• The relief rally of the previous session proved to be short lived and markets reversed the gains of the previous session to end the day lower by near a percent. Realty and Banks traded under pressure ahead of GDp data tomorrow with a street expectation of below 7%. Oil & Gas stocks witnessed weakness as heavyweight RiL lost ground post the arbitrage news from the previous day while PSU OMCs reeled under a petrol price cut possibility. Retails stocks witnessed a huge sell off as the all party meet that was held today to discuss the FDI matter proved to be a non event. Telecom stocks too closed with a red ticker. A spike in the Italian bond yields ahead of an auction slated for later in the day led to the noon session weakness as European markets opened with weak legs.
• Bse Sectoral Indices: Losers: Realty -2.32%, Bankex -1.91%, Oil & Gas -1.84%, Consumer Durables -1.39%, Metal -1.33%, PSU -1.16%, Teck -1.13%. Laggards: FMCG +0.45%, Healthcare +0.32%.
• Asian Indices: China +1.23%, Hong Kong +1.21%, Japan +2.30%, Singapore -0.23%, S Korea +2.27%, Taiwan +1.30%.
• European Indices*: France +0.57%, Germany +0.55%, UK 0.02%.
Eros Media: CMP: ` 218 (+8%)
The stock was abuzz with action as the company reported a successful opening of ` 53 crore gross worldwide for its latest film release. Desi Boyz has been co-produced by the company along with Next Gen Films and was released across more than 2000 screens worldwide on Friday 25-11-11.
Escorts Ltd: CMP: ` 79 (+1%)
The stock traded with an uptick after announcements of results yesterday post market hours. The company stated that its aggressive market strategies, new products, recent price revisions and cost cutting exercise would provide some cushion incase of continuous inflationary pressures.
HPCL: CMP: ` 277 (-4%)
The stock lost steam post near 3% gains in the previous session on reports that petrol prices may be cut by ` 1 to ` 1.5 a litre on Wednesday. If effected this would be the second reduction of price in this month on account of a fall in global oil rates.
Gitanjali Gems: CMP: ` 330 (-2%)
The stock succumbed to selling pressure on reports that the Income Tax Department had raided the company’s office and residential premises.