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Equity indices post sharp gains on lower crude prices (Market Review)
By Ravi Dutta Mishra
Mumbai, Nov 3 (IANS) The Indian equity market broke its two-week losing streak with sharp gains as the Sensex reclaimed the 35,000-mark and Nifty50 shot over 5 per cent on a weekly basis during the October 29-November 2 period.
According to analysts, firm global cues including decline in crude oil prices aided the upward movement of Indian indices. Strong quarterly earnings reported during the week was among the other major supportive factors driving the market, they said.
For the week under review, the S&P BSE Sensex gained 1,662.34 points, or 4.74 per cent, to close at 35,011.65.
The 50-share Nifty of the National Stock Exchange advanced 523 points, or 5.21 per cent, to settle at 10,553.
The investor sentiments improved with the downward movement in crude.
“The benchmark Brent crude fell 6 per cent this week and 16 per cent since the beginning of October to $72.91 a barrel as fear of oil shortage faded,” said Rahul Sharma, Senior Research Analyst with Equity99.
Analysts were of the view that value buying by investors after the fortnightly loss also supported the Indian equity market in the week gone by.
Further, on Friday, global markets jumped significantly reflecting investors’ hopes about upcoming trade talks between China and the US.
US President Donald Trump on Thursday said his conversation with his Chinese counterpart Xi Jinping laid “heavy emphasis on trade” and also described it as “long and very good”.
Provisional figures from the stock exchanges showed that foreign institutional investors sold shares worth Rs 5,706.24 crore during the week, whereas domestic institutional investors bought Rs 6,377.02 crore worth of stocks.
Figures from the NSDL showed that foreign portfolio investors divested Rs 4,232.05 crore in the equities segment during the week ending November 2.
The relief rally during the week was aided by strong quarterly performance by heavyweights, along with a healthy recovery in the banking counters.
On Sensex, among the major weekly gainers top three were from the banking sector — Yes Bank, up 15.98 per cent at Rs 209.40; State Bank of India, up 15.05 per cent at Rs 285.45; and Axis Bank, up 13.51 per cent at Rs 609.95 per share.
The other major gainers included were Larsen & Toubro which logged a weekly gain of 13.29 per cent, as the engineering and construction conglomerate on Wednesday posted a 23 per cent jump in net profit for the second quarter ending September.
The week saw only four laggards — Coal India, down 6.93 per cent at Rs 261.35;, Kotak Mahindra Bank, down 2.22 per cent at 1,133.30;, NTPC, down 0.88 per cent at Rs 157.90; and HDFC Bank, down 0.78 per cent at Rs 1,946.90 per share.
(Ravi Dutta Mishra can be reached at [email protected])
–IANS
ravi-rrb/nir
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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.