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Sensex, Nifty rebound on lower crude oil price, healthy macro data (Roundup)
Mumbai, Nov 13 (IANS) India’s key equity indices bounced back on Tuesday, gaining one per cent each, as global crude oil prices declined and domestic consumer inflation cooled, boosting investor sentiment.
On Tuesday, the benchmark Brent crude price eased to $68.80 a barrel after topping the $71-mark on Monday. As a result, the S&P BSE Energy index gained 1.91 per cent, while oil and gas stocks rose 1.80 per cent.
The rupee too recovered to 72.67 to a US dollar, from 72.89 on Monday.
Finance and banking stocks also got a lift, after retail inflation slowed to a nearly one-year low on cheaper food items.
The retail inflation decelerated to 3.31 per cent on year in October, from 3.70 per cent the previous month, reducing the odds of an interest rate increase when the Reserve Bank of India reviews the monetary policy in December.
Healthcare and media indices traded in the red.
The S&P BSE Sensex gained 331.50 points to settle at 35,144.49 points. It had opened at 34,846.19, touching an intra-day high of 35,187.75 and a low of 34,672.20.
The NSE Nifty50 closed 100.30 points or 0.96 per cent higher at 10,582.50.
The S&P BSE MidCap index gained 0.31 per cent, while the S&P BSE SmallCap index rose 0.20 per cent.
Both the barometer indices had declined one per cent each on Monday, as global crude prices headed higher after oil cartel OPEC said it would cut supply.
“European equity markets opened higher on Tuesday, following a pull-back in the US stocks. Sentiment improved slightly after US President Donald Trump said that the group of oil producers – OPEC (Organisation of the Petroleum Exporting Countries) should not cut supply to prop up the market,” said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.
On the economic front, India’s industrial production grew 4.5 per cent in September 2018, compared to the upwardly revised 4.7 per cent in August 2018. August 2018 growth had initially been estimated at 4.3 per cent.
HDFC Securities’ Retail Research Head Deepak Jasani said: “Technically, the short-term trend of Nifty has turned positive. One may expect a re-test of key resistance of 10,645 levels in the next 1-2 sessions. Immediate support is now placed at 10,442.”
Provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 494.95 crore on Tuesday while the domestic institutional investors bought scrips worth Rs 335.78 crore.
The top gainers on the Sensex were led by ICICI Bank, up 2.44 per cent at Rs 360.90; NTPC, up 2.36 per cent at Rs 156.40; Axis Bank, up 2.05 per cent at Rs 618.60; Reliance Industries, up 1.93 per cent at Rs 1,099.55; and Larsen & Tubro, up 1.77 per cent at Rs 1,391.15 a share.
The laggards were Sun Pharma, down 4.72 per cent at Rs 561.70; Tata Motors, down 3.31 per cent at Rs 179.80; Tata Motors (DVR), down 2.24 per cent at Rs 98.35; Power Grid, down 0.94 per cent at Rs 184.25, and IndusInd Bank down 0.49 per cent at Rs 1,484.40 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.