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Markets close week 4% higher
Fri, 8 Mar Closing

The Indian stock markets initially opened the day on a positive note. They continued to trade positive throughout today's trading session. Post this, in the final hour of trade indices moved higher and continued on their upward trajectory. Ultimately the markets moved slightly lower and finally finished well in the positive. Overall for the week the markets were up 4% with a gain of over 750 points being seen. The BSE-Sensex closed positive, higher by around 270 points (1.4%). The NSE-Nifty closed higher by around 82 points (1.4%). The smaller indices also had a positive day on the bourses. The BSE Mid Cap index closed 0.72% higher and the BSE Small Cap index closed 0.68% higher. oil and gas and FMCG stocks closed higher. IT stocks were the only ones to close lower.

As regards global markets, Asian indices had a positive outing today. European indices also opened the day positive. The rupee was trading at Rs 54.32 to the dollar at the time of writing.

Auto makers seem to once again be facing the brunt of worker strikes. India's largest utility vehicle producer Mahindra and Mahindra (M&M's) Nashik workers ended their 3-day tool-down strike yesterday. The management finally agreed to worker demands. M&M's Nashik union said the company cut wage hike demand to average Rs 20,000 while union had sought average Rs 36,000 wage hike. The stock had been under downward pressure as the strike caused a production loss of 500 vehicles. However, after the strike ended, the stock was up 2% in trade today. Auto component maker Bosch Ltd also announced that workers at its Bangalore plant have gone on a tool down strike from yesterday without prior notice to the management. The company's Bangalore plant has a history of workers unrest and in September 2011, the plant was shut down temporarily following strike by workers.

Oil and gas stocks were the top sectoral gainers in trade today. The government today sought parliamentary approval for additional expenditure which would entail net cash outgo of Rs 410 bn for the current financial year, most of which will go for oil, food and fertilizer subsidy. The demands include Rs 248 bn for subsidies to oil marketing companies to compensate them for under recoveries, Rs 99 bn for food subsidy and Rs 48 bn for fertilizer subsidy.

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