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Budget expectation, Q3 results to guide Indian equities (Market Outlook)
By Ravi Dutta Mishra
Mumbai, Jan 20 (IANS) The ongoing third quarter earning results, budget expectations, developments in the US-China trade relations and the Brexit issue will chart the course of the markets in the weeks to come.
Also any volatility in crude oil prices will continue to affect the rupee, which has weakened for two consecutive weeks.
“Traders should trade cautiously for the next 10 days as markets prepare and discount budget expectations,” said Sahil Kapoor, Chief Market Strategist, Research, Edelweiss Wealth Management.
The NSE Midcap Index has closed at a five week low and is beginning to witness broad based selling. Nifty on the other hand has been able to eke out gains based on a select few bluechip stocks.
The quarterly results will remain in focus in the upcoming weeks as major third quarter results by Kotak Mahindra Bank, Maruti Suzuki, Larsen and Toubro, Yes Bank, Asian Paints and ITC is scheduled to be announced.
“Trading woes will be dictated by the upcoming interim budget with investors preparing to reshuffle their portfolio according to their expectations.” said Rahul Sharma of Equity99.
In November, the Bank of England had warned that a no-deal Brexit can cause a recession worse than the 2008 financial crisis. After the Brexit deal was rejected by British Parliament with a significant margin, investors will keep a close watch on developments in the same.
On the partial US government shutdown, New York Federal Reserve President John Williams has raised a red flag saying that the shutdown is an emerging headwind to the economic growth. The prolonged shutdown is causing uncertainty among the investors.
According to Viral Berawala of Essel Mutual Fund, investors awaited the next steps for the UK after Prime Minister Theresa May’s government narrowly survived a no-confidence vote. Losing the vote has made it harder to have a smooth Brexit.
Regarding the US-China trade relations, Berawala said that reports of Beijing offering to ramp up imports from Washington and the latter considering to lift some tariffs on Chinese products would boost the global investor sentiments.
“The Nifty would need to convincingly close above the recent highs of 10,931, for it to move towards the 11,200 levels in the coming week; else range bound price action could
continue. Crucial support to watch in the coming week for weakness is 10,692,” Jasani said.
The S&P BSE Sensex gained 376.77 points, or 1.04 per cent, to close at 36,386.61, whereas the Nifty gained 112 points, or 1.04 per cent, to settle at 10,906.95 during the week gone by.
The Indian rupee continued to depreciate for the second week on the trot, as it weakened by 69 paise to Rs 71.18 against the US dollar from its previous close of Rs 70.49.
Provisional data from the BSE since the start of year showed that foreign institutional investors offloaded stocks worth Rs 2,318.76 crore as against domestic investors buying Rs 1,842.31-crore shares.
(Ravi Dutta Mishra can be reached at [email protected])
–IANS
ravi/rrb/ksk
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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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