The BSE-30 sensitive Index (Sensex) lost 190 points in the last two trading sessions after rising nearly 400 points in the preceding sessions. Friday, January 29, loss, the Sensex widened its losses for 2004 to 110 points so far, according to equity market analysts.
Massive selling, especially in the last hour of trade on Friday, pushed the market further south on Friday. Volatile trading on account of the expiry of the January series futures contracts in the F&O segment also saw the markets dipping sharply towards the close of the trading.
On Friday, after moving in an intra-day range of 169 points, the 30-share BSE Sensitive Index (Sensex) ended 107.08 points, or 1.85 per cent, lower at 5,695.66. The NSE S&P CNX Nifty index also shed 33.85 points, or 1.84 per cent, to end at 1,809.75.
Media stocks also saw southward movement with all the major stocks falling between 3 to 5 per cent over the previous day’s close. Media major Zee Telefilms was down 3.6 per cent and closed at Rs 155.30.
The mood of the market continued to remain bearish in absence of fresh buying. According to market talks, market regulator Sebi is planning to seek details of the recent volatility. Dealers also attributed the fall to concerns over the bird flu and fears that FII inflows may slow down if US interest rates rise.
Zee Telefilms, despite having posted good results for the third quarter ended December 31, 2004 the stock price on Friday was down 2.48 per cent to Rs 151.45. It ended lower on selling pressure.
Gaurav Dua, senior manager, Equity Research says, “Media stocks in the last onemonth have lost anywhere between 15-20 per cent in the last one month. Zee has also been hammered despite it’s good results. But, that’s because all the frontline stocks have been hammered. Second rung stocks like Adlabs Films and Balaji Telefilms have also lost. . This is because the markets in general have also been very volatile”.
“The only stock which has out performed is K Sera Sera. The stock has moved up 8.37 per cent in the last one week from Rs 70.45 as on January 23, 2004 to Rs 76.35 as on January 30. Market analysts say that the stock is riding high on the fact that the company’s co-production Ek Haseena Thi has done well at the box office.

Richard D’souza, senior analyst, Four Dimensions Secuirities India said,” Last week there were only four trading sessions of which three were down. Media stocks were no exception every stock was hammered down due to volatility profit booking”.
While Adlabs Films has lost 15 per cent in the last one month from rs 127.60 to Rs 113.15, Balaji Telefilms has lost 17.29 per cent from Rs 97.45 to Rs 82.75. Zee Telefilms, the front runner among the media stocks however has not been hammered drastically in the last one month. He stock has been pulled down only by about -1.05 per cent from Rs 153.05 to Rs 151.45.