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Amid volatility, weak rupee equity indices fall for 2nd straight week (Market Review)

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6 years ago

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By Ravi Dutta Mishra and Rituraj Baruah
Mumbai, Sep 15 (IANS) Subdued investor sentiments on the back of persistent depreciation in the Indian rupee along with high crude oil prices pulled the domestic equity market lower for the second consecutive week.

Investors feared that the current pace of rupee depreciation and the rise in crude oil prices could lead to a RBI rate hike.

However, the initial losses were pared after the key indices rose during the last two sessions of the September 10-14 period. Lower retail and wholesale macro-data for August and attractive valuations enhanced investors’ risk-taking appetite.

Consequently, the barometer S&P BSE Sensex lost close to 1,000 points in the first two trading sessions, eventually leading to value buying during the later part of the week.

In addition, a high-level meeting held by Prime Minister Narendra Modi to take stock of the economy on Friday also boosted the sentiments and lifted the indices, thereby trimming the losses on a weekly basis.

Globally, investor sentiments received a boost on Thursday after reports emerged of possible US-China trade talks.

On a weekly basis, the S&P BSE Sensex closed at 38,090.64 points, lower 299.18 points or 0.77 per cent from its previous close.

Similarly, the wider Nifty50 on the National Stock Exchange on Friday ended at 11,515.20 points, down 73.9 points or 0.63 per cent from the previous week’s close.

According to Prateek Jain, Director at Hem Securities, investors’ sentiments were affected as the Indian rupee touched record low levels and a rise in crude oil prices.

“Indian bourses were inherently overbought and the correction was a natural step for the market to correct the situation,” he said.

Equity99’s Senior Analyst, Rahul Sharma said: “Though markets cheered fall in inflation but rupee depreciation along with higher oil prices have raised the possibility of rate hike by RBI in next monetary policy meeting.”

Heavy selling pressure, which was witnessed by Foreign Institutional Investors in both the cash and futures segment in the week gone by, still remains a concern for the markets, he added.

In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors sold scrip worth Rs 2,291.87 crore, while the domestic institutional investors bought stocks worth Rs 1,116.54 crore in the past week.

Figures from the National Securities Depository (NSDL) suggested that foreign portfolio investors (FPIs) divested Rs 3,076.38 crore, or $424.03 million, in the equities segment during the week ended September 14.

On the currency front, the rupee touched a fresh low of 72.91 a US dollar during the week. However, towards the end of the week it recovered to close at 71.85 on Friday, weakening by 12 paise from its previous week’s close of 71.73 per greenback.

The top sectoral gainers were metal and infrastructure indices, while the major sectoral losers were the auto, public sector banks and FMCG indices, said Deepak Jasani, Head of Retail Research at HDFC Securities.

The top weekly Sensex gainers were NTPC (up 3.80 per cent at Rs 175); Bajaj Auto (up 3.41 per cent at Rs 2,878.15); Bharti Airtel (up 3.06 per cent at Rs 383.65); Wipro (up 3.03 per cent at Rs 330.15); and Vedanta (up 2.70 per cent at Rs 235.50 per share).

The major losers were Yes Bank (down 4.69 per cent at Rs 323.10); State Bank of India (down 2.11 per cent at Rs 290.40); Coal India (down 2.08 per cent at Rs 277.30); Kotak Mahindra Bank (down 1.81 per cent at Rs 1,237.50); and Sun Pharma (down 1.71 per cent at Rs 665.10 per share).

(Ravi Dutta Mishra can be contacted at [email protected] and Rituraj Baruah 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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