BENCHMARKS TRADE WITH DECENT GAINS; MEDIA SHARES UNDER PRESSURE

The key equity indices traded with modest gains in mid-afternoon trade. The Nifty traded above the 23,350 mark. Media shares declined after witnessing buying demand in the past six consecutive trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 233 points or 0.31% to 76,843.63. The Nifty 50 index rose 72.40 points or 0.29% to 23,390.90.

The Sensex and Nifty clocked an all-time high of 77,145.46 and 23,481.05 respectively in early trade.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.64% and the S&P BSE Small-Cap index added 0.72%.

The market breadth was positive. On the BSE, 2,255 shares rose and 1587 shares fell. A total of 112 shares were unchanged.

Economy:

India�s annual inflation rate based on all India Consumer Price Index (CPI) number came in at 4.75% for the month of May, 2024, according to government data released on Wednesday. Corresponding inflation rate for rural and urban is 5.28% and 4.15%, respectively. The Consumer Price Index (CPI) based retail inflation was 4.83% in April 2024 and 4.31% in May 2023. Inflation in the food basket was 8.69% in May, marginally down from 8.70% in April, according to the data released by the National Statistical Office (NSO).

India`s industrial production grew 5% in April this year mainly due to good show by mining and power sectors, according to official data released on Wednesday. The factory output measured in terms of the Index of Industrial Production (IIP) witnessed a growth of 4.6% in April 2023. The growth rates of the three sectors, Mining, Manufacturing and Electricity for the month of April 2024 over April 2023 are 6.7%, 3.9% and 10.2% respectively.

Buzzing Index:

The Nifty Media declined 1.24% to 2,055.30. The index soared 15.49% in the six consecutive trading sessions.

Sun TV Network (down 2.76%), Tips Industries (down 2.32%), Dish TV India (down 2.29%), Zee Entertainment Enterprises (down 1.4%), TV18 Broadcast (down 0.63%), Nazara Technologies (down 0.63%), Saregama India (down 0.55%), PVR Inox (down 0.47%) slipped.

On the other hand, Network 18 Media & Investments (up 1.09%) ,Hathway Cable & Datacom (up 0.49%) edged higher.

Numbers to Track:

The yield on India`s 10-year benchmark federal shed 0.23% to 6.996 as compared with previous close 7.014.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.5425, compared with its close of 83.4800 during the previous trading session.

MCX Gold futures for 5 August 2024 settlement shed 0.21% to Rs 72,000.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.15% to 104.80.

The United States 10-year bond yield gained 0.49% to 4.314.

In the commodities market, Brent crude for August 2024 settlement lost 15 cents or 0.18% to $82.45 a barrel.

Stocks in Spotlight:

KIOCL surged 10.89% after the Union steel and and heavy industries minister, H D Kumaraswamy approved the commencement of operations in Devadari iron ore mine in Sandur taluk of Ballari district in Karnataka.

Mahindra & Mahindra Financial Services rose 0.29%. The company entered into partnership with Kotak Mahindra Life Insurance Company to offer life insurance to the company�s customers.

Saksoft zoomed 13.24% after the company announced the acquisition of Bangalore-based Augmento Labs, a digital engineering company, in a strategic move to enhance its capabilities and presence in the product engineering space.

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