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Indian stock markets bounce back
Fri, 2 Mar 11:30 am

Indian stock markets shed initial gains and bounced back into the positive territory over last two hours of trade. Barring IT, FMCG and realty, all sectoral indices traded in the positive.

The BSE-Sensex is trading up by 98 points and NSE-Nifty is trading up by 35 points. BSE Mid cap andBSE Small cap indices too are trading up by 0.9% each. The rupee is trading at 49.31 to the US dollar.

Media stocks are trading firm led by Reliance Mediaworks and Zee Entertainment. As per a leading daily, Zee Entertainment's flagship channel, Zee TV has received the landing rights in China. The Hindi General Entertainment Channel (GEC) that was launched in October 1992 will now be available to viewers in China. The Indian media company had applied for landing rights in China in 2006 and the decision was long awaited. Zee TV presently reaches 500 m viewers in more than 120 countries in UK, Europe, the US and Africa through its bouquet of offerings. Apart from flagship Zee TV, the well diversified portfolio includes Zee Cinema, Zee Music, Zee Cafe, Zee Smile, Zee Action, ETC, ETC Punjabi TEN sports, Zee Sports and a few others.

Energy stocks are trading in the red led by Oil and Natural Gas Corporation Ltd. (ONGC) and Cairn India. According to a leading financial daily, Reliance Industries has started the country's largest buyback programme of Rs 100 bn by buying small quantities of its own shares. Since the start of the buyback on February 7, the company has bought back about 0.54 m shares. At an average price of Rs 800, this amounts to Rs 440 m. According to information on the Bombay Stock Exchange (BSE) website, the company has sporadically entered the market on six occasions to buy stocks mostly in small quantities. Interestingly, the bulk of purchases have taken place in the previous two trading sessions when the stock price had slipped below Rs 800 per share.

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