BAROMETERS TRADE WITH TINY GAINS; MEDIA SHARES ADVANCE

The frontline equity benchmarks traded with small gains in mid-morning trade. The Nifty traded above the 17,850 level after hitting day`s low of 17,779.80 in the morning trade. Media shares advanced for the second consecutive day.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 86.72 points or 0.14% to 60,750.51. The Nifty 50 index added 11.70 points or 0.06% to 17,883.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.09% while the S&P BSE Small-Cap index advanced 0.02%.

The market breadth was positive. On the BSE, 1,659 shares rose and 1,611 shares fell. A total of 139 shares were unchanged.

Buzzing Index:

The Nifty Media index rose 0.59% to 1,874.65. The index advanced 1.05% in two trading sessions.

TV18 Broadcast (up 5.59%), Dish TV India (up 4.55%), Network 18 Media & Investments (up 2.86%), Hathway Cable & Datacom (up 0.96%) and Sun TV Network (up 0.04%) edged higher.

On the other hand, Navneet Education (down 0.99%), PVR (down 0.73%) and Nazara Technologies (down 0.52%) declined.

Stocks in Spotlight:

Navin Flourine International rose 0.13% after the company announced commercialization of multi-purpose plant and plant for manufacturing a key agro-chemical intermediate.

Oberoi Realty gained 1.53% after the real estate developer`s consolidated net profit surged 50.3% to Rs 702.57 crore in Q3 FY23 from Rs 467.53 crore reported in Q3 FY22. Revenue from operations soared 95.8% to Rs 1,629.46 in Q3 FY23 as against Rs 832.01 crore recorded in the corresponding quarter previous year.

Trent jumped 6.32% after the company`s consolidated net profit rose 19.6% to Rs 167 crore on 53.7% increase in net sales to Rs 2303.38 crore in Q3 December 2022 over Q3 December 2021.

Global markets:

Asian stocks were trading mixed on Thursday, as investors assessed further risks of more rate hikes to come.

Rating agency Fitch has revised its forecast for China`s economic growth in 2023 to 5.0% from 4.1% previously as consumption and broader activity are recovering faster than initially anticipated after the end of the �zero-COVID� regime.

US stocks fell on Wednesday on corporate profit worries including Chipotle and Lumen Technologies` disappointing results. A number of Federal Reserve speakers reiterated the central bank is yet to be finished with its hiking cycle, including Fed Governor Christopher Waller.

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