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Midcap & small cap, major losers
Wed, 24 Sep 01:30 pm

Indian share markets continued to remain weak in the post-noon trading session. Majority of the sectoral indices are trading in the red with engineering and realty stocks being the biggest losers. FMCG and metal are among the few stocks trading in the green.

BSE-Sensex is down 45 points and NSE-Nifty is trading 19 points down. BSE Mid Cap is trading 1.3% down and BSE Small Cap index is trading down by 1.4%. The rupee is trading at 60.96 to the US dollar.

Most of the engineering stocks are trading in the red with Everest Kanto Cylinder and Suzlon Energy being the biggest losers. As per a leading financial daily Bharat Heavy Electricals Ltd (BHEL) is all geared up to bag two thermal power contracts from the Telangana Government. The two projects are 800 MW Kothagudem and 1080 MW Manuguru thermal power contracts for which BHEL will act as an EPC contractor. These projects are a part of Telangana government's initiative to generate 6000 MW over the next three years and make the state power surplus. BHEL has assured to execute the 1,080 MW project within the next two years and the 800 MW project within the next three years. BHEL's stock is currently trading down by 2.3%

Majority of the mining stocks are trading in the red with Ashapura Minechem and MMTC Ltd being among major losers. Coal India and Hindustan Zinc are among the few stocks trading positive. As per a leading financial daily, Coal India may hike price of lower grade coal slightly above 10% in a bid to offset falling revenues from lower proportion of coal being sold through e-auctions. The government has directed CIL to reduce the amount of coal sold through e-auctions from 10% to 5%. In FY14, the company missed its production target by 4.4% and reported a mere 1% rise in dispatches. Coal India's stock is presently trading up by 2%.

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