Sensex ends over 215 points; 7th Pay commission boost consumer stocks
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BSE Sensex ended 215 points up at 26,740.39. During the second half trading session the market was boosted by government announcing 7th Pay Commission to hike 23.5% salaries and allowance of government employees. The index was positive with 25 advances and 5 declines. Total turnover stood at Rs. 287.59 crore with volume of 5,604,591. Hero Moto Corp was top gainer surging by 3.55% at Rs. 3,133.
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Consumer stocks were boosted by 7th Pay Commission announcement of declaring increasing salaries and allowance by 23.5%. Hero Moto Corp soared by 3.62% as top gainer, Tata Motors was up 1.65%, Maruti Suzuki at 1.42%, Asian Paints at 1.45% and ICICI Bank at 1.82%.
Asian markets finished broadly higher today with shares in Japan leading the region. The Nikkei 225 is up 1.59% while Hong Kong's Hang Seng is up 1.31% and China's Shanghai Composite is up 0.65%.
The rupee rose 24 paise to 67.71 against the dollar on increased selling of the US currency by exporters and banks.
At 13.14 pm, European markets were broadly higher with shares in London leading the region. The FTSE 100 is up 1.66% while France's CAC 40 is up 1.28% and Germany's DAX is up 0.97%.
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At 1.07 pm, Sensex was tradinhg at 26,657.78 up 133 points, while Nifty recovered its 8,150 mark. The 50-script index was trading at 8,179.20 up 51 points or 0.63%.
European markets are mixed today. The FTSE 100 is up 1.49% while the DAX gains 0.93%. The CAC 40 is even.
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Auto stock are currently trading as the top gainer of BSE index. The index has soared 261 points or 1.37% at 19,446.04. All auto stocks are positive with Bosch surging 5.06% at Rs. 22,614.35, Cummins India at Rs. 825.15 up 2.18%. While Hero Motocorp and Amara Raja Batteries both were trading 2% up at Rs. 3,086 and Rs. 878.60. Tata Motors were marginally up at Rs. 447.30.
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Nifty Bank was trading at 17,597.10 up 35 points or 0.20%. All banking stocks gained with Bank of India being among the top gainer for three consecutive days. The script of Bank of India was marginally up at Rs. 101. It opened unchanged from its previous closing of Rs. 100.