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Midcap & smallcap buck trend
Wed, 11 Sep 01:30 pm

With persistent weakness in index heavyweights, Indian share markets further extended losses in the post-noon trading session. Majority of the sectoral indices are trading in the red with consumer durables, FMCG and oil and gas stocks being the biggest losers. Metal, realty and capital goods are among the few stocks trading in the green.

BSE-Sensex is down 181 points and NSE-Nifty is down by 49 points. BSE Mid Cap is trading up 0.9% and BSE Small Cap index is trading up 0.5%. The rupee is trading at 63.8 to the US dollar.

Majority of the mining stocks are trading in the red, with Metals and Minerals Trading Corporation of India Ltd. (MMTC) and Manganse Ore India Limited (MOIL Limited) being among the major losers. Only National Mineral Development Corporation (NMDC) is trading in the green. As per a leading financial daily, Coal India Ltd (CIL) has finalized fuel supply agreements (FSA) with 146 power plants comprising 65,000 MW of generation capacity. As per the Power Ministry, the total installed power generation capacity in the country stands at 2,25,793 MW of which around 59% (1,32,228 MW)is coal-based. With nearly half of the coal-based power generation capacity getting tied up with firm coal supplies, the beleaguered power industry has hopes of improved conditions going ahead. CIL stock is currently trading marginally down.

Most of the Steel stocks are trading in the green with JSW steel and Adhunik metaliks among the leading gainers. As per the financial daily, Tata steel's Odhisha unit's first phase is expected to start its operations by the end of FY14. The work on the first phase of the company's Kalinganagar project in Odisha, is in full swing. The project entails an investment of the Rs 251 bn of which company has already incurred an expenditure of Rs 9.9 bn. Reportedly, this is 6-million tonne (mt) project and is divided into two units of 3-mt each and will produce flat steel products for the automobile industry. The first phase is of 3 mts. This will be the company's first integrated greenfield project outside Jamshedpur. The stock was trading up by 2.7% at the time of writing.

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