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Indian markets give up early gains
Tue, 16 Oct 11:30 am

Indian equity markets continued to trade strong over the last two hours of trade. Realty and IT stocks witnessed maximum buying interest while Auto and Metal stocks witnessed maximum selling pressure.

The Sensex today is up by 26 points, while the NSE-Nifty today is up by 7 points. BSE Mid Cap index and the BSE Small Cap index are up by 0.36% and 0.50%. The rupee is trading at 52.83 to the US dollar.

Energy stocks are trading strong led by Essar Oil and Cairn India. According to a leading financial daily, a consortium of government oil companies led by ONGC Videsh Limited (OVL), the foreign arm of Oil and Natural Gas Corporation (ONGC) is among the three groups shortlisted by US energy giant ConocoPhillips for a proposed stake sale in six Canadian oil sands assets. OVL, along with IndianOil Corp Limited and Oil India Limited, had recently placed a USD $5 bn bid for buying the stake in the Alberta oil sands assets. ConocoPhillips is selling up to 50% of its oil-sand reserves in Alberta. ONGC had signed a memorandum of understanding with ConocoPhillips early this year for cooperation in exploration and development of shale resources in India, North America and elsewhere, besides deep water opportunities off the eastern coast of India.

Engineering stocks are trading in the green led by TRF Limited and Lakshmi Machine. According to a leading financial daily, Bharat Heavy Electricals Limited (BHEL) has set up a facility for Indian Space Research Organisation (ISRO). This is for assembling and testing Space Grade Solar Panels using high efficiency solar cells. BHEL has also supplied Lithium-ion batteries consisting of 40 Lithium-ion cells that have a power storage capacity of 160 Ampere-Hours for GSAT-10. This satellite is the heaviest Indian satellite built by ISRO and is used in the country's telecommunications and TV broadcasting services. The solar panels and batteries have been manufactured and tested at BHEL facility. The tests included vibration and thermal-vacuum tests. BHEL has supplied 55 solar panels totalling to 250 square metres of area and 40 batteries for various satellites of ISRO till date.

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