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Asian cues, inflation subdue equity indices; Nifty50 ends below 11,000

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Sensex Nifty Equity

Mumbai, July 16: Weak Asian cues and rise in wholesale inflation subdued the key Indian equity indices on Monday, with the wider Nifty50 closing below the 11,000-mark.

According to market analysts, heavy selling pressure was witnessed in metal, healthcare and auto stocks.

The wholesale inflation rate for June was recorded at 5.77 per cent, compared to 4.43 per cent in the previous month, according to a data released on Monday.

At 3.30 p.m, the broader Nifty50 of the National Stock Exchange (NSE) provisionally closed at 10,936.85 points — lower 82.05 points or 0.74 per cent from its previous close of 11,018.90 points.

The barometer 30-scrip Sensex on the BSE, which opened at 36,658.71 points, closed at 36,323.77 points (3.30 p.m.) — down 217.86 points or 0.60 per cent from its previous close of 36,541.63 points.

The bearish momentum on the Sensex can be gauged from the fact that its intra-day high was its opening level of 36,658.71 points. It touched a low of 36,298.94 points during the day. The BSE market breadth was bearish with 2,048 declines and 551 advances.

The top gainers on the Sensex were Infosys, NTPC, Hindustan Unilever, HDFC and Yes Bank, whereas Tata Steel, Tata Motors (DVR), Sun Pharma, Tata Motors and ICICI Bank were the top losers.

On the NSE, Tech Mahindra, NTPC and Infosys were the highest gainers, while Dr Reddy’s Lab, Tata Steel and Lupin lost the most.

IANS

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Markets open high on Wednesday

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Sensex equity Nifty

Mumbai, Oct 17: The 30-scrip Sensitive Index (Sensex) on Wednesday opened on a positive note during the morning session of the trade.

The Sensex of the BSE opened at 35,543.38 points, touched a high of 35,605.43 and a low of 35,457.83, after closing at 35,162.48 points on Tuesday.

The Sensex is trading at 35,461.98 points up by 298.61 points or 0.85 per cent.

On the other hand, the broader 50-scrip Nifty at the National Stock Exchange (NSE) opened at 10,688.70 points after closing at 10,584.75 points on Tuesday.

The Nifty is trading at 10,672.60 points in the morning.

IANS

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ICPA seeks ‘one rank one pay’ for AI pilots

According to ICPA, from October 2017, the Air India management had started paying a section of wide-body pilots an ad-hoc amount at par with the new proposal which is yet to be approved by the ministry.

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Air India

New Delhi, Oct 17 ; The Indian Commercial Pilots’ Association (ICPA) on Tuesday sought ‘one rank one pay’ for all the pilots of the national passenger carrier Air India.

In a letter to Civil Aviation Minister Suresh Prabhu, ICPA urged the ministry to address the pilots’ pay parity issue which is the legacy of Air India-Indian Airlines merger that took place more than a decade ago.

According to ICPA, from October 2017, the Air India management had started paying a section of wide-body pilots an ad-hoc amount at par with the new proposal which is yet to be approved by the ministry.

The letter alleges that half of the flying allowance paid to wide-body pilots is still being paid in fixed US dollar exchange rate of Rs 45.50, while the present US dollar exchange rate has reached an all time high of Rs 74.

As per the letter, while majority of Air India pilots are paid international layover subsistence allowance on actual international night stops ($200), a section of wide body pilots continue to receive a fixed monthly international layover allowance irrespective of number of international night stops undertaken.

“We fail to understand as to why the top management has turned a blind eye to this issue which is bleeding the national carrier of high value foreign exchange,” the October 16 letter said.

“In spite of being in the know of the US dollars being paid to these pilots at an exchange rate of INR 45.50, the Director (Operations) has taken no initiative to correct the wrong for reasons best known to him,” it said.

IANS

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Sensex opens 140 points up, Nifty at 11,550

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Sensex equity Nifty

Mumbai, Oct 16: The 30-scrip S&P BSE Sensex on Tuesday opened in the positive territory tracking similar cues from its Asian peers.

Healthy buying was witnessed in auto, healthcare and capital goods counters.

The Sensex of the BSE opened at 35,004.33 points from its previous close at 34,865.10 points on Monday.

At 9.20 a.m., the Sensex traded at 35,006.10 points up by 141 points or 0.40 per cent.

The broader 50-scrip Nifty at National Stock Exchange (NSE) opened at 10,550.15 points after closing at 10,512.50 points.

The Nifty traded at 10,545.00 points during the morning trade session, up 32.50 points and 0.31 per cent.

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