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Midcap & small cap, major gainers
Wed, 3 Dec 11:30 am

Indian share markets recouped early losses and are trading positive in the post-noon trading session. Barring IT and FMCG, all the stocks are trading in the red. Realty and power stocks are the biggest gainers today.

BSE-Sensex is up 35 points and NSE-Nifty is trading 18 points up. BSE Mid Cap is trading 1.6% up and BSE Small Cap index is trading up by 1.7%. The rupee is trading at 61.91 to the US dollar.

Majority of the energy stocks are trading in the green with Essar Oil and Castrol India being the major gainers whereas Gujarat Gas and Indian Oil Corporation (IOC) are trading in the red. As per a leading financial daily, oil marketing companies (OMCs) have cancelled the procurement tender for 1,200 m litres of ethanol. In the light of the falling price of crude, the OMCs are demanding a cut in the price of ethanol contracted earlier. OMCs had made a tender in July to procure 1,560 litres of ethanol from sugar mills. But sugar mills made an offer for only 620 m litres out of which OMCs accepted 350 m litres at a price of Rs 47.50 a litre. But since crude prices have fallen by 37% to $72 a barrel, OMCs are demanding a re-negotiation in the procurement price for the balance 1,200 m litres. In January 2013, the government had mandated 5% ethanol blending with petrol across the country with 10% blending in 10 states taking the total ethanol requirement to 1,560 m litres.

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