LIVE: Sensex continues to trade firm, up over 100 points; Govt approves 7th Pay Commission
Benchmark indices BSE Sensex and NSE Nifty continued to trade firm in afternoon deals on Wednesday as traders remained busy in brisk buying in blue chip counters amid firm cues from the global markets. Sentiment remained upbeat with Economic Affairs Secretary Shaktikanta Das’ statement that the India is poised for a ‘big leap’ in growth which could touch 8 per cent in the current fiscal on the back of normal monsoon. Some support also came on report that the Cabinet has approved a proposal to revise up salaries and pensions for government employees.
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.
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.
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.
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.
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.