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Global cues subdue equity market, ends flat (Roundup)
Mumbai, Dec 14 (IANS) The key Indian equity indices closed on a flat-to-positive note after trading in a narrow range on Friday, tracking weakness in Asian and European markets over concerns of a slowdown in global growth.
While major Asian markets closed on a negative note, European indices like FTSE 100, DAX and CAC 40 traded in the red.
In addition, caution in the domestic markets also prevailed as the outcome of Reserve Bank of India (RBI) board meeting was awaited till the closing bell.
However meagre, the domestic indices logged their fourth session of advances led by telecom, oil and gas and power stocks, but the finance counters remained subdued.
Besides, lower food and fuel prices easing India’s annual rate of inflation based on wholesale prices to 4.64 per cent in November from 5.28 per cent in October also had a positive impact on the investor sentiment.
“These positive numbers gave a further fillip to positive investor sentiment. Easing inflation has renewed calls for a rate cut by the Reserve Bank of India as many investors are of the opinion that lower rates will help spur economic growth in the country,” said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.
According to Geojit Financial Services’ Head of Research Vinod Nair: “Market was range bound and settled on a marginal gain ahead of RBI board meet. While weakening rupee and decline in yield influenced investors to stay sideline.”
“Inflation remains on a softening path while industrial activity is picking up which will provide support to the market. Growth concerns in Chinese economy dragged Asian and European markets to a negative terrain.”
Consequently, the S&P BSE Sensex settled 33.29 points higher at 35,962.93 points, touching an intra-day high of 36,019.02 and a low of 35,813.85.
The Nifty50 gained 11.85 points or 0.11 per cent to close at 10,803.40.
“Technically, while the Nifty has rallied higher for the fourth consecutive session, the gains are now small, warning of a short term reversal in sentiments. Further upsides are likely once the immediate resistances of 10,839 are taken out,” said HDFC Securities’ Retail Research Head Deepak Jasani.
“Crucial supports to watch for any weakness are at 10,749.”
Investment wise, Foreign Institutional Investors (FII) bought shares worth Rs 861.94 crore on Friday while Domestic Institutional Investors (DII) sold stocks worth Rs 302.52 crore, provisional data from the BSE showed.
In terms of company-specific shares, Bharti Airtel gained the most among the 30-stock Sensex. The shares of telecom major gained over 5 per cent a day on the back of Telecom Disputes Settlement and Appellate Tribunal (TDSAT) scrapping TRAI order on predatory pricing.
Bharti Airtel, along with some other telecom players, had challenged the Telecom Regulatory Authority of India (TRAI) order dated February 16, 2018 in March.
The telecom major was followed by Yes Bank which advanced by 3.23 per cent. Oil and energy stocks like ONGC, NTPC and Power Grid gained in the range of 1 to 2.5 per cent.
In contrast, HDFC and Wipro were the major losers followed by L&T, Sun Pharma and Adani Ports.
The rupee saw a depreciation as it settled at 71.90 per US dollar from its previous close of 70.68-69.
–IANS
ravi-rv/nir
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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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