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Indices trade with small gains; Media shares rally for 2nd day

Published on Feb 07, 2024 14:26

The domestic equity benchmarks traded with limited gains in the mid-afternoon trade. The Nifty marched above the 21,950 mark after hitting day�s low of 21,860.15 in mid morning trade. Media shares extended gains for second consecutive trading session.

At 14:26 IST, the barometer index, the S&P BSE Sensex, was up 101.10 points or 0.14% to 72,287.19. The Nifty 50 index added 38.25 points or 0.17% to 21,967.65.

In the broader market, the S&P BSE Mid-Cap added gained 1.16% and the S&P BSE Small-Cap index rose 0.48%.

The market breadth was positive. On the BSE, 2,293 shares rose and 1,542 shares fell. A total of 102 shares were unchanged.

Buzzing Index:

The Nifty Media index gained 1.36% to 2,158.25. The index rose 1.60% in the two trading sessions.

D B Corp (up 5.23%), Dish TV India (up 4.53%), Zee Entertainment Enterprises (up 3.67%), Nazara Technologies (up 2.03%), Sun TV Network (up 0.16%)and Saregama India (up 0.1%) advanced.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper shed 0.28% to 7.072 as compared with the previous close of 7.092.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 82.9925, compared with its close of 83.0500 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement fell 0.25% to Rs 62,415.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.09% to 104.12.

The United States 10-year bond yield rose 0.29% to 4.106.

In the commodities market, Brent crude for March 2024 settlement added 0.21 cent or 0.27% to $78.80 a barrel.

Stocks in spotlight:

Brigade Enterprises added 1.31% after the company reported 31% rise in consolidated net profit to Rs 55.8 crore on a 41% increase in revenue to Rs 1,208.2 crore in Q3 FY24 as compared with Q3 FY23.

Trent was locked in an upper circuit of 15% after the company reported consolidated net profit net profit soared to Rs 370.64 crore in Q3 FY24 as against Rs 154.81 crore posted in Q3 FY23. Revenue from operations jumped 50.5% year on year (YoY) to Rs 3,466.62 crore in the quarter ended 31 December 2023.

Zaggle Prepaid Ocean Services was locked in an upper circuit of 20% after the company�s standalone net profit stood at Rs 15.22 crore during the quarter, steeply higher than Rs 1.49 crore posted in Q3 FY23. Revenue from operations jumped 35.12% year on year to Rs 199.51 crore in the quarter ended 31 December 2023.

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