Indices traded with modest losses; media shares rally

The domestic equity barometers traded with moderate losses in mid-afternoon trade. The Nifty traded below the 19,050 mark. Media shares extended gains for second consecutive session.

At 14:25 IST, the barometer index, the S&P BSE Sensex, was down 211.59 points or 0.33% to 63,633.20. The Nifty 50 index lost 66.15 points or 0.35% to 19,013.45.

In the broader market, the S&P BSE Mid-Cap index declined 0.10% while the S&P BSE Small-Cap index gained 0.06%.

The market breadth was negative. On the BSE, 1,680 shares rose and 1,898 shares fell. A total of 138 shares were unchanged.

Economy:

Posting 55.5 in October, the seasonally adjusted S&P Global India Manufacturing Purchasing Managers� IndexTM (PMI) signalled an improvement in the health of the sector for the twenty-eighth month in a row. The latest reading was above its long-run average of 53.9, but slipped from 57.5 in September to signal the slowest rate of expansion since February. Output increased further at the start of the third fiscal quarter, stretching the current sequence of expansion to over two years.

Meanwhile, the index of eight core industries in India saw a growth of 8.1% in September on an annual basis, data from the Ministry of Commerce & Industry showed Tuesday. The index had grown 12.1% in August. The index rose 7.8% YoY between April and September 2023-24.

Buzing Index:

The Nifty media index advanced 1.53% to 2,232.80. The index rose 2.45% in two trading sessions.

Zee Entertainment Enterprises (up 3.63%), Sun TV Network (up 1.6%), Dish TV India (up 0.88%), PVR Inox (up 0.74%) and Saregama India (up 0.59%) were the top gainers. Among the other gainers were TV18 Broadcast (up 0.12%).

On the other hand, D B Corp (down 1.16%), Network 18 Media & Investments (down 1.03%) and Nazara Technologies (down 0.85%) turned lower.

Numbers to track:

The yield on India`s 10-year benchmark federal paper rose 0.10% to 7.358 from its previous close of 7.351.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.2850, compared with its close of 83.2425 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement declined 0.21% to Rs 60,810.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.11% to 106.78.

The United States 10-year bond yield advanced 0.82% to 4.917.

In the commodities market, Brent crude for January 2023 settlement gained 55 cents or 0.65% to $85.57 a barrel.

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