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Indices trade with deep cuts, media shares decline

Published on Jan 18, 2024 10:36

The benchmark indices traded with major losses in the morning trade. The Nifty traded below the 21,450 mark. Media shares extended losses for the second consecutive trading session.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was down 413.02 points or 0.58% to 71,087.74. The Nifty 50 index lost 149.35 points or 0.69% to 21,422.60.

In the broader market, the S&P BSE Mid-Cap declined 1.18% and the S&P BSE Small-Cap index shed 0.87%.

The market breadth was weak. On the BSE, 1,022 shares rose and 2,508 shares fell. A total of 151 shares were unchanged.

Results Today:

IndusInd Bank (down 2.46%), 360 ONE WAM (up 0.63%), Finolex Industries(down 1.08%), Home First Finance Company India (up 0.52%), IndiaMART InterMESH (down 0.80%), Innova Captab (down 0.59%), Jindal Stainless (down 3.24%), Mastek (down 1.25%), Metro Brands (down 0.76%), Polycab India (down 3.11%), Poonawalla Fincorp (down 2.01%), Ramkrishna Forgings (down 1.93%), Shoppers Stop (down 1.02%), South Indian Bank (down 1.20%), Supreme Petrochem (down 2.42%), Sterling and Wilson Renewable Energy (down 2.04%), and Tata Communications (up 1.70%)will announced their quarterly earnings later today.

Buzzing Index:

The Nifty Media index declined 2.46% to 2,345.45. The index fell 2.58% in two trading sessions.

Network 18 Media & Investments (down 4.63%), TV18 Broadcast (down 4.28%), D B Corp (down 4.1%), Nazara Technologies (down 3.66%), Zee Entertainment Enterprises (down 3.64%), Hathway Cable & Datacom (down 3.57%), Dish TV India (down 3.42%), PVR Inox (down 1.82%), Saregama India (down 1.59%) and Sun TV Network (down 0.63%) edged lower.

Stocks in Spotlight:

Persistent Systems shed 0.33%. The board of directors of the company may consider a proposal of alteration in the share capital of the company on 20 January 2024 by sub-division/split of the existing equity shares having face value of Rs 10 each.

RailTel Corporation of India declined 1.79%. The company has received the work order from South Central Railway for Works amounting to Rs. 82.41 crore (Including Tax).

Uniparts India rose 0.45%. Uniparts India on Wednesday announced that its wholly owned subsidiary, Uniparts Olsen Inc. has received an order of $1.2 million from Doosan Bobcat North America Inc.

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