INDICES TRADE SIDEWAYS; BROADER MKT OUTPERFORMS

The key equity benchmarks traded sideways in early afternoon trade. The Nifty hovered below the 25,400 level. Media stocks rallied for the second consecutive trading session.

At 11:25 IST, the barometer index, the S&P BSE Sensex was up 5.45 points or 0.01% to 82,979.61. The Nifty 50 index shed 11.75 points or 0.05% to 25,377.15.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.51% and the S&P BSE Small-Cap index gained 0.96%.

The market breadth was strong. On the BSE, 2,554 shares rose and 1,266 shares fell. A total of 138 shares were unchanged.

Economy:

India�s retail inflation rose to 3.65% in August, slightly higher than 3.6% reported in July. The inflation was within the Reserve Bank of India�s (RBI) medium-term target of 2-6%.

Separately, the Index of Industrial Production (IIP) rose slightly to 4.83% in July from 4.72% in June.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, fell 3.86% to 12.67. The Nifty 26 September 2024 futures were trading at 25,398, at a premium of 20.85 points as compared with the spot at 25,377.15.

The Nifty option chain for the 26 September 2024 expiry showed maximum Call OI of 59.4 lakh contracts at the 25,000 strike price. Maximum Put OI of 116.4 lakh contracts were seen at 25,000 strike price.

Buzzing Index:

The Nifty Media index rose 1.42% to 2,113.05. The index advanced 1.8% for the two consecutive trading sessions.

PVR Inox (up 2.39%), TV18 Broadcast (up 1.97%), Hathway Cable & Datacom (up 1.95%), Sun TV Network (up 1.92%) and Network 18 Media & Investments (up 1.32%), Nazara Technologies (up 1.31%), Zee Entertainment Enterprises (up 1.24%), Dish TV India (up 0.72%) and Tips Industries (up 0.36%).

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