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Sensex, Nifty slip on global sell-off; IT shares plunge (Roundup)
Mumbai, Nov 21 (IANS) India’s benchmark indices fell for a second straight day on Wednesday, tailing global peers and led by a slump in software exporters.
However, a fall in international crude oil price arrested what could have been a sharper decline.
Heavy selling pressure was witnessed in the IT counters, which fell over 3 per cent, followed by Teck (technology, entertainment and media) and energy stocks.
Consequently, the S&P BSE Sensex settled down 274.71 points or 0.77 per cent at 35,119.80, from its previous close of 35,474.51 points.
Similarly, the NSE Nifty50 lost 56.15 points or 0.53 per cent to finish at 10,600.05 points.
The overall market breadth was flat and the broader market indices like Mid and Small-cap segments of the NSE closed higher by 0.50 per cent and 0.48 per cent respectively.
Market observers attributed Wednesday’s fall to a sell-off in global stocks, which was triggered by growing concerns about slowing global growth.
“Domestic stocks began the day on a negative note on subdued Asian indices. A sudden sell-off in index pivotals dragged the indices to intra-day lows in morning trade,” said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.
“Despite a subsequent mild recovery, the benchmark indices continued to trade under pressure and finally closed the day with losses of over 0.50%.”
Vinod Nair, Head of Research, Geojit Financial Services, said: “Market traded on a weak note despite a positive opening in European market and further slide in oil prices.”
“A rebound in PSU banks due to extension of the timeline for the full implementation of Basel 3 norms, and gains in pharma stocks helped the market trim some losses in early hours of trade. However, continued selling in IT stocks on account of a strong rupee restricted the recovery.”
The Brent crude oil price fell below $64-per-barrel mark.
“Crude oil prices are falling as US inventories rose last week. US inventories are at their highest level since 2015. Crude oil remains under pressure amid expectations of slowing global demand,” Anuj Gupta, Deputy Vice President, Research, Commodities and Forex, Angel Broking, told IANS.
The short-term trend of the Nifty has turned weak.
“The Nifty is currently placed at the key lower support of 10,620-10,558 levels, as per the concept of change in polarity,” said Deepak Jasani, Retail Research Head, HDFC Securities.
“As long as this support holds, there is a possibility of a bounceback. Support on breach of these levels could come in at 10,452.”
In terms of investments, provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 1,652.04 crore on Wednesday while the domestic institutional investors bought scrips worth Rs 606.73crore.
Top gainers on the Sensex were Yes Bank, up 2.83 per cent at Rs 198; Axis Bank, up 2.20 per cent at Rs 626.35; Adani Ports, up 1.91 per cent at Rs 360.90; Asian Paints, up 1.25 per cent at Rs 1,322.90 and State Bank of India (SBI), up 1.24 per cent at Rs 286.55.
The laggards were Tata Consultancy Services (TCS), down 3.51 per cent at Rs 1,811.75; Infosys, down 3.14 per cent at Rs 620.95; Power Grid, down 2.74 per cent at Rs 182.85; Wipro, down 2.38 per cent at Rs 314.05, and Reliance Industries, down 2.31 per cent at Rs 1,112.30 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.
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