Partner With Us NRI

Broader market underperforms; media shares slide

Published on Apr 15, 2024 11:35

The key equity benchmarks traded in a narrow range with limited losses in mid-morning trade, impacted by geopolitical tensions arose after Iran`s attack on Israel. The Nifty traded below the 22,400 level. Media shares declined for the second day in a row.

At 11:29 IST, the barometer index, the S&P BSE Sensex, was down 524.39 points or 0.71% to 73,720.51. The Nifty 50 index declined 141.80 points or 0.63% to 22,377.60.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index lost 0.96% while the S&P BSE Small-Cap index fell 1.14%.

The market breadth was weak. On the BSE, 782 shares rose and 2,960 shares fell. A total of 152 shares were unchanged.


On the macro front, retail inflation eased to a five-month low in March on the marginally moderating food inflation, while industrial output growth rebounded to a four-month high in February, led by robust infra sectors and consumer durables output. India`s retail inflation eased to 4.85% on an annual basis in March as against 5.09% in the previous month, data showed on Friday. Meanwhile, the industrial production surged to a four-month high of 5.7% in February compared with 4.3% in the previous month.

Buzzing Index:

The Nifty Media index fell 1.60% to 1,858.10. The index slipped 2.79% in two trading sessions.

Network 18 Media & Investments (down 3.08%), Hathway Cable & Datacom (down 3.02%), Dish TV India (down 2.75%), Zee Entertainment Enterprises (down 2.29%), Nazara Technologies (down 2.27%), TV18 Broadcast (down 1.8%), Saregama India (down 0.97%), Tips Industries (down 0.89%), PVR Inox (down 0.74%) and Sun TV Network (down 0.1%) edged lower.

Stocks in Spotlight:

Anand Rathi Wealth advanced 2.82% after its consolidated net profit rose 32.83% to Rs 56.60 crore in Q4 FY24 as against Rs 42.61 crore in Q4 FY23. Total revenue increased 34.08% year on year (YoY) to Rs 197.19 crore in the quarter ended 31 March 2024.

Ramkrishna Forgings added 1.88% after the company announced the receipt of order, valued at Rs 270 crore, for the supply of Vande Bharat Trainset from BHEL-TRSL consortium.

Global Markets:

Most of the Asian stocks traded lower on Monday as geopolitical tension heightened after Iran`s attack on Israel over the weekend. Traders weighed the impact of Iran�s massive drone and missile attacks on Israel. Iran launched more than 300 drones and missiles against military targets in Israel on Saturday. Though significant in scale, the Iranian attack caused little actual damage in Israel, as per reports.

China will announce its first quarter GDP numbers on Tuesday. Japan will release its March trade data and inflation numbers on Wednesday and Friday, respectively.

US stocks tumbled Friday following a mixed start to earnings reporting season. Worries about potentially escalating tensions in the Middle East rattled financial markets, pushing investors to look for safer places for their money.

Powered by Capital Market - Live News