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• Kotak securities sees downside risks to the refinery segment of Reliance Industries on a sharp decline in margins over the past one month. Kotak said in a note it sees recent contraction in global refining and petchem margins led by weak downstream demand and falling output from the company's KG D-6 block as downside risk to the earnings estimate for FY13-14. Reliance Industries ongoing buyback program may act as support at Rs 775-800 in the near term, Kotak added.The buyback, which opened on February 1 will close January 19 next year. At 1:22 p.m shares were down 1.55% at Rs 784.90.

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