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Market gains for 5th straight session; Sensex up 300 points (Roundup)

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Mumbai, Dec 17 (IANS) A drop in oil prices, strengthening rupee and pick up in domestic macros provided a positive momentum to the major indices which rose for the fifth straight session on Monday.

Global factors such as broadly positive Asian markets also lent support to the upward trajectory.

“Asian stocks traded higher ahead of the US Federal Reserve meeting this week while US stocks dropped sharply on Friday after a batch of weaker-than-expected economic data out of China and Europe sparked fresh worries of slowing global growth,” said Abhijeet Dey, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.

Index-wise, the S&P BSE Sensex settled 307.14 points higher at 36,270.07 points and the NSE Nifty50 gained 82.90 points to close at 10,888.35 points after touching a high of 10,900.35 points.

However, broader market indices like the BSE Mid-cap and Small-cap gained lesser than the barometer Sensex.

In terms of currency, the Indian rupee strengthened to 71.55 per US dollar from its previous close of 71.90.

Said Geojit Financial Services Head of Research Vinod Nair: “Market extended gains led by a strong rupee backed by narrowing trade deficit and inflow of foreign funds.

“Drop in oil prices, strengthening rupee and pick up in domestic macros are providing a positive momentum to the market. However, global market witnessed selling ahead of two days FOMC (Federal Open Market Committee) meet starting from tomorrow.”

Consequently, investors will remain cautious over the possibility of any impending hike in the US interest rates which can potentially drive away Foreign Portfolio Investors (FPIs) from emerging markets such as India.

On the investment front, Foreign Institutional Investors (FII) off-loaded shares worth Rs 60.95 crore on Friday while Domestic Institutional Investors (DII) sold stocks worth Rs 76.84 crore, provisional data from the BSE showed.

“Technically, with the Nifty rallying higher for the fifth consecutive session, the bulls remain in control. Further upsides are likely once the immediate resistances of 10,941 are taken out,” said HDFC Securities’ Retail Research Head Deepak Jasani.

“Crucial supports to watch for any weakness are at 10,816.”

Sector-wise, finance counters gained 0.98 per cent while energy shares rose over 2 per cent, followed by metal, oil and gas, and power stocks gained over 1 per cent.

In contrast, IT and Teck (technology, entertainment and media) stocks ended lower.

Tata Motors (DVR) closely followed by Tata Motors gained the most among the 30-stock on Sensex. The shares of the automobile major Tata Motors settled over 4 per cent up after news that its subsidiary Jaguar Land Rover will go for cost-cutting measures.

It was followed by Power Grid, HDFC and Coal India which advanced in the range of 2 to 3.5 per cent.

In contrast, Kotak Mahindra Bank lost 2.50 per cent. Infosys and Bharti Airtel lost in the range of 1 to 2 per cent.

–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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