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Strong finish to the day
Thu, 27 Jun Closing

Indian equity markets jumped over 1.75% on Thursday on heavy buying by funds and retail investors amid firm global cues. While the BSE-Sensex closed higher by 323 points, the NSE-Nifty closed higher by 93 points. Both the BSE Mid Cap and the BSE Small Cap closed on a positive note. Oil and Gas and IT stocks were the biggest gainers.

As regards global markets, Asian indices closed in the green. European indices have also opened in the green. The rupee was trading at Rs 60.3 to the dollar at the time of writing.

According to a leading financial daily, workers striking at Bajaj Auto's Chakan plant in Pune have demanded that the company allot 500 shares each to all workers at a price of 1 per share. At the current price of Rs 1,788 per share, the union is demanding that stock worth Rs 830 m be issued to about 925 workers for a total consideration of Rs 0.46 m. Put another way, the union is demanding every worker be given stock worth Rs 0.89 m for a price of just Rs 500. The company has said that the strike won't affect sales because dealer and company inventory is around 4-6 weeks. Around 100-200 workers have already rejoined work and production has recommenced today.

India's current account deficit (CAD) hit a record high of 4.8% of gross domestic product in the fiscal year that ended in March 2013, fuelled by rising imports of oil and gold, but was lower than an expected gap of 5%, giving a boost to the battered rupee. The current account gap for the full fiscal year ending in March was US $87.8 bn, compared with US $78.2 bn a year earlier. For the January-March quarter, India's current account deficit narrowed from the record high touched in the previous quarter. The current account gap in the March quarter was US $18.1 bn, or 3.6% of GDP.

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