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Sensex, Nifty end flat; rupee loses 80 paise (Roundup)

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Mumbai, Dec 3 (IANS) The key equity indices managed to register a gain for the sixth straight session on Monday as the market settled on a flat-to-positive note with people holding on to their investments pending results of state assembly elections.

After opening over 200 points higher on signs of easing US-China trade tensions, the market closed flat as global crude oil prices rose and uncertainty prevailed over state elections.

The S&P BSE Sensex and Nifty50 closed flat, while the rupee lost over 80 paise in the day’s trade.

“Markets ended with minor gains on Monday after consolidating in a range for a major part of the trading session. The opening gains triggered by strong global cues were almost offset by lower-than-expected GDP data,” said Deepak Jasani, Retail Research Head, HDFC Securities.

“It was nevertheless the sixth consecutive session of gains for the Nifty,” he said.

Also, ahead of the OPEC meeting this week, the crude oil prices surged on expectations of supply cuts by the oil cartel. The benchmark Brent crude traded higher at $62.05 a barrel when the domestic markets closed.

The domestic currency weakened by 86 paise against the US dollar, closing at Rs 70.45 from its previous close of 69.59.

“India’s GDP Figures fell sharply and arrived at 7.1 per cent for second quarter July-September. This is slower than expected expansion,” said Mustafa Nadeem, CEO, Epic Research.

“International rating agency Moody’s has cut India GDP estimates for FY-19 by 0.2 per cent, citing challenges in Banking Sector and recovery of NPAs,” Nadeem said.

Utilities, metal and realty gained over 2 per cent on the BSE while healthcare, energy and auto were the only stocks ending in red.

The Sensex settled 46.70 points up or 0.13 per cent at 36,241, from its previous close of 36,194.30. It touched an intra-day high of 36,446.16 and a low of 36,099.68.

The Nifty50 gained 7 points or 0.06 per cent to finish the trade session at 10,883.75.

“Technically, the Nifty is consolidating in a tight range after the rally seen last week. Further upsides are likely once the immediate resistance of 10,941 is taken out. Crucial supports to watch for any weakness are at 10,845,” said said Deepak.

Provisional data with the exchanges showed that foreign institutional investors bought stocks worth Rs 293.12 crore on Monday, while the domestic institutional investors sold Rs 806.45-crore shares.

Top gainers on the Sensex were Yes Bank, up 4.92 per cent at Rs 178; Hindustan Uniliver, up 4.12 per cent at Rs 1,825.90; Vedanta, up 3.70 per cent at Rs 203.05; NTPC, up 3.68 per cent at Rs 145.10; and Adani Ports, up 2.61 per cent at Rs 375.45 per share.

The surge in the shares of Hindustan Unilever came on the back of the company’s announcement that it would merge another FMCG major GlaxoSmithKline Consumer Healthcare with itself, in a deal which also brings the brand of Horlicks under Hindustan Unilever’s portfolio.

Top laggards were led by Sun Pharma which lost 7.52 per cent at Rs 455.30; Mahindra and Mahindra, down 3.79 per cent at Rs 760.25; ITC, down 1.14 per cent at Rs 283; Reliance Industries ,down 1.02 per cent at Rs 1,156.30; and Hero MotoCorp, down 0.47 per cent at Rs 3,043.80 per share.

–IANS
ravi/pgh/sed

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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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