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IT stocks in limelight
Wed, 1 Oct 01:30 pm

Indian share markets slipped deeper in the red in the post-noon trading session. Barring IT and power, all the sectoral indices are trading in the red with energy and FMCG stocks being the biggest losers.

BSE-Sensex is down 59 points and NSE-Nifty is trading 19 points down. BSE Mid Cap is trading 0.1% up and BSE Small Cap index is trading down by 0.2%. The rupee is trading at 61.75 to the US dollar.

Most of the auto stocks are trading in the green led by Ashok Leyland and TVS Motors. As per a leading financial daily Maruti Suzuki has clocked a 10% YoY growth in domestic sale of passenger cars to 99,290 units for the month of September. Segmentwise, the compact segment (including Swift and DZire) registered 18% YoY growth to 43,304 units. However sales of the mini car segment (Including Alto, Wagon R) fell by 13% YoY to 41,061 units in September. Maruti Suzuki stock is trading down 2.4%.

Energy stocks are trading on a mixed note today. While HPCL and IOC are leading the pack of gainers, GAIL and Gujarat State Petronet are trading on a weak note. As per a leading business daily, state-run oil marketing companies (OMC) have slashed petrol prices by 65 paise per litre effective today. However, the magnitude of cut will vary from city to city depending on the local levies. This is the fourth such cut in petrol prices in the last two months. This move also comes on back of fall in international crude oil prices due to oversupply. The central government has effected this cut in petrol prices ahead of assembly election in few states, while the cut in the diesel prices will be taken after the Prime Minister's return from the US. It is expected that government might cut diesel rate by about Rs 2 per litre which will be first ever cut since January 2009.

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