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Value buying pulls key indices higher by 2%; banking stocks surge (Roundup)
Mumbai, Oct 29 (IANS) Despite negative global markets, the Indian stock indices surged by over two per cent on Monday, as value buying, along with an official announcement on fresh liquidity infusion in the debt market, uplifted investors’ sentiments.
According to market observers, value buying emerged after a correction which dragged both the S&P BSE Sensex and the Nifty50 to their respective seven-month lows last Friday.
On the liquidity front, the Reserve Bank of India’s announcement on a fresh bond buying programme in November to inject funds into the debt market soothed investors’ nerves, especially after caution prevailed over an impending credit crunch.
However, negative global markets and outflows of foreign funds capped gains.
Index-wise, the NSE Nifty50 settled higher by 220.85 points, or 2.20 per cent at 10,250.85 points.
Similarly, the S&P BSE Sensex made substantial gains. It opened at 33,549.88 points and closed higher by 718.09 points, or 2.15 per cent, at 34,067.40 points.
The Sensex swung over 800 points, touching a high of 34,154.60 points and a low of 33,341.80.
“Stock markets in India witnessed a relief rally today as key benchmark indices surged in opening trade and sustained the momentum through the day,” said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.
“Overseas, Asian markets declined while European markets traded firm as investors tracked a number of political events and waited for further earnings reports.”
HDFC Securities’ Retail Research Head Deepak Jasani said: “Technically, with the Nifty bouncing back, traders will need to watch if the recent rally can sustain and reverse the current downtrend.”
“Further upsides are likely once the immediate resistances of 10,274 points are taken out. Crucial supports to watch for any weakness are at 10,150 points,” he added.
In terms of investments, the week began with the continued trend of massive outflow of funds witnessed throughout October, as provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 2,230.79 crore.
Domestic institutional investors bought scrip worth Rs 2,526.90 crore.
As per data provided by the National Securities Depository (NSDL), the monthly outflow of foreign funds at Rs 38,797 crore from the equity segment was at its highest since 2002, while on a yearly basis, the outflow in the current year comes second just to the levels seen in 2008 when the foreign investors withdrew Rs 51,252 crore.
Nevertheless, the domestic currency closed nearly flat at Rs 73.44 to a dollar from its Friday’s close of 73.46. Brent crude, the benchmark oil price, was trading around $77.49 a barrel.
Top gainers on the Sensex was dominated by banking stocks, out of which ICICI Bank gained the most days after it reported a 55.84 per cent year-on-year decline in its standalone net profit for the quarter ended in September 30.
The private lender’s scrip closed higher by over 11 per cent to settle at Rs 349.15 a share. It was followed by State Bank of India, up 10.82 per cent at Rs 349.15; Adani Ports, up 7.33 per cent at Rs 326.60; Larsen and Tubro, up 5.25 per cent at Rs 1260.80; Tata Motors (DVR), up 5.04 per cent at Rs 95.95 and Bharti Airtel, up 0.83 per cent at Rs 298.30 and Axis Bank up 4.96 per cent at Rs 564.
The top losers were IndusInd Bank down 2.36 per cent at Rs 1,410.95; HDFC Bank, down 1.95 per cent at Rs 1,924; Kotak Mahindra Bank, down 1.85 per cent at Rs 1,137.55; and Bharti Airtel, down 1.56 per cent at Rs 293.65 and Hindustan Uniliver down 0.54 per cent at Rs 1,552.05 per share.
–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.