D-Street Buzz: PSU Bank, auto stocks slip led by BoB, M&M; Zee Ent spikes 7%, Indiabulls Housing tanks

Following a 35bps rate by the Reserve Bank of India and after trading on a flat to positive note, the Indian stock market has once again slipped into the red with Nifty down 40 points to 10,908 while the Sensex shed 111 points to 36,869.

Nifty PSU Bank is down over 2 percent dragged by Bank of Baroda, Punjab National Bank, State Bank of India, Bank of India, Indian Bank and Union Bank of India.

Auto stocks have slipped further into the red. The top losers are Tata  Motors, Mahindra & Mahindra, Ashok Leyland, Bharat Forge, Bosch, Motherson Sumi Systems, Eicher Motors and Tata Motors DVR.

From the metal space, the top losers are Tata Steel, JPSL, JSW Steel, NALCO, SAIL and Vedanta.

Selective oil & gas stocks are trading in the negative territory. The top losers are BPCL, HPCL, Indian Oil Corporation and Reliance Industries.

However, Nifty Media is the outperforming sector, up over 2 percent led by Zee Entertainment which spiked over 7 percent followed by TV Today Network, INOX Leisure, Eros International, Sun TV, Network18 and PVR.

India VIX is up 1.61 percent and is trading at 16.38.

The most active stocks are Indiabulls Housing Finance, YES Bank, Reliance Industries, HDFC Bank and Titan Company.

253 stocks have hit 52-week low on BSE including Indiabulls Housing, RBL Bank, JSPL, Vodafone Idea, Tata Steel, Motherson Sumi Systems, Tata Motors, GE T&D, ITC and GAIL India among others.

908 stocks advanced and 835 declined while 344 remained unchanged on the NSE. On the BSE, 1178 stocks advanced, 1201 declined and 143 remained unchanged.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.