Benchmarks trade with deep cuts; media shares decline

The domestic equity indices traded with moderate losses in mid-afternoon trade. The Nifty traded below the 21,300 level. Media shares witnessed selling pressure for the second consecutive trading session.

At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 495.23 points or 0.62% to 70,941.96. The Nifty 50 index lost 161.10 points or 0.75% to 21,292.

The Nifty 50 and S&P BSE Sensex hit an all-time high at 21,593 and 71,913.07 respectively in early trade.

In the broader market, the S&P BSE Mid-Cap index slipped 1.88% and the S&P BSE Small-Cap index tumbled 2.38%.

The market breadth was weak. On the BSE, 806 shares rose and 2,980 shares fell. A total of 102 shares were unchanged.

Buzzing Index:

The Nifty Media index declined 3.64% to 2,358.40. The index has slipped 4.35% in two consecutive sessions.

Dish TV India (down 8.61%), Hathway Cable & Datacom (down 7.11%), D B Corp (down 5.23%), Zee Entertainment Enterprises (down 4.78%) and PVR Inox (down 3.28%), Network 18 Media & Investments (down 2.57%), TV18 Broadcast (down 2.26%), Saregama India (down 2.07%), Nazara Technologies (down 1.56%) and Sun TV Network (down 0.66%) declined.

Numbers to Tracks:

The yield on India`s 10-year benchmark federal paper added 0.04% to 7.174 as compared with previous close 7.171.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.1500, compared with its close of 83.1825 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement rose 0.08% to Rs 62,523.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.10% to 102.27.

The United States 10-year bond yield declined 1.53% to 3.898.

In the commodities market, Brent crude for February 2024 settlement rose 74 cents or 0.93% to $79.97 a barrel.

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