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Benchmarks trade near flat line; media shares advance

Published on Feb 23, 2024 10:32

The key equity indices traded near the flat line with small gains in morning trade. The Nifty hovered above the 22,200 level. Media shares extended gains for the second consecutive trading session.

At 10:27 IST, the barometer index, the S&P BSE Sensex, was up 38.63 points or 0.05 % to 73,196.87. The Nifty 50 index rose 7.60 points or 0.03% to 22,225.05.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index rose 0.26% and the S&P BSE Small-Cap index gained 0.47%.

The market breadth was strong. On the BSE, 2,187 shares rose and 1,364 shares fell. A total of 135 shares were unchanged.


The Reserve Bank of India`s (RBI) monetary policy committee (MPC) expressed caution regarding inflation, according to the minutes of the MPC meeting released on 22nd February. The committee members, including RBI Governor Shaktikanta Das, highlighted concerns about uncertainty in food prices, citing it as a significant source of volatility for the overall inflation outlook. Governor Das also emphasised that geopolitical tensions and supply chain disruptions could further contribute to inflation risks.

Deputy Governor Michael Debabrata Patra emphasized the need for a restrictive monetary policy to maintain downward pressure on inflation while minimising the output costs of disinflation. Governor Das warned that recurring food price shocks could disrupt the ongoing disinflation process, posing risks of de-anchoring inflation expectations and generalising price pressures.

Buzzing Index:

The Nifty Media index gained 1.19% to 2,160.55. The index advanced 2.20% in two trading sessions.

Zee Entertainment Enterprises (up 4.88%), Nazara Technologies (up 2.12%), TV18 Broadcast (up 1.11%), Dish TV India (up 0.84%), PVR Inox (up 0.58%) Sun TV Network (up 0.05%) advanced.

On the other hand, D B Corp (down 0.88%), Hathway Cable & Datacom (down 0.83%) and Saregama India (down 0.55%) edged lower.

Stocks in Spotlight:

Sona BLW Precision Forgings rallied 3.39% after the company has received certification for one of its product i.e. hub wheel drive motor for electric two-wheelers under the PLI scheme.

Bank of Baroda shed 0.76%. The lender raised Rs 2,500 crore via Tier II bonds at a 5.57% coupon.

Indian Railway Catering and Tourism Corporation (IRCTC) advanced after the company has tied up with Swiggy for supply & delivery of pre-ordered meals through IRCTC e-catering portal as a Proof of Concept in the first phase at four Railway stations i.e. Bengaluru, Bhubaneswar, Vijayawada & Visakhapatnam.

ION Exchange India rose 0.49%.The NCLT, Mumbai-approved scheme of amalgamation of Global Composites and Structurals and Ion Exchange Environment Management with Ion Exchange.

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