Indices trade near flat line; media shares decline

The key equity indices pared all gains and traded near flat line in mid-afternoon trade. The Nifty traded near the 21,650 mark. Media shares declined after gaining in the past trading session.

At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 16.34 points or 0.02% to 71,674.05. The Nifty 50 index added 30.35 points or 0.14% to 21,649.05.

In the broader market, the S&P BSE Mid-Cap index rose 0.67% and the S&P BSE Small-Cap index gained 0.69%.

The market breadth was strong. On the BSE, 2,322 shares rose and 1,488 shares fell. A total of 104 shares were unchanged.

Buzzing Index:

The Nifty Media index declined 0.54% to 2,457.35. The index jumped 3.47% in the past trading session.

Network 18 Media & Investments (up 6.91%), Nazara Technologies (up 4.43%), Dish TV India (up 1.26%), TV18 Broadcast (up 0.85%), Hathway Cable & Datacom (up 0.2%) advanced.

Zee Entertainment Enterprises (down 1.64%), Sun TV Network (down 1.41%) and Saregama India (down 1.22%) declined.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper shed 0.01% to 7.164 as compared with previous close 7.178.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.0550, compared with its close of 83.0375 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement rose 0.26% to Rs 62,155.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.9% to 102.27.

The United States 10-year bond yield shed 0.03% to 3.990.

In the commodities market, Brent crude for March 2024 settlement added 0.09 cents or 0.12% to $76.89 a barrel.

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