INDICES TRADE SIDEWAYS; MEDIA SHARES IN DEMAND; VIX RISES 1.61%

The frontline barometers traded sideways in early-afternoon trade. The Nifty traded above the 25,350 mark. Media shares rallied for the third consecutive trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex was down 12.3 points or 0.01% to 82,878.62. The Nifty 50 index rose 0.65 points to 25,357.15.

The Sensex and Nifty clocked an all-time high of 83,184.34 and 25,445.70, respectively in morning trade.

In the broader market, the S&P BSE Mid-Cap index fell 0.15% and the S&P BSE Small-Cap index rose 0.07%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit a record high of 49,506.01 and 57,502.74 respectively.

The market breadth was positive. On the BSE, 2,032 shares rose and 1,931 shares fell. A total of 133 shares were unchanged.

Economy:

India`s forex reserves jumped $ 5.248 billion to a new all-time high of $ 689.235 billion for the week ended September 6, the Reserve Bank of India said on Friday. The overall kitty had jumped by $ 2.299 billion to a record $ 683.987 billion for the previous reporting week. For the week ended September 6, foreign currency assets, a major component of the reserves, increased by $ 5.107 billion to $ 604.144 billion, the data showed.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, rose 1.61% to 12.75. The Nifty 26 September 2024 futures were trading at 25,393.65, at a premium of 36.50 points as compared with the spot at 25,357.15

The Nifty option chain for the 26 September 2024 expiry showed maximum Call OI of 54.6 lakh contracts at the 25,000 strike price. Maximum Put OI of 116.2 lakh contracts were seen at 25,000 strike price.

Buzzing Index:

The Nifty Media index rose 0.92% to 2,137.90. The index rallied 2.99% in three consecutive trading sessions.

TV18 Broadcast (up 3.38%), PVR Inox (up 2.34%), Network 18 Media & Investments (up 2.05%), Saregama India (up 1.69%), Sun TV Network (up 1.1%) and Nazara Technologies (up 0.02%) advanced.

On the other hand, Tips Industries (down 1.41%), Zee Entertainment Enterprises (down 0.60%) and Dish TV India (down 0.36%) edged lower.

Stocks in Spotlight:

Infosys shed 0.44%. The IT major announced a collaboration with the Life Insurance Corporation of India (LIC) to spearhead its digital transformation initiative called DIVE (Digital Innovation and Value Enhancement).

HEG rallied 4.27% after the company informed that its board has approved the enhancement of existing investment limit from Rs 200 crore to Rs 250 crore in one or more tranches.

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