Broader mkt outperforms, media stocks rally

The key equity barometers traded near the flat line with tiny losses in mid-morning trade. The Nifty managed to hold the 21,000 level. Media shares rallied for the fifth day in a row.

At 11:27 IST, the barometer index, the S&P BSE Sensex, was down 24.64 points or 0.04% to 69,903.89. The Nifty 50 index shed 7.45 points or 0.04% to 21,004.55. The Nifty hit an all-time high of 21,035.75 in early trade.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.20% and the S&P BSE Small-Cap index gained 0.38%.

The market breadth was positive. On the BSE, 2,043 shares rose and 1,543 shares fell. A total of 154 shares were unchanged.

Buzzing Index:

The Nifty Media index rose 1.35% to 2,459.35. The index jumped 5.84% in five trading sessions.

Dish TV India (up 5.49%), TV18 Broadcast (up 4.86%), Zee Entertainment Enterprises (up 2.1%), Hathway Cable & Datacom (up 1.7%), Network 18 Media & Investments (up 1.12%), Nazara Technologies (up 0.86%), Sun TV Network (up 0.57%) edged higher.

On the other hand, Saregama India (down 0.79%), D B Corp (down 0.6%) and PVR Inox (down 0.36%) declined.

Global Markets:

Asian stocks were trading higher Tuesday, with Japan stocks leading gains for a second straight session ahead of the final U.S. Federal Reserve meeting of the year.

US stocks registered modest gains on Monday but managed to close at new highs for the year, ahead of major market catalysts this week that include inflation readings and the Federal Reserve`s policy announcement.

The Fed�s two-day meeting kicks off Tuesday, and the U.S. central bank is expected to maintain the Federal Funds rate steady in the 5.25%-5.5% range. Market players will also assess the U.S. November inflation figures out late Tuesday. Later in the week, the European Central Bank (ECB) and the Bank of England (BOE), are also due to make policy announcements.

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