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IT & pharma out of favour
Wed, 8 Oct 01:30 pm

Indian share markets continued to languish in the red in the post-noon trading session. Majority of the sectoral indices are trading in the green led by engineering and energy stocks. IT and pharma are the biggest losers on the bourses today.

BSE-Sensex is down 48 points and NSE-Nifty is trading 14 points down. BSE Mid Cap is trading 0.2% down and BSE Small Cap index is trading down by 0.1%. The rupee is trading at 61.43 to the US dollar.

Most of the engineering stocks are trading in the green led by BHEL and Crompton Greaves. However, Suzlon Energy and Thermax are among the major losers. As per a leading financial daily Larsen & Toubro's (L&T's) subsidiary L&T Technology Services is set to buy the engineering services division of US based Dell Inc. The competition Commission of India has approved the proposed purchase of Dell Product and Process Innovation Services known as eServ. The US regulatory approvals are being awaited. This deal will provide L&T Technology Services additional delivery centres in North America. In June 2014, the company had acquired 74% stake in Thales Software India to expand its avionics business. L&T stock is presently trading up 1.9%.

Energy stocks are trading on a mixed note. While Mangalore Refinery & Petrochemicals and HPCL are leading the pack of gainers, Gujarat Gas is trading weak. As per a leading business daily, the state-run oil major ONGC's overseas arm ONGC Videsh (OVL) has said that it is still interested in recently discovered Iran gas block, named Binaloud. The company management has been interacting and negotiating with the Iranian government. Both India and Iran government are working on the contract, wherein India along with OVL have started working as a service contractor and now prefer production sharing contract. The previous government in Iran had agreed on a production sharing contract. But new officials, due to change in the government in Iran has cited fresh discussions. The stock of ONGC is trading higher by 1.5% today.

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