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New RBI chief drives expectations; indices on winning streak (Market Review)
By Ravi Dutta Mishra and Rohit Vaid
Mumbai, Dec 15 (IANS) Expectation of lower interest rates with further liquidity infusion by the Reserve Bank of India (RBI) under its new chief, along with healthy macro-economic data points, drove the key equity indices forward.
Initially, Indian equity market opened on dismal note, but a sharp bounce back after the five state Assembly election results drove the S&P BSE Sensex and the NSE Nifty50 to their fourth straight session of gains.
“While the resignation (of RBI Governor Urjit Patel) took the market by surprise, leading to concerns over the independence of RBI as an institution, the quick announcement of the appointment of the new Governor (Shaktikanta Das) has helped allay these fears,” said Shibani Kurian, Senior Vice President, Head of Equity Research, Kotak Mahindra Asset Management.
The new Governor, former senior bureaucrat Shaktikanta Das, is seen close to the present dispensation at the Centre.
Another key theme of the week was normalisation of Brent Crude oil price to around $60 after a short-term upward mobility due to OPEC production cut announcement.
“Crude oil production cut by OPEC was below expectation which had sparked a short-term volatility, but normalised subsequently. Also, US inventories have gone down this week,” Anuj Gupta, Deputy Vice President – Research, Commodities and Forex, Angel Broking, told IANS.
“We expect the (crude) prices will increase now as the actual affect of the production cut will start to show from January.”
However, towards the end of the week, advances were capped across the globe as growth concerns grew after China, the world’s second-largest economy, reported slowing retail growth.
Consequently, global equity markets ended the week on a negative note.
In terms of investments, foreign institutional investors (FIIs) were net sellers during the review as they off-loaded a total of Rs 2,067.19 crore worth of shares, while domestic institutional investors (DIIs) sold scrips worth Rs 153.21 crore, provisional data from the BSE showed.
Index-wise, the S&P BSE Sensex gained 289.68 points, or 0.81 per cent, to close at 35,962.93 points, whereas the 50-share NSE Nifty advanced 111.75 points, or 1.04 per cent, to settle at 10,805.45 points.
Similarly, the local currency also gained in the past week. The rupee strengthened by 1.1 to 71.90 against the US dollar from its previous week’s close of 70.80.
According to HDFC Securities’ Retail Research Head Deepak Jasani: “Technically, with the Nifty rallying higher for the fourth consecutive session, the bulls remain in control. Further upsides are likely in the coming week once the immediate resistances of 10,941 points are taken out.”
“Crucial supports to watch for any weakness are at 10,588 points.”
On a weekly basis, the top gainers on the BSE and the NSE were Yes Bank and Hero Moto Corp which gained over 8 per cent each, followed by ONGC, SBI, Bharti Airtel and Mahindra and Mahindra, which gained in the range of 4 to 5 per cent.
In contrast, HDFC lost 2.46 per cent, the most during the week. It was followed by Kotak Mahindra Bank, Reliance Industries, Adani Ports and HDFC Bank.
(Ravi Dutta Mishra can be reached at [email protected] and Rohit Vaid at [email protected])
–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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