Assuming 2 files list1 and list2 has list in same line:
# cat list1
abc jones oracle smith ssm tty
# cat list2
abc jones lmn smith ssm xyz
Here is a solution in BASH using only built-ins:
#!/bin/bash
FLAG=0
while read list2_line
do
for list2_word in $list2_line
do
while read list1_line
do
for list1_word in $list1_line
do
[[ "$list2_word" == "$list1_word" ]] && FLAG=1
done
[[ $FLAG -eq 0 ]] && echo -e "$list2_word \c"; FLAG=0
done < list1
done
done < list2
echo