Indices trim losses, media shares in demand

The benchmark indices pared most of the losses in the morning trade. The Nifty traded above the 21,100 level after hitting the day�s low of 20,976.80. Media shares rallied after declining in the past two trading sessions. Trading was volatile due to expiry of weekly index options on the NSE.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 130.46 points or 0.19% to 70,375.85. The Nifty 50 index lost 41.80 points or 0.20% to 21,108.35.

The broader market outperformed the headline indices. The S&P BSE Mid-Cap index added 0.39% and the S&P BSE Small-Cap index gained 0.80%.

The market breadth was strong. On the BSE, 2,221 shares rose and 1,267 shares fell. A total of 150 shares were unchanged.

New Listing:

Shares of Inox India were currently trading at Rs 867.85 at 10:28 IST on the BSE, representing a premium of 31.49% as compared with the issue price of Rs 660.

The scrip was listed at Rs 933.15, exhibiting a premium of 41.39% to the issue price.

So far, the stock has hit a high of 978.90 and a low of 855.20. On the BSE, over 8.39 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Media index gained 2.42% to 2,378.45. The index tumbled 5.82% in past two trading sessions.

Zee Entertainment Enterprises (up 4.5%), TV18 Broadcast (up 3.38%), D B Corp (up 3.09%), Nazara Technologies (up 3.03%), Network 18 Media & Investments (up 1.92%), Hathway Cable & Datacom (up 1.89%), Dish TV India (up 1.86%), PVR Inox (up 0.96%), Sun TV Network (up 0.66%) and Saregama India (up 0.54%) rallied.

Stocks in Spotlight:

Ashok Leyland rose 0.44%. The commercial vehicle manufacturer said that it has bagged an order from Tamil Nadu State Transport Corporation (TNSTC) for 552 ultra-low entry (ULE) diesel non-ac buses.

Flair Writing Industries declined 1.25%. The compnay�s consolidated net profit rose 4.18% to Rs 257 crore on 3.48% increase in net sales to Rs 33.29 crore in Q2 FY24 over Q1 FY24.

Tarsons Products rallied 3.23% after the company, along with its wholly-owned subsidiary Tarsons Life Science, announced the signing of an agreement to acquire 100% stake in Nerbe R&D GmbH and Nerbe plus GmbH & Co. KG.

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