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Global sell-off, profit booking dent equity indices; metal stocks plunge (Roundup)
Mumbai, Nov 20 (IANS) A global sell-off coupled with profit booking and a significant outflow of foreign funds weighed on key Indian stock indices on Tuesday.
Also, analysts pointed out the absence of any major liquidity infusion measure by the Central Bank after its Board meeting on Monday as another reason for the decline in equities.
Besides, investors were cautious as the second phase of assembly elections with 72 seats was held in Chhattisgarh on Tuesday.
However, low crude oil prices and a stronger rupee prevented a steeper decline in stocks.
The S&P BSE Sensex fell 300 points while the broader NSE Nifty50 settled below the 10,700-mark.
On the intra-day basis, the Indian stock markets opened on a negative note in line with their Asian peers, which were impacted after an overnight slump on the Wall Street led by technology stocks.
The downward spiral dragged the S&P BSE Sensex to settle down 300.37 points or 0.84 per cent lower at 35,474.51 points, from its previous close of 35,774.88 points.
The NSE Nifty50 lost 107.20 points or 1 per cent to finish at 10,656.20 points.
The overall market breadth was negative and the broad-market indices like the NSE Mid-cap and NSE Small-cap indices closed 1.02 per cent and 0.92 per cent lower respectively.
All the 19 sectors on the BSE came under heavy selling pressure. The metal counters fell over 2 per cent, while healthcare, IT and TECK (technology, entertainment and media) declined over 1 per cent each.
“Global and domestic uncertainty kept the bulls at bay and injected a note of caution into the markets,” said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.
Deepak Jasani, Retail Research Head, HDFC Securities, said: “It seems that Tuesday’s decline has not damaged the near-term uptrend of the market and one may expect the Nifty to bounce back in the next couple of sessions. Immediate support to be watched is at 10,620-10,580 levels. Immediate resistance is placed at 10,723 level.”
The Indian rupee strengthened for the second day in a row against the US dollar. It closed 19 paise higher at Rs 71.45, from the previous close of 71.64.
Provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 753.17 crore on Tuesday while the domestic institutional investors sold scrips worth Rs 44.06 crore.
Top gainers on the Sensex were IndusInd Bank, up 1.34 per cent at Rs 1,558.35; Adani Ports, up 1.24 per cent at Rs 354.15; Mahindra and Mahindra, up 0.30 per cent at Rs 782.70; and HDFC Bank, up 0.06 per cent at Rs 2,015.25.
The laggards were Yes Bank, down 6.10 per cent at Rs 192.55; Tata Steel, down 3.21 per cent at Rs 563.50; Vedanta, down 2.89 per cent at Rs 205.10; Wipro, down 2.59 per cent at Rs 321.70, and NTPC, down 2.42 per cent at Rs 149.35 per share.
–IANS
ravi-rv/shs
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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.