Benchmarks trade with modest gains; media shares in demand

The frontline indices traded with decent gains in mid-morning trade. The Nifty traded near the 21,300 level after hitting the day`s low of 21,137.20 in early trade. Media shares advanced after declining in the past trading session.

At 11.26 IST, the barometer index, the S&P BSE Sensex, was up 241.22 points or 0.34% to 70,611.77. The Nifty 50 index added 79.70 points or 0.38% to 21,318.50.

In the broader market, the S&P BSE Mid-Cap index gained 0.70% and the S&P BSE Small-Cap index rose 0.65%.

The market breadth was strong. On the BSE, 2,242 shares rose and 1,381 shares fell. A total of 128 shares were unchanged.

IPO Update:

The initial public offer (IPO) of Nova Agritech received bids for 39,96,59,305 shares as against 2,54,14,746 shares on offer, according to stock exchange data at 11:30 IST on Tuesday (23 January 2024). The issue was subscribed 15.73 times.

The issue opened for bidding on Tuesday (23 January 2024) and it will close on Thursday (25 Thursday 2024). The price band of the IPO is fixed at Rs 39-41 per share. An investor can bid for a minimum of 365 equity shares and in multiples thereof.

The initial public offer (IPO) of EPACK Durable received bids for 9,33,24,790 shares as against 1,99,77,615 shares on offer, according to stock exchange data at 11:30 IST on Tuesday (23 January 2024). The issue was subscribed 4.67 times.

The issue opened for bidding on Friday (19 January 2024) and it will close on Wednesday (24 Thursday 2024). The price band of the IPO is fixed at Rs 218-230 per share. An investor can bid for a minimum of 65 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Media index added 1.36% to 2,095.50. The index tumbled 12.93% in past trading sessions.

D B Corp (up 3.17%), Zee Entertainment Enterprises (up 2.6%), Sun TV Network (up 2.12%), Dish TV India (up 1.86%), TV18 Broadcast (up 1.48%), Hathway Cable & Datacom (up 1.13%), Network 18 Media & Investments (up 0.91%) rallied.

Stocks in Spotlight:

Rallis India shed 0.10%. The agrochemicals maker has reported 7% rise in net profit to Rs 24 crore despite a 5% fall in revenue to Rs 598 crore in Q3 FY24 as compared with Q3 FY23.

Mahindra & Mahindra Financial Services advanced 1.51% after the company informed that its board has approved the proposal to raise funds by issuance of non-convertible debentures (NCDs) for an amount up to Rs 3,000 crore..

United Spirits rose 1.02% after the company reported standalone net profit of Rs 348.1 crore in Q3 FY24, steeply higher than Rs 110.5 crore posted in Q3 FY23. Revenue (excluding excise duty) increased 7.49% to Rs 2,989.3 crore in Q3 FY24 as compared with Rs 2781.1 crore in Q3 FY23. The growth in revenue driven by continued premiumisation, and resilient consumer demand. Within the above, Prestige & Above segment grew 10.0%.

Global Markets:

Asian stocks were trading mixed. Investors are also assessing economic data out of Japan, as well as factory activity data from Australia.

US stock ended on a mixed note on Tuesday. The S&P 500 climbed to a record high close as investors digested a mixed bag of early quarterly results and awaited a slew of additional reports from Tesla and other companies later this week.

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