Indices trade with minor cuts; media stocks under pressure

The frontline equity benchmarks traded with small losses in mid-afternoon trade. The Nifty traded below the 19,400 level. Media stocks saw profit booking after rising in the past five trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 102.62 points or 0.16% to 64,856.07. The Nifty 50 index lost 22 points or 0.11% to 19,389.75.

In the broader market outperformed the headline indices. The S&P BSE Mid-Cap index advanced 0.35% while the S&P BSE Small-Cap index rose 0.24%.

The market breadth was positive. On the BSE, 1,929 shares rose and 1,694 shares fell. A total of 141 shares were unchanged.

Buzzing Index:

The Nifty Media index lost 0.64% to 2,267.35. The index added 4.71% in past five trading sessions.

Dish TV India (down 2.47%), Zee Entertainment Enterprises (down 2.01%), Hathway Cable & Datacom (down 1.3%), Saregama India (down 1.07%), Network 18 Media & Investments (down 1.05%) and D B Corp (down 1.04%) slipped.

On the other hand, Nazara Technologies (up 2.02%), PVR Inox (up 0.72%) and Sun TV Network (up 0.35%) advanced.

Numbers to track:

The yield on India`s 10-year benchmark federal paper shed 0.07% to 7.300 from its previous close of 7.305.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2550, compared with its close of 83.2125 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement declined 0.58% to Rs 60,415.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.21% to 105.43.

The United States 10-year bond yield slipped 1.26% to 4.607.

In the commodities market, Brent crude for January 2024 settlement lost $1.39 cents or 1.63% to $83.79 a barrel.

Stocks in Spotlight:

Radico Khaitan rallied 4.34% after the liquor maker�s consolidated net profit rose 19.39% to Rs 61.87 crore on 21.48% increase in revenue from operations to Rs 925 crore in Q2 FY24 over Q2 FY23.

RR Kabel surged 8.45% after the company�s consolidated net profit jumped 111.7% to Rs 74.1 crore on 17.7% increase in revenue from operations to Rs 1,609.7 crore in Q2 FY24 over Q2 FY23.

Venkys (India) advanced 3.06% after the company reported net profit of Rs 34.09 crore in Q2 FY24 as against a net loss of Rs 20.56 crore recorded in Q2FY23. However, revenue from operations declined 4.84% YoY to Rs 912.60 crore in Q2 FY24 as against Rs 959.03 crore recorded in Q2 FY23.

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