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Value buying breaks equity indices’ six-day losing streak (Roundup)
Mumbai, Sep 6 (IANS) A last hour spurt of value buying aided the key Indian equity indices to snap a six-day losing streak during a largely volatile trade session on Thursday.
According to market observers, a healthy pick-up in healthcare, oil and gas and banking stocks also lifted investors’ sentiments.
Earlier in the day’s trade, the downward spiral in the Indian rupee’s value against the US dollar had subdued both the key indices. The Indian currency had breached the 72 per dollar mark for the first time.
Index-wise, the Nifty50 on the National Stock Exchange closed at 11,536.90 points, higher by 59.95 points or 0.52 per cent from its previous close of 11,476.95 points.
The benchmark S&P BSE Sensex, which had opened at 38,161.85 points, closed at 38,242.81 points, higher by 224.50 points or 0.59 per cent from the previous close of 38,018.31 points.
It touched an intra-day high of 38,320.96 points and a low of 37,912.50 points.
“Markets bounced back on Thursday… The recovery was led by buying in the last one hour of trade and seems to have come on the back of value buying by investors,” said Deepak Jasani, Head of Retail Research at HDFC Securities.
“Broad market indices like the BSE Mid Cap and Small Cap indices gained less, thereby underperforming the main indices. Market breadth was positive on the BSE/NSE.
“Major Asian markets have closed on a negative note barring the Jakarta index. European indices like DAX and CAC 40 are trading in the green.”
Geojit Financial Services’ Head of Research Vinod Nair said: “After six consecutive days of fall on account of global trade tensions and weakening currencies, market showed a recovery today helped by rally in index heavy weights.”
“However, caution prevails in the market due to weakening rupee which touched a fresh low of 72 today against USD, high crude levels and escalating US-China trade tensions which may cause a slowdown in inflow to emerging markets. Pharma outperformed due to rupee depreciation.”
On the currency front, the Indian rupee settled at a record closing low of 71.99 against the US dollar, weaker by 24 paise than its previous close of 71.75 per greenback.
Investment-wise, provisional data with exchanges showed that foreign institutional investors sold scrips worth Rs 455 crore and domestic institutional investors bought stocks worth Rs 611.98 crore.
Sector-wise, only the S&P BSE healthcare index gained 347.81 points, followed by oil and gas index which rose 168.24 points and the banking index that edged-higher by 111.85 points.
In contrast, the S&P BSE consumer durables index declined by 26.60 points, the consumer discretionary goods and services index fell by 6.38 and Teck (technology, entertainment and media) index ended 6.05 points lower than its previous close.
The top gainers at the Sensex were Reliance Industries up 2.80 per cent at Rs 1,260.15; Power Grid up 2.21 per cent at Rs 199.20; Coal India, up 2.05 per cent at Rs 283.20; Sun Pharma, up 2 per cent at Rs 676.65; and Kotak Bank, up 1.76 per cent at Rs 1,260.35.
The majors losers were Yes Bank, down 1.42 per cent at Rs 339; Maruti Suzuki, down 1.33 per cent at Rs 8,772.30; ICICI Bank, down 0.45 per cent at Rs 328.45; Infosys down 0.25 per cent at Rs 727.95 per share and Asian Paints, down 0.20 per cent at 1,314.65.
–IANS
ravi-rv/sed
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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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