However, during the same period, between November 26 and December 3, the Skindia GDR price earning ratio rose 3.43 per cent to close at 15.08 points.

Interestingly, the stagnant phase on the local bourses saw the GDRs of pivotals quote at a premium of over 10 per cent to their underlying stock, with the Skindia GDR Index premium rising by 17.69 per cent to close at 15.72 per cent. The GDRs of ITC and MTNL were traded at a premium of 30.04 per cent and 28.90 per cent respectively.

The ITC GDR closed at the value of Rs 1,748 against its underlying stock which closed at Rs 707.95 on the National Stock Exchange. As the GDR markets continued to be range-bound the average premiums of the 60 GDRs declined marginally from 5.97 per cent on November 26 to 5.90 percent on December 3. The spreads of 37 most actively traded GDRs widened from 9.36 per cent on November 26 to 10.11 per cent on December 3.

Top gainers during the week were GDRs of EID Parry, ITC and Mahindra which shot up by 7.45 per cent, 17.65 per cent and 3.42 per cent respectively."The investors at large seem to be watching with keen interest as to what happens to the IRA bill," Skindia Finance's Manish Gupta said.

"Despite all positive announcements to prop up the economy the investors are still not interested in investing in core-sector stocks," he added.

Reflecting the nervous mood of the market, cement industry GDRs fell on an average by 7.70 per cent since October while, the underlying shares witnessed a decline of 11.26 per cent during the same period. GDRs of India Cements fell by 30.95 per cent to $0.73. However, among the cement sector GDRs of Gujarat Ambuja appreciated by 15.56 per cent to close $5.20, while its underlying stock rose by 9.65 per cent to close at Rs 217.10.

Similarly,steel industry GDRs also registered a sharp decline of 4.65 per cent while their underlying stocks dipped by 17.44 per cent, the GDRs of Ispat Industries and Sail dipped by 13.33 per cent and 9.30 per cent respectively.