Broader mkt outperforms; media shares in demand

The frontline indices traded with small gains in mid-morning trade. The Nifty hovered above the 22,450 mark. Media shares advanced after declining in the two trading sessions.

At 11:27 IST, the barometer index, the S&P BSE Sensex, was up 71.21 points or 0.10% to 74,157.20. The Nifty 50 index rose 20.95 points or 0.09% to 22,495.

The Nifty and the Sensex hit all-time highs in mid-morning trade at 22,523.65 and 74,245.17, respectively.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.60% and the S&P BSE Small-Cap index gained 0.94%.

The market breadth was strong. On the BSE, 2,207 shares rose and 1,442 shares fell. A total of 125 shares were unchanged.

Economy:

India`s GDP growth in the current fiscal year ending in March could be "very close" to 8%, Reserve Bank of India (RBI) governor Shaktikanta Das reportedly said. Das said rural demand had been improving and was much stronger than a year ago, while urban demand continued to be very strong.

IPO Update:

The initial public offer (IPO) of Gopal Snacks received 1,01,99,124 bids for shares as against 1,19,79,993 shares on offer, according to stock exchange data at 11:30 IST on Thursday (7 March 2024). The issue was subscribed 0.85 times.

The issue opened for bidding on Wednesday (6 March 2024) and it will close on Monday (11 March 2024). The price band of the IPO is fixed at Rs 381 to 401 per share. An investor can bid for a minimum of 38 equity shares and in multiples thereof.

The initial public offer (IPO) of J G Chemicals received 7,36,19,131 bids for shares as against 81,68,714 shares on offer, according to stock exchange data at 11:30 IST on Thursday (7 March 2024). The issue was subscribed 9.01 times.

The issue opened for bidding on Tuesday (5 March 2024) and it will close on Thursday (7 March 2024). The price band of the IPO is fixed at Rs 210 to 221 per share. An investor can bid for a minimum of 67 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Media index added 1.13% 1,960.90. The index slipped 5.65% in the past three trading sessions.

Network 18 Media & Investments (up 4.14%), TV18 Broadcast (up 3.3%), Sun TV Network (up 1.84%), Dish TV India (up 1.53%), PVR Inox (up 1.03%), Hathway Cable & Datacom (up 0.7%), Saregama India (up 0.53%), Nazara Technologies (up 0.2%) advanced.

On the other hand, D B Corp (down 2.42%), Zee Entertainment Enterprises (down 0.71%) edged lower.

Stocks in Spotlight:

Tata Motors gained 1.29% after the Moody`s Investors Service affirmed the company�s �Ba3� corporate family rating while maintaining a `positive� outlook on all ratings.

Infosys rose 0.48%. The company announced that it has extended its partnership with ATP Tour until 2026, solidifying their commitment to using cutting-edge technology to revolutionize professional tennis.

Bajaj Finserv advanced 1.54% after its subsidiary, Bajaj Allianz General Insurance Company`s gross direct premium underwritten for February 2023 was at Rs 1,294.80 crore, recording a growth of 38.52% year on year.

Asian Paints added 1.41% after the company�s wholly-owned subsidiary, Asian Paints (Polymers) (APPPL) has entered into requisite agreements with Gujarat Chemical Port (GCPL) to set up an ethylene storage and handling facility in Dahej, Gujarat.

Global Markets:

Asian markets traded mixed on Thursday, with several stock indexes hitting record highs, following by Federal Reserve Chair Jerome Powell�s comments that interest rates will likely fall this year.

U.S. stocks ended higher on Wednesday after Federal Reserve Chair Jerome Powell reassured investors that while inflation is not quite tamed rate cuts can be expected this year.

Federal Reserve Chair Jerome Powell reiterated to lawmakers that the US central bank is in no rush to cut interest rates until policymakers are convinced they have won their battle over inflation. In prepared testimony to a House panel Wednesday, the Fed chief said it will likely be appropriate to begin lower borrowing costs �at some point this year,� but made clear they�re not ready yet.

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