Indian Indices Open Firm

Thu, 30 Jun 09:30 am

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Barring China, major Asian stock markets have opened the day on a positive note. Stock markets in Singapore and HongKong are trading higher by 1.6% and 1.7% respectively.

Benchmark indices in Europe and the US ended their previous session on a robust note with stock markets in the UK and the US ending the day higher by 3.5% and 1.7% respectively. The rupee is trading at 67.74 per US$.

Indian stock markets have opened the day on a strong note. The BSE Sensex is trading higher by 210 points (up 0.8%) and the NSE Nifty is trading higher by 58 points (up 0.7%). While, BSE Mid cap and BSE Small cap are trading higher by 0.5% and 0.7% respectively.

Major sectoral indices have opened the day in the green. Stocks from metal, automobile and realty sector are witnessing buying interest.

As per an article in Livemint, Union Cabinet has approved the recommendation of the Seventh Pay Commission. The Commission had recommended an overall increase of 23.6% in the salary of the central government employees and the pensions of those who have retired from central government jobs.

Reportedly, entry-level basic pay will more than double to Rs 18,000 per month from Rs 7,000 at present. While at the level of cabinet secretary, the topmost civil servant, the pay will rise to Rs 2.5 lakh per month from the current Rs 90,000.

An aggregate outflow of Rs 1020 billion would flow from the government's kitty to 10 million central government employees and pensioners in the current fiscal year. As the increase will take place retrospectively from January 2016, an additional Rs 121.3 billion is expected to land in the hands of the central government employees.

The wage hike is expected to deliver a potential boost to the consumer economy. Further, the auto, consumer durables and fast moving consumer goods (FMCG) sectors too would witness a much higher demand. However, the Finance Minister, Mr Jailtley cautioned that while stimulating demand and boosting savings, the move may also push up inflation.

Though, Vivek Kaul is of the opinion that the implementation of the Seventh Pay Commission won't have a significant impact on the inflation levels. He has justified the same by making solid points in one of his many articles on the Seventh Pay Commission. Click here to get Vivek's insights on this interesting topic.

In another news update, State Bank of India stated that the company would raise long term capital of over Rs 100 billion by issuing bonds in US dollars or other convertible currencies.

Further, the company stated that the fund raising will take place through a public offer or private placement of senior unsecured notes in US dollars or any other convertible currency during the current financial year 2016-17. The move comes a couple of months ahead of US$ 25 billion redemption of FCNR (B) deposits.

Recently, the company had announced plans to merge five of its associate banks and Bharatiya Mahila Bank with itself in order to form a giant bank that would raise its ranking to 55th position among global banks. The stock of SBI is trading up by 1.4%.

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