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Sensex, Nifty fall 1%, hit 7-month low (Roundup)

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Mumbai, Oct 26 (IANS) Broadly negative global markets along with a depreciating rupee pulled the domestic indices 1 per cent lower on Friday as both Sensex and Nifty dropped to a seven-month low.

Heavy selling pressure was witnessed in the BSE IT index, which fell the most (2.05 per cent), followed by the banking and finance index. On the National Stock Exchange (NSE), all the sectoral indices closed in the red.

The NSE’s Nifty50 settled about 100 points, or 0.94 per cent, lower at 10,030 points.

The BSE Sensex, which opened at 33,776.80, lost 340.78 points, or 1.01 per cent from the previous close, to settle at 33,349.31 points. It touched a high of 33,776.80 points and a low of 33,291.58 during the day’s trade.

“Domestic markets continued to trade on a negative note and were unable to break the losing streak. Trading for the day began on a weak note as the key benchmark indices drifted lower in early trade as most Asian stocks fell,” said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.

“While markets did witness a small recovery, it was short-lived as selling pressure continued to pull benchmark indices lower.”

In the broader markets, the S&P BSE Mid-cap declined 0.11 per cent while the S&P BSE Small-cap was down by 0.04 per cent from its previous close. The BSE market breadth was negative with 1,094 advances and 1,466 declines.

HDFC Securities’ Retail Research Head Deepak Jasani said that major Asian markets had closed on a negative note barring the Jakarta index and European indices like FTSE 100, DAX and CAC 40. All were trading in the red.

“Sectorally, the top gainer was the energy index. The top losers were banking, IT, FMCG and metals and infra indices,” he added.

Investment-wise, provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 1,356.66 crore and domestic institutional investors bought scrip worth Rs 1,875.89 crore.

Yes Bank lost the most in the day’s trade on BSE, loosing close to 9 per cent to settle at Rs 180.55 a share after it reported a 3.7 per cent decline in net profit for the quarter ended in September on Thursday.

It was followed by Axis Bank, down 4.04 per cent at Rs 537.35; IndusInd Bank, down 3.14 per cent at Rs 1,445.10; TCS, down 2.86 per cent at Rs 1,799.60; and Kotak Mahindra Bank, down 2.48 per cent at Rs 1,159.05 per share.

The top gainers on the Sensex were Tata Motors, up 2.09 per cent at Rs 168.85; Reliance Industries, up 1.41 per cent at Rs 1,044.70; Bajaj Auto, up 1.13 per cent at Rs 2,505.55; Tata Steel, up 0.83 per cent at Rs 551.10 and Bharti Airtel, up 0.83 per cent at Rs 298.30.

–IANS
ravi/mr

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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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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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