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Global markets, caution ahead of state polls subdue equity indices (Roundup)

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Mumbai, Nov 14 (IANS) The key Indian equity indices closed on a flat note on Wednesday, as weak global cues along with investors anxiety ahead of state polls and a mixed macro-economic inflation data points offset gains from lower crude oil prices.

Sector-wise, heavy selling pressure was witnessed in export-oriented stocks like IT and healthcare owing to the appreciation in the domestic currency.

However, banking, oil and gas and FMCG stocks managed to end the session with gains.

Consequently, the S&P BSE Sensex fell 2.50 points or 0.01 per cent to 35,141.99. It had opened at 35,330.14 points from its previous close of 35,144.49 points.

It touched an intra-day high of 35,351.88 points and a low of 34,986.86 points.

The NSE Nifty50 closed 6.20 points lower or 0.06 per cent at 10,576.30 points.

“The market was volatile despite a fall in oil prices and appreciation in rupee as concerns about domestic liquidity and weak global cues overrode the sentiment,” said Geojit Financial Services’ Head of Research Vinod Nair.

The benchmark Brent crude prices slumped to $65.21 a barrel. India is a major importer of crude oil, and a steep fall in global prices eased concerns about inflation gaining pace in Asia’s third-largest economy.

“Oil prices fell to $65 per barrel and will ease concerns on current account deficit. IT and pharma indices witnessed selling pressure due to stronger rupee while stock specific buying on the basis of quarterly results and a decline in oil prices supported mid-caps to outperform,” Nair said.

The decline in crude prices sent the rupee higher. It closed at 72.31 to a US dollar from its previous close of 72.67.

On the other hand, official data showed that India’s annual rate of inflation based on wholesale prices rose to 5.28 per cent in October from 5.13 per cent in September.

The upcoming elections to constitute state legislatures in Madhya Pradesh, Rajasthan, Chhattisgarh, Telangana, and Mizoram fanned anxiety among investors. The state polls are scheduled for this month and the next.

According to HDFC Securities’ Retail Research Head Deepak Jasani: “After showing a bounce from the lows on Tuesday, Nifty shifted into a consolidation mode on Wednesday and closed the day on a negative note.”

“Major Asian markets closed mixed. Nikkei, Taiwan and Jakarta closed in the positive while Straits, Hang Seng, Kospi, SET and Shanghai have closed in the negative. European indices like FTSE 100, DAX and CAC 40 are all currently trading in the red.”

Investment-wise, provisional data with the exchanges showed that foreign institutional investors bought stocks worth Rs 277.38 crore on Wednesday while the domestic institutional investors sold scrips worth Rs 272.24 crore.

The top gainers on the Sensex were led by Maruti Suzuki, up 3.16 per cent at Rs 7,372.35; Hindustan Unilever, up 2.75 per cent at Rs 1,718.20; Asian Paints, up 2.73 per cent at Rs 1,319.90; ONGC, up 2.72 per cent at Rs 160.75; and State Bank of India, up 2 per cent at Rs 283.70 a share.

The laggards were Sun Pharma, down 7.36 per cent at Rs 520.35; Kotak Mahindra Bank, down 3.04 per cent at Rs 1,129.55; Tata Consultancy Services (TCS), down 2.85 per cent at Rs 1,880.55; Mahindra and Mahindra, down 2.62 per cent at Rs 770.40, and Infosys down 1.84 per cent at Rs 653.45 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

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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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