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Growth projection, global cues lift indices to record highs (Roundup)
Mumbai, Aug 8 (IANS) Positive global cues, along with prediction of healthy economic growth and better-than-expected quarterly results, lifted the key Indian equity indices to new record intra-day and closing high-levels on Wednesday.
According to market observers, the inflow of foreign funds and healthy buying in consumer durables, banking and oil and gas stocks pushed the key indices higher.
Coupled with this, the IMF in its “country report” said the near-term macro-economic outlook is broadly favorable for India and that economic growth is forecast to rise to 7.3 per cent in 2018-19 and 7.5 per cent in 2019-20, on strengthening investment and robust private consumption.
However, volatile crude oil prices capped gains.
Index-wise, the 30-scrip Sensitive Index (Sensex) closed the day’s trade at a fresh high of 37,887.56 points, up 221.76 points and 0.59 per cent from its previous close.
The barometer index touched a fresh record high of 37,931.42 points and a low of 37,641.40 points during the day’s trade.
Similarly, the wider Nifty50 of the National Stock Exchange (NSE) made gains during the session. It closed at a fresh high of 11,450 points, up 60.55 points or 0.53 per cent from its previous close.
The NSE Nifty50 made a fresh intra-day record high of 11,459.95 points.
“After a muted start, market scaled to new high on account of increase in FII inflow and in line quarter earnings,” said Vinod Nair, Head of Research, Geojit Financial Services.
“Strong domestic triggers will continue to add room to outlook, whereas factors like volatility in oil price and rupee may delay the pace of rally. Global markets were mixed as investors continue to stay cautious due to lingering concern on US trade tensions.”
BNP Paribas Mutual Fund’s Senior Fund Manager Equities Market Abhijeet Dey said: “Stock markets in India started the day on a buoyant note triggered by positive Asian stocks. Buying in select index heavyweights boosted benchmark indices and pushed them to finally close the day with gains of over 0.25 per cent.”
On the currency front, the rupee strengthened by 6 paise to 68.62 against the US dollar from its previous close of 68.68.
Investment-wise, provisional data with exchanges showed that foreign institutional investors bought scrip worth Rs 568.63 crore, while the domestic institutional investors sold stocks worth Rs 30.25 crore.
Sector-wise, the S&P BSE consumer durables index rose 271.02 points, the banking index was up 245.02 points and the oil and gas index ended higher by 108.20 points.
In contrast, the S&P BSE auto index declined by 66.48 points, followed by the healthcare index, which was down 48.34 points and the IT index which ended lower by 16.95 points.
The major gainers on the Sensex were ONGC, up 2.87 per cent at Rs 171.90; Reliance, up 2.85 per cent at Rs 1217.25; ICICI Bank, up 1.63 per cent at Rs 318.20 Tata Motors , up 1.60 per cent at Rs 142.50; and State Bank of India up 1.53 per cent from Rs 308.65 per share.
The major losers were Maruti Suziki India, down 1.99 per cent at Rs 9,209.50; Bajaj Auto, down 0.96 per cent at Rs 2,658 ; Vedanta, down 0.90 per cent at Rs 224.75; NTPC, down 0.28 per cent at Rs 157.70; and Infosys, down 0.47 per cent at Rs 1,362.90 per share.
On Tuesday, profit booking, along with concerns over global protectionist measures, subdued both the key indices.
Consequently, the barometer had closed at 37,665.80 points, down by 26.09 points and 0.07 per cent on Tuesday.
In contrast, the Nifty50 closed on a flat-to-positive note at 11,389.45 points, up by just 2.35 points or 0.02 per cent.
–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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