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Macro-data, rupee to set equity indices trajectory (Market Outlook)
By Rohit Vaid
Mumbai, Dec 30 (IANS) Macro-economic data points, coupled with Indian rupee’s performance aginst the US dollar will influence domestic equity market’s trajectory during the upcoming week.
Market observers feel that global crude oil prices and third quarter (Q3) earning results would also influence the market’s movement.
“Global cues and crude oil price movement will continue to dictate the trend of the market,” SMC Investments & Advisors CMD D.K. Aggarwal told IANS.
“There is lot of uncertainty and volatility in the global markets. The domestic market is likely to track the global markets going ahead.”
Globally, concerns over a slowdown in international growth and the ongoing partial US government shutdown were major themes during the last week’s trade.
Apart from global cues, investors will look forward to the Q3 2018-19, earnings result season which will kick off from next week.
“Investors will closely watch the expectation on Q3 earnings, while global cues will dictate the direction of the market,” said Vinod Nair, Head of Research at Geojit Financial Services.
Besides Q3 results, macro-economic data points — such as the eight core industries’ (ECIs) output, external debt, PMI manufacturing and services and monthly automobile sales figures — will be released during the week starting December 31.
According to Sahil Kapoor, Chief Market Strategist, Edelweiss Investment Research: “Next week markets are likely to face resistance at 11,000 levels which are likely to get tested in coming week. Currently the Index is caught in a range of 10,500 to 11,000. A resolution of this range will result in a larger directional move.”
“Nifty continues to trade at rich valuations despite a de-rating across the world. We are likely to see Indian multiples getting de-rated in the next few weeks.”
Additionally, the movement of Indian rupee against the US dollar and the direction of foreign fund flows will also set the course of key indices.
“Rupee can be under some pressure on mounting worries on missing fiscal deficit targets,” said Sajal Gupta, Edelweiss Securities’ Head of Forex and Rates.
“A range from 69.80 to 70.50 per USD can be expected.”
On a weekly basis, the Indian rupee gained 76 paise to 69.94 against the US dollar from its last week’s close of 70.15 per greenback.
In terms of investments, provisional figures from the stock exchanges showed that foreign institutional investors bought shares worth Rs 1,249.6 crore during the week under review.
On technical charts, the short-term trend of the National Stock Exchange’s (NSE) Nifty50 remians positive.
“Further upsides are likely once the immediate resistances of 10,941-10,985 points are taken out. Crucial intermediate supports are now at 10,738 points,” HDFC Securities’ Retail Research Head Deepak Jasani told IANS.
Last week, global relief rally following the resolution of a standoff between US President Donald Trump and Federal Reserve Chairman Jerome Powell lifted the Indian equity markets.
Consequently, the BSE Sensex rose 334.65 points, or 0.93 per cent, to 36,076.72 points from its previous corresponding weekly close.
Similarly, the broader NSE Nifty50 edged up by 105.9 points, or 0.98 per cent, to close the week at 10,859.90.
(Rohit Vaid can be contacted at [email protected])
–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
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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