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Indian stock markets slip into red
Thu, 14 Jun 11:30 am

Indian stock markets continued to trade weak over the last two hours of trade. Banking and Capital Goods stocks witnessed maximum selling pressure while FMCG and IT stocks witnessed maximum buying interest.

The Sensex today is up by 14 points, while the NSE-Nifty today is down by 7 points. BSE Mid Cap index is down by 0.21% while the BSE Small Cap index is up by 0.07%. The rupee is trading at 55.68 to the US dollar.

FMCG stocks are trading strong led by Colgate Palmolive and Dabur India. According to a leading financial daily, Colgate has started construction work at its upcoming plant site in Sanand, Gujarat. The Gujarat government has allotted 0.1 m sq metres of land at the upcoming Gujarat Industrial Development Corporation (GIDC) industrial estate in Bol village in Sanand to Colgate for the plant. The company is planning to invest Rs 2 bn in the plant. Colgate will begin manufacturing toothpastes first, followed by its other oral and dental hygiene products. It already has its presence in oral care segment, personal care and home care segments. Colgate is likely to commission manufacturing at the plant by late 2014. Once commissioned, this will be the company's fifth plant after Aurangabad, Baddi in Himachal Pradesh, Hyderabad and Kundaim in Goa.

Mining stocks are trading in the green led by Sesa Goa and MMTC. According to a leading financial daily, Coal India has introduced a one-time offer that allows power utilities to lift the fuel directly from mines. This is the first time the company has initiated such a move. This scheme is extended to independent power producers drawing coal under fuel supply agreements (FSAs) as well. The new scheme will not only make more coal to power utilities but will also liquidate stocks at mine heads. Coal India has over 60 million tonnes (MT) of stocks piled up at pitheads due to problems like inadequate rakes for removing the same.

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