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Indices erase early gains, Nifty below 17,550 mark, media stocks decline

Published on Oct 21, 2022 14:35

The domestic equity benchmarks sharply pared gains and traded with minor cuts in the mid- afternoon trade. The Nifty traded below the 17,550 level after hitting the day`s high of 17,670.15 early afternoon trade. Bank and financial services stocks advanced while media, metal and realty shares witnessed a bit of a selling pressure.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 34.84 points or 0.06% to 59,168.06 . The Nifty 50 index declined 36.75 points or 0.21% to 17,527.20.

In the broader market, the S&P BSE Mid-Cap index shed 0.96% while the S&P BSE Small-Cap index fell 0.73%.

The market breadth was negative. On the BSE, 1,357 shares rose and 2,020 shares fell. A total of 142 shares were unchanged.

A strong weekly jobless claims in the US and hawkish comments from the US Fed`s Philadelphia President Patrick Harker bolstered concerns about the central bank sticking to aggressively hiking the interest rates further, potentially pushing the American economy to recession.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper jumped to 7.531 as compared with 7.476 at close in the previous trading session.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.7375, compared with its close of 82.7950 during the previous trading session.

MCX Gold futures for 5 December 2022 settlement declined 0.62% to Rs 49,830.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, added 0.23% to 113.14.

The United States 10-year bond yield jumped 1.38% to 4.284.

In the commodities market, Brent crude for December 2022 settlement declined $1.22 or 1.32% at $91.16 a barrel.

Buzzing Index:

The Nifty Media index declined 1.58% to 2,070.90. The index rose 0.01% in the past trading session.

Saregama India (down 4.73%), Nazara Technologies (down 3.03%), Sun TV Network (down 2.59%), PVR (down 1.47%), Inox Leisure (down 0.85%), Network 18 Media & Investments (down 0.84%), TV18 Broadcast (down 0.84%), Zee Entertainment Enterprises (down 0.77%), Dish TV India (down 0.6%) and Hathway Cable & Datacom (down 0.31%) edged lower.

Stocks in Spotlight:

Nazara Technologies slipped 2.94%. The company`s consolidated net profit shed 1.9% to Rs 10.20 crore in Q2 FY23 from Rs 10.40 crore recorded in Q2 FY22. Revenue from operations zoomed 103.5% to Rs 263.80 crore in quarter ended 30 September 2022 as against Rs 129.60 crore posted in the same period last year.

Stylam Industries jumped 5.98% after the company`s consolidated net profit rose 61.19% to Rs 24.21 crore on 43.26% increase in net sales to Rs 246.33 crore in Q2 September 2022 over Q2 September 2021.

Bharat Dynamics (BDL) gained 2.33% after the company said it has entered into MoU with various organizations during Defexpo - 2022 at Gandhinagar, Gujarat. BDL and Dassault Aviation have entered into an MoU for Integration of BDL Weapon Systems like Astra & Smart Anti-Airfield Weapon on Rafale Aircraft for Indian Armed Forces and future export market.

Further, BDL and IIT, Ropar have entered into MoU to work on joint research projects and technology development for all missiles and underwater weapons. In addition to above, BDL has also signed MoU with other organizations which include Ashok Leyland Defence Systems, Mahindra Defence Systems, Newspace Technologies, etc.

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