Top News
Weak rupee, global cues subdue equity indices; energy stocks dip (Roundup)
Mumbai, Aug 31 (IANS) Caution ahead of key macro-economic data points, along with investors’ fears over the rise in global trade protectionist measures subdued the key Indian equity indices on Friday.
According to analysts, a weak Indian rupee, coupled with consistent outflows of foreign funds as well as volatile crude oil prices dampened investors’ sentiments.
Index-wise, the Nifty50 on the National Stock Exchange (NSE) closed at 11,680.50 points, lower by just 3.70 points or 0.03 per cent from its previous close of 11,676.80 points.
Similarly, the barometer S&P BSE Sensex closed in the negative territory. It opened at 38,704.84 points, closed at 38,645.07 points, lower by 45.03 points or 0.12 per cent from the previous close of 38,690.10 points.
The 30-scrip sensitive index touched an intra-day high of 38,838.45 points and low of 38,704.84 points.
However, in terms of the broader markets, the S&P BSE Mid-cap gained by 0.35 per cent while the S&P BSE Small-cap ended 0.55 per cent higher than its previous close.
The BSE market breadth was bullish with 1,440 advances and 1,236 declines.
“The market failed to maintain the opening positive momentum and ended up with a flat note amid lingering trade tensions,” said Vinod Nair, Head of Research, Geojit Financial Services.
Globally, major Asian markets closed on a negative note, barring the Kospi index. European indices like FTSE 100, CAC 40 and DAX traded in the red.
“Despite negative bias in dollar index, the rupee continued to lose its sheen, breaking the Rs 71 mark for the first time due to higher oil price concerns. Investors are also awaiting June quarter GDP data to get direction from the current consolidation,” Nair said.
Said Deepak Jasani, Head of Retail Research, HDFC Securities: “Markets ended flat on Friday after a volatile session. It was the first trading session of the September near month series.
“The main indices ended flat despite negative global cues after (US President) Donald Trump stepped up his tough talk on trade.”
On Friday, the Indian rupee slipped to a fresh record low of 71 against the US dollar due to the persistent demand for the US currency amid rising crude prices.
The rupee settled at a record closing low of 70.99 – 71 per US dollar, 25 paise weaker than its previous close of 70.74 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrips worth Rs 212.81 crore whereas domestic institutional investors bought stocks worth Rs 171.92 crore.
Sector-wise, the S&P BSE healthcare index rose 339.54 points, the IT index was up 211.25 points and the capital goods index rose by 195.50 points.
In contrast, the S&P BSE metal index declined by 87.11 points, the energy index fell by 70.76 points and oil and gas stocks ended 42.58 points lower than its previous close.
The top gainers at the Sensex were Tata Motors, up 2.87 per cent at Rs 267.10; Tata Motors (DVR), up 2.63 per cent at Rs 142.20; Power Grid, up 2.37 per cent at Rs 200.60; Sun Pharma, up 1.99 per cent at Rs 652.20; and Bajaj Auto, up 1.65 per cent at Rs 2,746.35 per share.
The majors losers were Yes Bank, down 5.11 per cent at Rs 343.40; Reliance Industries, down 2.60 per cent at Rs 1,240.95; Mahindra and Mahindra, down 1.75 per cent at Rs 965.25; Maruti Suzuki, down 1.25 per cent at Rs 9,097.25 per share; and Vedanta, down 1.13 per cent at Rs 227.20 per share.
–IANA
ravi-rrb-rv/mr
Top News
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.