Market at day`s low; Nifty slides below 17,000

The key equity indices traded near the day`s low with moderate losses in mid-afternoon trade. The Nifty slipped below the 17,100 level after hitting day`s high of 17,109.45 in early afternoon trade. Media shares declined for third straight day.

At 14:29 IST, the barometer index, the S&P BSE Sensex, was down 263.81 points or 0.46% to 57,661.47. The Nifty 50 index shed 93.30 points or 0.56% to 16,982.10.

The broader market underperformed the benchmark indices. The S&P BSE Mid-Cap index fell 0.97% while the S&P BSE Small-Cap index slipped 1.12%.

The market breadth was weak. On the BSE, 1,065 shares rose and 2,376 shares fell. A total of 128 shares were unchanged.

Numbers to track:

The yield on India`s 10-year benchmark federal paper fell to 7.331 from 7.345 in previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.3725, compared with its close of 82.2050 during the previous trading session.

MCX Gold futures for 5 April 2023 settlement declined 0.33% to Rs 59,369.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.41% to 102.95.

The United States 10-year bond yield lost 1.80% to 3.343.

In the commodities market, Brent crude for May 2023 settlement shed $1.10 or 1.45% to $74.81 a barrel.

Buzzing Index:

The Nifty Media index slipped 1.86% to 1,704.80. The index lost 2.24% in three trading sessions.

Network 18 Media & Investments (down 6.05%), New Delhi Television (down 4.16%), Nazara Technologies (down 2.02%), PVR (down 1.97%), Navneet Education (down 1.97%), Hathway Cable & Datacom (down 1.83%), TV18 Broadcast (down 1.82%), Sun TV Network (down 0.83%), Zee Entertainment Enterprises (down 0.62%) declined.

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