Nifty above 18,600 level, media stocks rally

The key equity barometers continued to trade with moderate gains in morning trade. The Nifty traded above the 18,600 level. Media stocks extended gains for the seventh consecutive trading session.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 335.26 points or 0.54% to 62,882.37. The Nifty 50 index gained 84.65 points or 0.46% to 18,618.75.

In the broader market, the S&P BSE Mid-Cap index added 0.32% while the S&P BSE Small-Cap index rose 0.67%.

The market breadth was strong. On the BSE, 2,299 shares rose and 1,060 shares fell. A total of 165 shares were unchanged.

The Reserve Bank of India (RBI)`s six-member Monetary Policy Committee is scheduled to meet this week during 6-8 June 2023. RBI Governor Shaktikanta Das will announce the MPC decision on Thursday, 8 June 2023, the last date of the meeting.

Buzzing Index:

The Nifty Media index gained 1.45% to 1,810.45, extending gains for the seventh day in a row. The index surged 7% in seven trading sessions.

PVR Inox (up 2.31%), Zee Entertainment Enterprises (up 2.09%), Nazara Technologies (up 1.46%), Sun TV Network (up 1.33%), Dish TV India (up 1.07%), Hathway Cable & Datacom (up 0.69%), New Delhi Television (up 0.62%), Network 18 Media & Investments (up 0.38%) advancd.

On the other hand, Navneet Education (down 2.03%), TV18 Broadcast (down 0.25%) edged lower.

PVR INOX rallied 2.31%. PVR INOX, India`s largest film exhibition company, has opened a new 7-screen multiplex at Global Mall in Bengaluru as part of its expansion plans in Karnataka.

Stocks in Spotlight:

Nava surged 10.29% after the company said its Zambian subsidiary, Maamba Collieries (MCL), had fully discharged all overdue loan installments. MCL had paid off all overdue loan installments and reduced its overall liabilities from $483 million (Rs 3,999 crore) to $206 million (Rs 1,707 crore) due to improved operational cash flows and receipts from an arbitral award against Zambia Electricity Supply Corporation (ZESCO).

One 97 Communication (Paytm) declined 0.56%. The company said that its lending business witnessed a 169% year on year growth in disbursement to Rs 9,618 crore ($1.2 billion) (for April & May 2023). The number of loans disbursed jumped 54% year on year to 85 lakh in the quarter to date (for April & May 2023).

Lupin rose 0.72%. The drug major on Friday announced the launch of Darunavir tablets in the United States market. Darunavir tablet is a generic equivalent of Prezista tablets of Janssen Products, LP. Darunavir is in a class of medications called protease inhibitors. It works by decreasing the amount of HIV in the blood. Although darunavir does not cure HIV, it may decrease your chance of developing acquired immunodeficiency syndrome (AIDS) and HIV-related illnesses such as serious infections or cancer.

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