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Inflation rate, rupee, results to steer equity indices (Market Outlook)

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6 years ago

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By Rohit Vaid
Mumbai, Aug 12 (IANS) Key macro-economic inflation data points, combined with the last of first quarter earning results and the direction of foreign fund flows, are expected to drive the Indian equity indices next week.

Analysts opined that the movement of the Indian rupee against the US dollar as welll as global crude oil price volatility and high stock valuations will also affect investor sentiments.

“The domestic markets are likely to witness another eventful week, with more quarterly earnings, trends in global markets, investment by foreign and domestic investors,” SMC Investments & Advisors’ Chairman and Managing Director D.K. Aggarwal told IANS.

In terms of global cues, Delta Global Partners Founder and Principal Partner Devendra Nevgi told IANS: “The risk emanating from a potential Turkey-centred contagion spreading to EU banks will dominate the risk sentiment in the EMs (emerging markets) and Indian markets next week.”

“The USD is higher and the yields lower, indicating a risk-aversion scenario. The Indian rupee’s moves need to be closely watched, since it is already closer to an all-time low. The Turkish Lira’s steep fall and USD’s appreciation would negate the sentiment towards EM currencies in general, including the rupee.”

According to Anindya Banerjee, Deputy Vice President for Currency and Interest Rates with Kotak Securities, the Indian rupee is expected to range from 68.70 to 69.30 against a US dollar in the coming week.

“We should be prepared for a devaluation. However, lower crude oil prices and the Reserve Bank of India’s (RBI ) invention in defending the Indian rupee against the USD will mitigate the magnitude of devaluation,” Banerjee told IANS.

On the currency front, the rupee closed at 68.83 on August 10, weakened by 22 paise from its previous week’s close of 68.61 per greenback.

Besides the rupee, foreign fund inflows into the country might get impacted due to “global risk aversion”.

In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors (FIIs) bought scrips worth Rs 992.18 crore in the last week.

Apart from foreign funds, macro-economic inflation data points such as the consumer price index (CPI) and wholesale price index (WPI) for July will set the tone for the key indices.

Company-wise, Abbott India, Cadila Healthcare, Godrej Industries, Greaves Cotton, Oil India, Tata Chemicals, Tata Steel, Allahabad Bank, GMR Infra, Grasim Industries and Sun Pharma are expected to announce their Q1 earning results next week.

On technical charts, the National Stock Exchange (NSE) Nifty50 remains in an uptrend as it has closed at new life highs.

“Technically, while the Nifty has corrected from life highs, the underlying trend of the Nifty remains up,” HDFC Securities’ Retail Research Head Deepak Jasani told IANS.

“The intermediate uptrend is likely to continue once the immediate resistance of 11,495 points is taken out. Crucial supports to watch for any further weakness is at 11,329 points.”

Last week, both the key Indian equity indices — S&P Bombay Stock Exchange (BSE) Sensex and the NSE Nifty 50 — rose on the back of healthy inflow of foreign funds, along with domestic political developments and positive global cues.

Additionally, prediction of healthy economic growth by IMF combined with better-than-expected quarterly results and low crude oil prices aided the two key indices in making substantial gains.

Consequently, the S&P BSE Sensex closed at 37,869.23 points, higher by 313.07 points or 0.82 per cent from its previous close.

The positive sentiment pushed the barometer index to a fresh intra-day record high of 38,076.23 points and a closing high of 38,024.37 points during the trade week ended August 10.

Similarly, the wider Nifty50 on the NSE made gains. It ended at 11,429.50 points, higher by 68.7 points or 0.58 per cent from its previous close.

The Nifty50 made a fresh intra-day record high of 11,495.20 points and closing high of 11,470.70 points.

(Rohit Vaid can be contacted at [email protected])

–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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3 months ago

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September 3, 2024

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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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