Barometers trim gains, media shares in demand

The domestic equity indices traded with small gains in morning trade. The Nifty traded above the 22,150 mark. Media shares extended gains for the second consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was up 24.05 points or 0.03% to 72,967.73. The Nifty 50 index added 21.20 points or 0.10% to 22,169.10.

In the broader market, the S&P BSE Mid-Cap index rose 0.62% while the S&P BSE Small-Cap index gained 0.78%.

The market breadth was strong. On the BSE, 2,394 shares rose and 1,056 shares fell. A total of 165 shares were unchanged.

Economy:

The International Monetary Fund raised India�s FY25 GDP growth forecast by 30 bps to 6.8% from its January forecast of 6.5%, citing bullish domestic demand conditions and a rising working-age population. IMF sees India`s FY26 GDP growth at 6.5%. The global financial agency sees India`s retail inflation at 4.6% in FY25 and 4.2% in FY26.

Politics:

India is gearing up for its election in 2024. The BJP is looking to consolidate its grip on power as it aims for a historic third term while a band of opposition parties, including the Congress, has formed a united front called INDIA to deny PM Modi another victory. The elections will occur in 7 phases, starting on 19 April and ending on 1 June. The Lok Sabha elections 2024 results will declared on 4 June.

Earnings Today:

Infosys (up 0.11%), Bajaj Auto (up 1.30%), HDFC Life Insurance Company (up 1.93%), ICICI Securities (up 0.12%), Mastek (up 0.06%), Network18 Media & Investments (up 3.70%), TV18 Broadcast (up 2.22%), Gujarat Hotels (up 0.84%), Oriental Hotels (up 0.37%), Reliance Industrial Infrastructure (up 0.83%) and Swaraj Engines (up 0.64%) will announce their quarterly results later today.

Buzzing Index:

The Nifty Media index rose 0.95% to 1,893. The index advanced 2.54% in two trading sessions.

Hathway Cable & Datacom (up 4.96%), Saregama India (up 3.04%), Network 18 Media & Investments (up 2.91%), TV18 Broadcast (up 2.27%), Tips Industries (up 1.97%), Nazara Technologies (up 1.93%), PVR Inox (up 1.33%), Dish TV India (up 1.13%), Sun TV Network (up 0.28%) edged higher.

Stocks in Spotlight:

Vodafone Idea rallied 3.56%. The company announced that it has raised Rs 5,400 crore from 74 anchor investors. The telecom company allocated 491 crore shares to anchor investors at Rs 11 per share. The investors include GQG Partners, Fidelity Investments, UBS Fund Management, Jupiter Fund Management, and Australian Super, besides Indian investors such as India Infoline, Motilal Oswal, HDFC Mutual Fund, SBI General Insurance and Quant.

Tata Communications added 0.84%. The company reported consolidated net profit of Rs 321.52 crore in Q4 FY24 as against net profit of Rs 326.64 crore posted in Q4 FY23. Total income rose to Rs 5,748.70 crore from Rs 4,630.45 crore.

Biocon advanced 2.51%. The pharma company announced the signing of an exclusive licensing and supply agreement with Biomm S.A., a specialty pharmaceutical company in Brazil, for the commercialization of its vertically integrated drug product, Semaglutide (gOzempic), which is used to improve glycemic control in adults with type-2 diabetes.

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