at BNP Paribas Mutual Fund, stock market in India started the week on an upbeat note as sentiments were boosted by the government winning the no-confidence motion in the Lok Sabha on Friday, July 20.

On the currency front, the rupee closed at 68.86, depreciating by just one paisa from the previous close of 68.85 per dollar.

Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrip worth Rs 259.37 crore and the domestic institutional investors purchased stocks worth Rs 124.82.

Sector-wise, the S&P BSE banking index gained the most, by 291.31 points, followed by the consumer durables index, up 259.97 points and the FMCG rose by 259.95 points.

On the contrary, the S&P BSE energy index was the only loser with a decline of 16.54 points from its previous close.

The major gainers on the Sensex were Vedanta, up 4.42 per cent at Rs 211.55; Adani Ports, up 3.83 per cent at Rs 384.05; ITC, up 3.80 per cent at Rs 283.85; Bharti Airtel, up 3.49 per cent at Rs 357.60; and ICICI Bank, up 3.33 per cent at Rs 274.85 per share.

The top losers were Hero MotoCorp, down 6.20 per cent at Rs 3,163.90; Bajaj Auto, down 5.35 per cent at Rs 2,689.10; Wipro, down 2.47 per cent at Rs 276.05; HDFC Bank, down 1.48 per cent at Rs 2,157.75; and ONGC, down 0.86 per cent at Rs 156.50 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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