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Hopes of dovish US Fed, low oil prices lift equity market (Roundup)
Mumbai, Dec 19 (IANS) Expectations of a marginal hike in US interest rates, along with lower crude oil prices and healthy inflows of foreign funds, lifted the key equity indices for the seventh consecutive day on Wednesday.
Additionally, investor sentiments were boosted on the back of positive global markets and the Reserve Bank of India (RBI)’s announcement of additional open market bond purchases.
The domestic cues tracked major Asian markets which closed on a positive note, barring the Nikkei and Shanghai indices. European indices like FTSE 100, DAX and CAC 40 also traded in the green.
Index-wise, the S&P BSE Sensex settled 137.25 points, or 0.38 per cent higher, at 36,484.33, after touching an intra-day high of 36,554.99 points and a low of 36,381.87.
The NSE Nifty50 gained 58.60 points or 0.54 per cent to close at 10,967.30.
According to Vinod Nair, Head of Research, Geojit Financial Services: “Market maintained positive momentum supported by sharp fall in bond yield and continued infusion of liquidity by RBI via open market operation, while bearish view on oil prices added strength to rupee.
“On global front, market is expecting dovish hike by FED which is likely to calm investor’s nerves in the emerging markets like India.”
Sector-wise, finance, power and oil and gas stocks gained over 1 per cent each.
On daily investments, provisional figures from stock exchanges showed a healthy buying trend by the Foreign Institutional Investors (FIIs), who purchased shares worth Rs 1,209.21 crore, while Domestic Institutional Investors (DII) sold stocks worth Rs 481.46 crore.
The inflow along with broadly positive global markets indicated expectations of a dovish decision by the Federal Open Market Committee (FOMC).
In general, any major hike in the US interest rate drives FII investments away from emerging markets like India.
In terms of currency, Indian rupee closed at Rs 70.40 against the US dollar from its previous close of 70.44 after the benchmark Brent Crude slipped to $56.35 around closing bell.
On Tuesday, the rupee had gained against the US dollar after registering a Rs 1.11 rise — the strongest single day gain in five years.
“Healthy foreign fund inflow and lower crude price, which is at a 52-week low, have helped the currency. The Indian rupee has been the best emerging market currency in the past week,” said Anindya Banerjee, Deputy Vice President – Currency and Interest Rates, Kotak Securities.
“Indian bonds, equity and the currency have outperformed other major markets by a big margin.”
HDFC Securities’ Retail Research Head Deepak Jasani cautioned traders to “be prepared for some short-term corrections as the markets have been continuously running up.”
“Crucial supports to watch for any weakness are at 10,928.”
Stock-wise, Asian Paints gained 3.39 per cent, most among the 30 stocks on BSE Sensex, closely followed by Axis Bank.
State Bank of India, Maruti Suzuki and ITC gained in 1-2.68 per cent range.
In contrast, Infosys lost 2.10 per cent. Export-oriented IT majors like Infosys and TCS fell in the range of 1 to 2 per cent owing to steep gains by the Indian rupee against the US dollar. Vedanta lost 0.96 per cent.
–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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