Connect with us

Top News

Weak rupee, caution over Q2 results dent indices; banking stocks plunge (Roundup)

Published

on

Mumbai, Oct 30 (IANS) A weak rupee, along with outflow of foreign funds and caution over upcoming quarterly results, pulled the key Indian equity indices into the red on Tuesday.

Accordingly, heavy selling pressure was witnessed in select market heavyweights including those in banking, oil and gas and energy sectors, while all the other counters ended in the green on the BSE, led by IT and pharma stocks which rose due to depreciation in the rupee value.

However, lower global crude oil prices arrested the downward spiral.

Consequently, the S&P BSE Sensex closed 176.27 points down at 0.52 per cent. It opened at 34,891.13, from its previous close of 34,067.40.

The NSE Nifty50 ended at 10,198.40, down 52.45 points and 0.51 per cent.

In terms of broader markets, S&P BSE MidCap gained 0.91 per cent, while S&P BSE SmallCap was up by 0.94 per cent.

Nevertheless, the BSE market breadth was positive as heavy selling occurred in market heavyweights.

“Investors turned stock-specific in the on-going result season while maintaining a cautious view due to upcoming state elections,” said Vinod Nair, Head of Research, Geojit Financial Services.

“Weak global cues and selling pressure in stocks that unveiled below than expected results dragged the indices. Drop in oil prices will provide leeway to maintain support in the market while triggers like upcoming trade talks between US and China give more cues to investors.”

HDFC Securities’ Retail Research Head Deepak Jasani said: “Technically, with the Nifty taking a breather, traders will need to watch if the recent rally can sustain and
move higher.”

“Further upsides are likely once the immediate resistances of 10,255 points are taken out. Crucial supports to watch for any weakness are at 10,150 points.”

In terms of investments, foreign fund outflows continued as provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 1,592.02 crore.

On the other hand, domestic institutional investors bought scrip worth Rs 1,363.04 crore.

As per data provided by the National Securities Depository (NSDL), the monthly outflow of foreign funds at Rs 27,385 crore from the equity segment was at its highest since 2002.

Currency-wise, the rupee closed at Rs 73.68 to a US dollar from its previous close of 73.44. Brent crude, the benchmark oil price, eased to around $76.20 a barrel.

The top gainers on BSE were: Infosys, up 2.48 per cent at Rs 659.75; Hindustan Unilever, up 2 per cent at Rs 1,585; State Bank India, up 1.90 per cent at Rs 273.15; Tata Consultancy Services (TCS), up 1.37 per cent at Rs 1,895.40; and Tata Motors, up 1.11 per cent at Rs 177.30 a share.

The top losers were: IndusInd Bank down 3.50 per cent at Rs 1,363.50; Coal India, down 3.47 per cent at Rs 277.10; Reliance Industries, down 2.84 per cent at Rs 1,057.15; Sun Pharma, down 1.92 per cent at Rs 561.65 and Power Grid down 1.79 per cent at Rs 186.10 per share.

–IANS
ravi-rv/vm

Continue Reading

Top News

Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma

Published

on

By

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.

Continue Reading

Trending