Benchmarks trim some losses; media stocks down for fourth day
Published on May 09, 2022 12:34
The equity benchmarks pared some losses but continued to trade in negative territory in early afternoon trade. The Nifty scaled 16,300 mark. Barring the Nifty IT index, all other sectoral indices on the NSE were trading in the red. Domestic sentiment was negative amid weak global cues.
At 12:24 IST, the barometer index, S&P BSE Sensex declined 284.95 points or 0.52% to 54,550.63. The Nifty 50 index was down 86.90 points or 0.53% at 16,324.35.
The broader market declined more than benchmark indices. The S&P BSE Mid-Cap index slipped 1.41% while the S&P BSE Small-Cap index fell 1.27%.
The market breadth was weak. On the BSE, 966 shares rose while 2380 shares fell. A total of 128 shares were unchanged
The NSE`s India VIX, a gauge of market`s expectation of volatility over the near term, rose 2.85% to 21.8575. The Nifty 26 May 2022 futures were trading at 16,333.95 at a premium of 9.60 points as compared with the spot at 16,324.35.
The Nifty option chain for the 26 May 2022 expiry showed maximum Call OI of 82.2 lakh contracts at the 17,000 strike price. Maximum Put OI of 58.2 lakh contracts was seen at 16,000 strike price.
The Nifty Media index fell 2.14% to 1,977.45 extending its losing run to the fourth trading day. The index has fallen 8.39% in four sessions.
Among the components of the Nifty Media index, Zee Entertainment Enterprises Ltd (down 4.29%), Nazara Technologies Ltd (down 4.22%), Hathway Cable & Datacom Ltd (down 3.86%), TV18 Broadcast Ltd (down 3.45%) and Dish TV India Ltd (down 2.01%) were the top losers.
Stocks in Spotlight:
Adani Enterprises declined 1% to Rs 2,224.15. The company announced that Adani Airport Holdings (AAHL) has raised $250 million through a 3-year ECB facility from consortium of Standard Chartered Bank (SCB) and Barclays Bank PLC, with an optionality to raise additional $200 million. The funds raised are to be used for capital expenditure and for the development of six airports.
Glenmark Pharmaceuticals rose 0.83% to Rs 414.15. The drug company received a tentative approval from United States Food & Drug Administration (USFDA) for calcipotriene and betamethasone dipropionate foam. Calcipotriene and betamethasone dipropionate foam are the generic version of Enstilar foam of Leo Pharma AS. According to IQVIA sales data for the 12 month period ending March 2022, Enstilar foam marketed annual sales of approximately $115.2 million.
Vesuvius India jumped 7.19% to Rs 1,051.95 after the company`s net profit rose 46.50% to Rs 23.63 crore on 25.23% rise in net sales to Rs 310.12 crore in Q1 March 2022 over Q1 March 2021. On a standalone basis, profit before tax (PBT) rose 46.96% year-on-year to Rs 31.70 crore in Q1 March 2022. Meanwhile, the company has completed the acquisition of industrial freehold land at Vizag at around Rs 48.50 crore to meet future expansion/business needs.
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