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Metal & banking out of favour
Fri, 17 Jul 11:30 am

Indian share markets after opening on a weak note continued to trade flat. Barring metal and banking stocks, all the sectoral indices are trading in the green. IT & pharma stocks are the biggest gainers today.

BSE-Sensex is up 8 points and NSE-Nifty is trading marginally down. S&P BSE Midcap is trading 0.3% up and S&P BSE Smallcap index is trading up by 0.6%. The rupee is trading at 63.48 to the US dollar.

Majority of the FMCG stocks are trading firm led by Gillette India and Kokuyo Camlin. As per a leading financial daily, oral care major Colgate Palmolive's attempt to patent a nutmeg mouthwash formula has been quashed after Council of Scientific & Industrial Research submitted evidence in the form of references from ancient books that the herb and its extracts were used for oral diseases in the Indian system of medicines. The Science & Technology Ministry has said that submissions against the claim by Colgate were also made by other third parties. The stock is presently trading up 1%.

Energy stocks are trading on a mixed note with the gainers being led by Essar Oil and Chennai Petroleum. As per a leading business daily, GAIL plans to spend close to US$ 1.5 bn on acquiring shale gas asset in the US with a view to meeting gas demand in India and its other markets. It also hopes to partially offset the risk associated with the market linked pricing of 6 m tonnes of LNG per annum that it has contracted to purchase from the US. The stock of GAIL is trading almost flat currently.

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