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Easing Indo-Pak ties, FII flows to steer equity markets (Market Outlook)

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By Rohit Vaid
Mumbai, March 3 (IANS) Easing Indo-Pak tensions, combined with the direction of foreign fund flows and the rupee’s movement against the dollar, will steer the equity market’s trajectory in the coming week.

According to market observers, lower than expected gross domestic product (GDP) figures, crude oil price fluctuations and a likely decline in India’s weightage in the MSCI Emerging Market Index might impact investors’ sentiments.

“Going forward, the market will continue to track global markets along with military operations on the Indo-Pak border,” Devendra Nevgi, Founder and Principal Partner, Delta Global Partners, told IANS.

According to Vinod Nair, Head of Research, Geojit Financial Services, the market is likely to trade with a positive bias on account of ease in border tensions and expectation of the US-China trade agreement.

“In terms of valuation, if we look at the Nifty500, about 60-65 per cent of stocks are currently below or in-line with 7-year average valuations on the trailing price/earnings ratio (P/E) basis, which is very attractive,” said Nair.

“Investors will continue to look at high quality mid- and small-caps. Whereas rate sensitive stocks are likely to be in limelight on expectation of a rate cut given slowdown in the Q3 GDP growth.”

Besides, the rupee movement along with crude oil prices movement will be keenly tracked.

On the currency front, the rupee weakened by 17 paise to close at 70.91 against the dollar for the week ended March 1.

“Rupee closed 70.91 after a volatile week. Next week is expected to be range-bound as markets have come to peace with Indo-Pak situation. No major escalation looks likely but nervousness would prevail,” said Sajal Gupta, Head of forex and rates at Edelweiss Securities.

“Lower GDP numbers, reduction of India weight in the MSCI Asia Index would be a dampener. Expected range can be 70.40 to 71.20.”

On technical levels, the underlying short-term trend of the NSE Nifty 50 remains bullish.

“Technically, with the Nifty remaining in a short-term uptrend, traders will need to watch if the index can now hold above the immediate support of 10,729 for further upsides in the coming week. Immediate resistances are at 10,940 and 10,985,” said Deepak Jasani, Head of Retail Research for HDFC Securities.

Last week, the fear of escalation of Indo-Pak military tensions and the weak macroeconomic numbers made investors little nervous. Despite this, value buying led the barometer 30-scrip Sensitive Index (Sensex) of the Bombay Stock Exchange (BSE) to gain 192.33 points (0.53 per cent).

Similarly, the wider Nifty 50 of the NSE closed in the green 71.85 points (0.66 per cent) higher at 10,863.50 points.

(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

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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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