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Sell-off in ITC, negative global cues pushes Sensex 0.92% lower (Roundup)

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Mumbai, Jan 23 (IANS) Negative global cues and a last hour sell-off in the index heavyweight ITC pushed the key equity indices down on Wednesday. The Sensex ended 336 points lower and the Nifty finished the day’s trade session at 10,831.

Indian markets opened on a flat note and traded range bound for most of the day but Sensex fell most in the final hour following a sell-off in the FMCG major ITC.

ITC lost over 4 per cent after it reported its third quarter results on Wednesday. The FMCG major reported a 3.85 per cent year-on-year growth in its standalone net profit, which missed estimates.

“The weakness came on the back of mixed sentiments in the global equity markets reflecting risk aversion on the part of investors in the face of US-China trade standoff and its impact on global growth,” said Deepak Jasani of HDFC Securities.

Investors were also cautious owing to reports that the US had turned down an offer to hold preparatory trade talks with China. This was denied by the US administration.

The BSE Sensex closed 336.17 points down at 36,108.47, after touching a high of 36,521.47 and a low of 36,037.90.

The benchmark index opened higher on Wednesday, at 36,494.12 points, from its previous close of 36,444.64.

The broader Nifty50 ended lower by 91.25 points or 0.84 per cent at 10,831.50

Metal stocks were back in favour on Wednesday after closing 2 per cent lower on Tuesday, while IT, FMCG and financials came under selling pressure.

Markets globally had reversed course after the International Monetary Fund (IMF) scaled down its forecast for global growth.

“It seems markets are unsure about their near term direction. One day we see index trading with immense strength and then we see no follow up move. Post recent breakout from a ‘Diamond’ pattern, index consolidated for few days,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking.

“Monday’s close above 10,950 kept the hopes alive but today’s sharp selloff in ITC post its quarterly numbers played a spoil sport. Within the last 45 minutes of trade, Nifty was back to the previous breakout points of 10,830,” Chavan added.

Stock-wise, Sun Phrama gained over 3 per cent, the most among the 30-stock Sensex, followed by Yes Bank, Tata Steel, Hindustan Uniliver and Bajaj Finance.

In contrast, Power Grid, Infosys, Mahindra and Mahindra and NTPC lost in the range of 1 to 3.50 per cent.

The rupee gained 10 paise to settle at Rs 71.34 per US dollar from its previous close of 71.44.

In terms of institutional investment, both foreign and domestic were sellers on Tuesday. FIIs sold stocks worth Rs 78.53 crore and DIIs offloaded stocks worth Rs 84.15.

–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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