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Indian markets post gain on Wednesday

India Blooms News Service | | Jun 29, 2016, at 09:47 pm

#Sensex #Nifty #Indian stock market #central government pay hike

Mumbai, Jun 29 (IBNS): The Indian benchmark indices ended Wednesday as gainers ahead of the June Futures & Options expiry and boosted by news of satisfactory progress of the monsoon and the Union government clearing a significant pay hike for its employees and pensioners.

Sensex up 215.84 points to 26740.39 and the Nifty up 76.15 points to 8204.

Some of the top gainers on Wednesday were Hero MotoCorp, NTPC, Wipro, BHEL and GAIL while Lupin, Coal India, ITC, Bharti Airtel, and Adani Ports were among the major losers.

Auto stocks saw a rise in investor buying interest.

The big pay hike, which was being eagerly awaited by more than one crore Central Government employees and pensioners, cleared by the Union Cabinet on Wednesday added to the positive mood.

Reports said salaries and allowances will rise by at least 23.5 per cent as per the recommendation of the 7th Pay Commission benefiting about five million Government employees and 5.8 million pensioners. The revised pay scale will be effective in retrospective from January 1 this year.

The hike is expected to cost the taxpayer an additional Rs 1 lakh crore.

Reports said Rs 73,650 crore of the total payout will come from the general budget, while Rs 28,450 crore will come from the railways.

The highest pay is pegged at Rs 2, 25,000 per month for apex scale and Rs 2,50,000 per month for cabinet secretary and others at the same pay level while the minimum pay recommendation is Rs 18,000 per month.

The market is also waiting to see if the government can the pass the bill for the roll out of a nationwide goods services tax (GST) in the upcoming session of parliament to start on July 18.

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