BENCHMARKS TRADE IN POSITIVE TERRAIN; MEDIA SHARES DECLINE

The key equity indices traded with small gains in mid-afternoon trade. The Nifty traded above the 24,150 mark. Media shares extended losses for the third consecutive trading session.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 169.52 points or 0.22% to 79,130.07. The Nifty 50 index added 21.90 points or 0.09% to 24,160.95.

The broader market underperformed the headline indices. The S&P BSE Mid-Cap index shed 0.36% and the S&P BSE Small-Cap declined 0.50%.

The market breadth was weak. On the BSE, 1,490 shares rose and 2,380 shares fell. A total of 120 shares were unchanged.

Due to the observance of Independence Day on Thursday, 15 August 2024, the domestic market will be closed. Consequently, the Nifty weekly options expiry has been shifted to today.

Economy:

The annual rate of inflation based on all India Wholesale Price Index (WPI) number is 2.04% (Provisional) for the month of July, 2024 (over July, 2023). Positive rate of inflation in July, 2024 is primarily due to increase in prices of food articles, manufacture of food products, mineral oils, crude petroleum & natural gas, other manufacturing etc. The month over month change in WPI index for the month of July, 2024 stood at 0.84% as compared to June, 2024.

Buzzing Index:

The Nifty Media index declined 0.79% to 2,022.85. The index fell 3.74% three consecutive trading sessions.

Hathway Cable & Datacom (down 1.84%), PVR Inox (down 1.5%), Tips Industries (down 1.31%), Nazara Technologies (down 1.25%), Dish TV India (down 0.82%) Zee Entertainment Enterprises (down 0.78%), Sun TV Network (down 0.66%) and Network 18 Media & Investments (down 0.02%) declined.

Numbers to track:

The yield on India`s 10-year benchmark federal paper was down 0.43% to 6.975 as compared with previous close 7.055.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.9675, compared with its close of 83.9700 during the previous trading session.

MCX Gold futures for 5 September 2024 settlement rose 0.40% to Rs 70,976.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.01% to 102.57.

The United States 10-year bond yield grew 0.08% to 3.860.

In the commodities market, Brent crude for October 2024 settlement gained 49 cents or 0.61% to $81.18 a barrel.

Stocks In Spotlight:

Power Mech Projects surged 5.12% after the company said that its board will meet on Thursday, 22 August 2024, to consider the proposal for issue of bonus shares to the equity shareholders of the company.

GMR Airports Infrastructure slipped 2.06% after the firm reported a consolidated net loss of Rs 337.57 crore in Q1 FY25 as against a net profit of Rs 15.45 crore recorded in Q1 FY24. Revenue from operations increased 19.06% year on year (YoY) to Rs 2,402.20 crore during the June 2024 quarter.

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