7th Pay Commission helps Sensex gain 216 points, Nifty settles above 8,200; Prism Cement up over 15%

By: | Updated: June 29, 2016 4:09 PM

Benchmark indices BSE Sensex and NSE Nifty ended the day in green after Union Cabinet approved 7th Pay Commission recommendations amid firm global cues.

Sensex, Nifty, BSE, NSE, quess corpBenchmark indices BSE Sensex and NSE Nifty ended the day in green after Union Cabinet approved 7th Pay Commission recommendations amid firm global cues. (Reuters)

CLOSING BELL

Benchmark indices BSE Sensex and NSE Nifty ended the day in green after Union Cabinet approved 7th Pay Commission recommendations amid firm global cues.

Sensex closed 215.84 points up at 26740.39 while Nifty settled 76.15 points up at 8,204.

In the 50-share index, Bosch, Hero MotoCorp, NTPC, BHEL and Wipro gained between 2.42 per cent and 5.93 per cent. On the other hand, Lupin, Coal India, ITC, Bank of Baroda and Bharti Airtel slid between 0.34 per cent and 0.90 per cent.

Read more: Mandhana Industries shares hit lower circuit for 8th day in a row

Sectorwise, BSE Realty index surged the most — 3.15 per cent, followed by Power (up 1.66 per cent), Auto (1.51 per cent), IT index (up 1.39 per cent) and TECk index (up 1.33 per cent). Rest all other sectoral indices on BSE also ended the day in green.

Nikhil Kamath, co-founder and director, Zerodha said, “Nifty reclaims 8,200 on the back of renewed strength from international markets and surging commodity demand. The indices opened with a gap up on Wednesday and continued to add gains through the session. The 7th Pay Commission amendments are expected to significantly boost consumptions and aid the FMCG, real estate and any other sector that could gain from increased consumption.”

Asian peers also ended higher on Wednesday as oil extended overnight gains and solid US economic data as well as hopes of stimulus offset worries about the economic effects of Brexit on the global economy.

2.38 pm: Sensex was trading 203 points up at 26,728. Nifty was up 70.75 points at 8,198.

2.26 pm: The BSE Auto index was trading over 1.5 per cent higher after Cabinet approved the 7th Pay Commission proposal.

1.36 pm: Sensex was up 151 points at 26676. Nifty was trading 52.85 points up at 8,180. Sectorwise, the BSE Realty index was trading 3.77 per cent up at 1506. Power, metal and auto were up by over 1 per cent.

12.42 pm: Meanwhile, the weather department predicted heavy rain for Nainital, Almora, Pauri, Dehradun and other places in Uttarakhand. The 30-share index was up 123 points at 26,647.

Read more: Govt okays mineral exploration policy; Ashapura Minechem, Deccan Gold shares surge

12.32 pm: Ashapura Minechem, Sandur Manganese & Iron Ores, Maithan Alloys and Deccan Gold shares soared after the government cleared a new mineral exploration policy. Sensex was up 117 points at 26641. Nifty was up 42 points at 8,170.

11.41 am: Meanwhile, Cabinet approved implementation of the 7th Pay Commission recommendations.

Read more: 7th Pay Commission: 15 stocks that may benefit with increased salary

11.27 am: DLF stock jumped nearly 10 per cent intraday on Wednesday after reports that chairman KP Singh and his family will infuse Rs 10,000 crore in an effort to make the real estate company debt free. Read more

10.53 am: Sobha Ltd shares surged over 5 per cent intraday on Wednesday after the company announced that it will launch its first luxury apartment in Delhi-NCR.

10.07 am: In the 50-share index, Bosch, Hindalco, Tata Motors, NPTC and BHEL were up between 1.63 per cent and 4.77 per cent. On the other hand, UltraTech Cement, BPCL, Coal India, Eicher Motrors and ITC were down between 0.22 per cent and 0.40 per cent.

9.47 am: Indian rupee jumped 19 paise to 67.76 against the dollar on increased selling of the US currency by exporters and banks. Sensex was up 147 points at 26,672.

9.16 am: DLF was trading over 4 per cent up at Rs 139.10 in the early trade. Sensex was up 124.79 points at 26649.

Read more: Quess Corp IPO opens: 10 things you should know before subscribing

9.15 am: Sensex opened 102.60 points up at 26627.15 while Nifty 50 index opened 45.25 points up at 8173.10.

8.40 am: The Cabinet on Wednesday likely to approve higher increase in basic pay than the nearly 15 per cent recommended by the 7th Pay Commission for over 1 crore government employees and pensioners.

PRE-OPENING

Domestic benchmark indices BSE Sensex and NSE Nifty are likely to open higher on Wednesday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and firm global markets.

At 7.55 am (IST), SGX Nifty was up 24.50 points, or 0.30 per cent, at 8,156.

Asian peers joined a global rally on Wednesday as the immediate impact of Britain’s vote to leave began to wane and investors wagered central banks would have to ride to the rescue with more stimulus measures. Hang Seng, Nikkei and Shanghai were up by 0.83 per cent, 1.33 per cent and 0.50 per cent, respectively.

Wall Street rallied on Tuesday, recouping some recent losses, as investors sought cheap assets after a two-day equities rout sparked by Britain’s decision to leave the European Union. The Dow Jones industrial average rose 269.48 points, or 1.57 per cent, to 17,409.72, the S&P 500 gained 35.55 points, or 1.78 per cent, to 2,036.09 and the Nasdaq Composite added 97.42 points, or 2.12 per cent, to 4,691.87.

At home, bargain hunting bailed out markets on Tuesday as the Sensex rebounded by almost 122 points, taking comfort from a positive close in Asia despite contagion fears of the Brexit fallout looming large.

Staffing firm Quess Corp will hit capital markets on Wednesday to raise Rs 400 crore through an initial public offering. The company, promoted by Ajit Isaac and Thomas Cook (India), has fixed a price band of Rs 310–317 per share with a face value of Rs 10 each. The issue will close on July 1.

 

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