Sensex, Nifty continue to rise; 7th Pay Commission cleared

Moneycontrol Bureau11:55 am Cabinet meet: The cabinet has also given a go-ahead to the National Mineral policy.11:45 am Cabinet nod: The cabinet has approved 7th Pay Commission for over 1 crore government employees and pensioners.

In November, last year the pay panel had  recommended 14.27 percent hike in basic pay at junior levels, the lowest in 70 years. The previous 6th Pay Commission had recommended a 20% hike which the government doubled while implementing it in 2008.

11:30 am Buy back: Drug major Dr Reddy's Laboratories said it has bought back nearly 51 lakh shares for Rs 1,569.41 crore as part of a 'share buyback' offer launched earlier this year. The company has bought back 50,77,504 equity shares at an average price of Rs 3,090.92 per share. The company has thus deployed Rs 1,569.41 crore against the maximum buyback size, Dr Reddy's Laboratories said in a regulatory filing. "Consequently, the company announces the closure of its buyback," it added.Don't miss: Subscribe or avoid? Analysts say Quess Corp IPO fairly valued

The market continues to rise as the Sensex is up 133.55 points or 0.5 percent at 26658.10. The Nifty is up 42.75 points or 0.5 percent at 8170.60. About 1628 shares have advanced, 509 shares declined, and 96 shares are unchanged.

Hero MotoCorp, NTPC, Tata Motors, BHEL and Asian Paints are top gainers while ITC, HUL, GAIL and Coal India are losers in the Sensex.

Gold rebounded from its losses in the previous session on investor demands for safety as uncertainty because of Britain's vote to exit the European Union continued to pressure financial markets. Spot gold was at its highest relative to platinum on record this week as institutional and retail investors have piled into bullion following the shock referendum verdict.

Oil rose as financial traders poured money back into commodities following the initial shock of Britain's vote to leave the European Union, and as a potential strike in Norway and crisis in Venezuela threatened to cut supply.

In crisis-struck Venezuela, oil producers and refiners were struggling to keep output up due to power outages and equipment shortages also supported prices, traders said.