Benchmarks trade with significant losses; media shares slides

The key equity indices continued to trade with substantial losses in mid-afternoon trade. The Nifty slipped below the 19,150 mark after hitting the day`s high at 19,347.30 in morning trade. Media shares declined for the third consecutive session.

At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 490.12 points or 0.76% to 64,081.76. The Nifty 50 index lost 148.45 points or 0.77% to 19,133.30.

In the broader market, the S&P BSE Mid-Cap index declined 0.55% while the S&P BSE Small-Cap index slipped 0.90%.

The market breadth is negative. On the BSE, 1,069 shares rose, and 2,570 shares fell. A total of 120 shares were unchanged.

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, surged 6% to 11.56.

Buzzing Index:

The Nifty media index fell 1.53% to 2,155.90. The index has dropped 7.32% in three trading sessions.

D B Corp (down 5.82%), TV18 Broadcast (down 5.5%), Saregama India (down 3.31%), Network 18 Media & Investments (down 2.86%) and Dish TV India (down 2.11%) were the top losers.

Among the other losers were Zee Entertainment Enterprises (down 2.06%), Hathway Cable & Datacom (down 1.12%), Sun TV Network (down 0.47%), PVR Inox (down 0.14%).

Numbers to Track:

The yield on India`s 10-year benchmark federal paper fell 0.53% to 7.343 from its previous close of 7.382.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.1650, compared with its close of 83.1600 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement rose 0.07% to Rs 60,580.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.04% to 106.31.

The United States 10-year bond yield advanced 0.39% to 4.859.

In the commodities market, Brent crude for December 2023 settlement rose 25 cents or 0.28% to $88.32 a barrel.

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