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Rupee movement, F&O expiry to drive equity market next week (Market Outlook)
By Rituraj Baruah
Mumbai, Sep 23 (IANS) The domestic equity market’s movement in the coming week will be driven by the rupee’s movementas well as futures and options expiry, besides the message from the Finance Minister’s meeting with the heads of public sector banks (PSBs).
Market analysts feel the indices could offer some relief in the upcoming week, after largely bearish trade last week.
Movement in the rupee would be a factor in the market, they said. On Tuesday, the Indian rupee touched a new low of 72.91 per US dollar, although it recovered somewhat later.
Concerns over the US-China trade war would also impact the global and domestic market sentiments. On Friday, China cancelled talks with the US after the latter imposed more tariffs on Chinese imports.
According to reports, a White House official has said the US is optimistic about finding a way forward in the ongoing trade dispute with China.
“Global headwinds are also subsiding slowly. Hence, the market may shake off its earlier losses to witness new highs,” said Prateek Jain, Director of Hem Securities.
He, however, added: “Amidst the global optimism, the market could witness a little volatility as traders adjust their positions on account of monthly derivatives expiry, which is scheduled to take place on Thursday, September 27.
“Further, there will be some buzz from the banking sector, as investors will keep an eye on the meeting of the Finance Ministry and top management of the public sector banks on September 25.”
Technically, for the Nifty50 on the National Stock Exchange (NSE), 11,050 points would be a major support level while immediate resistance level would be 11,250 points, said Deepak Jasani, Head of Retail Research at HDFC Securities.
In the week gone by, the Indian equity market slumped over three per cent due to a depreciating rupee along with high oil and credit risk concerns.
On a weekly basis, the Sensex of the Bombay Stock Exchange (BSE) closed at 36,841.60 points, lower by 1,249.04 points or 3.28 per cent from the previous week.
Similarly, the wider Nifty50 on Friday closed at 11,143.10 points, down 372.1 points or 3.23 per cent from the previous week’s close.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors (FIIs) sold scrips worth Rs 2,674.12 crore, while the domestic institutional investors (DIIs) bought Rs 1,782.63 crore worth of stocks in the truncated week.
According to National Securities Depository (NSDL) figures, foreign portfolio investors (FPIs) divested Rs 2,231.37 crore, or $306.04 million, in the equities segment during the week ended September 21.
On the currency front, the Indian rupee closed at 72.20 a US dollar on Friday, depreciating 35 paise from the previous week’s close of 71.85.
(Rituraj Baruaah 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
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.