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Sensex, Nifty snap 6-day gaining streak, all eyes on monetary policy (Roundup)

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Mumbai, Dec 4 (IANS) The Indian equity market snapped its six-day gaining streak on Tuesday amid caution ahead of the RBI’s monetary policy announcement.

Investors were also cautious due to the ongoing state Assembly elections and expectations of a reduction in oil supply by the Organization of Petroleum Exporting Countries (OPEC) at its meeting due on December 6.

The market closed with the S&P BSE Sensex shedding 107 points, after trading in a short range during most of the day’s trade.

“Investors remained cautious ahead of the outcome of the Reserve Bank of India’s (RBI) monetary policy meeting. The Monetary Policy Committee (MPC) will conclude its two-day meeting on Wednesday,” said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.

“We understand that this time no change in rates is widely expected as the central bank would like to patiently watch,” said Mustafa Nadeem, CEO, Epic Research.

Finance and banking stocks on the BSE traded over 0.50 per cent lower, while selling pressure was witnessed in telecom, auto and FMCG stocks.

In contrast, buying was seen on the S&P BSE IT index, which gained over 1 per cent. Oil and gas stocks also ended higher.

The Sensex settled lower 0.29 per cent, or 106.69 points, at 36,134.31, from its previous close of 36,241. It touched an intra-day high of 36,295.84 and a low of 36,036.39.

The Nifty50 lost 14.25 points or 0.13 per cent to close the session at 10,869.50.

However, in the broader markets, the BSE small-cap index closed in the green gaining 0.14 per cent, while BSE mid-cap traded lower by 0.07 per cent.

The crude oil prices surged on Tuesday on expectations of supply cuts by OPEC, the group of 15 of the world’s top oil producers, which could further drive the prices up. The benchmark Brent Crude was trading higher at $63.19 a barrel when the markets closed.

The rupee closed at Rs 70.49 to a US dollar from its previous close of 70.45.

“Technically, the Nifty is consolidating in a tight range after the rally seen last week. Further upsides are likely once the immediate resistances of 10,903-10,941 are taken out.

“Crucial supports to watch for any weakness are at 10,845-10,833,” said Deepak Jasani, head of HDFC Securities.

Provisional data with the exchanges showed that foreign institutional investors sold stocks worth Rs 55.89 crore on Tuesday while domestic institutional investors sold Rs 521.38 crore of shares.

Top gainers on the Sensex were ONGC, up 2.52 per cent at Rs 146.20; Infosys, up 2.18 per cent at Rs 684.45; Wipro, up 1.92 per cent at Rs 334.50; Vedanta, up 1.53 per cent at Rs 206.15; and Power Grid, up 1.38 per cent at Rs 187 per share.

The laggards were led by Sun Pharma, which lost 2.75 per cent, reflecting the concerns among the investors over the probe by the market regulator SEBI on charges of insider trading. It lost over 7 per cent on Monday.

It was followed by Mahindra and Mahindra, down 2.36 per cent at Rs 742.30; HDFC, down 1.92 per cent at Rs 1,939.20; and State Bank of India, down 1.64 per cent at Rs 282.30, and NTPC, down 1.41 per cent at Rs 143.05 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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