Indices trade near flat line; media shares advance

The key equity benchmarks pared most of the losses and traded near flat line in mid-afternoon trade. The Nifty traded above the 19,100 level after hitting the day�s low of 19,064.70 in morning trade. Media shares advanced after declining for the past trading session.

At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 39.59 points or 0.06% to 64,073.06. The Nifty 50 index lost 8.10 points or 0.4% to 19,132.80.

The broader market outperformed the key indices. The S&P BSE Mid-Cap index rose 0.52% while the S&P BSE Small-Cap index gained 0.44%.

The market breadth was positive. On the BSE, 2,024 shares rose and 1,538 shares fell. A total of 150 shares were unchanged.

Buzzing Index:

The Nifty Media index rose 1.59% to 2,214. The index fell 0.06% in previous trading session.

Zee Entertainment Enterprises (up 2.95%), Nazara Technologies (up 1.62%), D B Corp (up 0.65%), Sun TV Network (up 0.48%) and PVR Inox (up 0.46%), TV18 Broadcast (up 0.12%) advanced.

Saregama India (down 1.6%), Network 18 Media & Investments (down 0.65%) and Dish TV India (down 0.59%) declined.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper shed 0.27% to 7.349 from its previous close of 7.369.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.2550, compared with its close of 83.2650 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement fell 0.01% to Rs 61,275.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.01% to 106.13.

The United States 10-year bond yield declined 0.98% to 4.831.

In the commodities market, Brent crude for December 2023 settlement gained 79 cents or 0.90% to $88.24 a barrel.

Stocks in Spotlight:

Gujarat Industries Power Company advanced 1.31% after the company announced the signing of power purchase agreement (PPA) with Gujarat Urja Vikas Nigam for procurement of 500MW Power under bilateral mode.

DCM Shriram slipped 3.38% after the company reported consolidated net profit dropped by 74.84% to Rs 32.24 crore in Q2 FY24 as against Rs 128.12 crore reported in Q2 FY23.

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