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Market reverses gains; Nifty below 17K; Media shares slip

Published on Mar 17, 2023 12:32

The key equity indices pared all the gains and slipped into the negative terrain to trade with small losses in early afternoon trade. The Nifty slipped below the 17,000 level after hitting day`s high of 17,145.80 in early trade. IT, realty and metal shares advanced while media, PSU bank and auto stocks declined.

At 12:28 IST, the barometer index, the S&P BSE Sensex, was down 61.69 points or 0.11% to 57,573.15. The Nifty 50 index lost 4.85 points or 0.03% to 16,980.75.

In the broader market, the S&P BSE Mid-Cap index added 0.08% while the S&P BSE Small-Cap index rose 0.36%.

The market breadth was positive. On the BSE, 1,929 shares rose and 1,404 shares fell. A total of 125 shares were unchanged.

A consortium of major US private banks announced a $30 billion rescue package for embattled lender First Republic Bank. The package announced by JPMorgan Chase, Morgan Stanley and nine other giants consisted of $30 billion uninsured deposits.

Investors will look ahead to the US Federal Reserve`s meeting next week to see how the central bank will proceed in its fight against inflation in light of the shakeup in the banking sector.

The European Central Bank on Thursday announced a further rate hike of 50 basis points despite of recent turmoil in the banking sector.


The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, fell 2.35% to 15.8350. The Nifty 29 March 2023 futures were trading at 17,048.80, at a premium of 68.05 points as compared with the spot at 16,980.75.

The Nifty option chain for the 29 March 2023 expiry showed maximum Call OI of 36 lakh contracts at the 18,000 strike price. Maximum Put OI of 60.8 lakh contracts were seen at 17,000 strike price.

Buzzing Index:

The Nifty Media index slipped 2.01% to 1,701. The index jumped 4.16% in the past trading session.

Zee Entertainment Enterprises (down 3.43%), Network 18 Media & Investments (down 2.56%), TV18 Broadcast (down 2.3%), PVR (down 1.52%), New Delhi Television (down 1.29%), Sun TV Network (down 1.21%), Dish TV India (down 0.67%), Nazara Technologies (down 0.22%) declined.

On the other hand, Hathway Cable & Datacom (up 1.44%), Navneet Education (up 1.31%) advanced.

Stocks in Spotlight:

Glenmark Pharmaceuticals rose 0.40%. The United States Food and Drug Administration (USFDA) gave its acceptance to Glenmark Specialty SA`s investigational new drug (IND) application for GRC 54276, an orally available, small molecule hematopoietic progenitor kinase 1 (HPK1) inhibitor developed by Glenmark to proceed with a phase 1/2, first-in-human, clinical study for the treatment of patients with advanced solid tumors and lymphomas.

Adani Transmission rallied 3.99% after the company said that it has incorporated a wholly owned subsidiary, Adani Electricity Aurangabad (AEAL), on 15 March 2023, with an authorized and paid-up share capital of Rs 1 lakh each for applying parallel distribution license in Aurangabad area.

Samvardhana Motherson International slipped 1.61%. The company said that its board has approved the acquisition of remaining 50% stake of Fritzmeier Motherson Cabin Engineering from F Holdings GmbH, Austria. Post completion of the transaction, Fritzmeier Motherson Cabin Engineering will become wholly owned subsidiary of the company.

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