Market trades sideways; broader mkt underperforms
Published on May 19, 2023 12:35
The key equity benchmarks traded sideways in the early afternoon trade. The Nifty traded below the 18,150 mark. Media shares witnessed bargain hunting after rising for three straight days.
At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 14.73 points or 0.02% to 61,446.47. The Nifty 50 index fell 10.75 points or 0.06% to 18,119.20.
The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index lost 0.33% while the S&P BSE Small-Cap index fell 0.20%.
The market breadth was negative. On the BSE, 1,451 shares rose and 1,861 shares fell. A total of 135 shares were unchanged.
The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, fell 0.87% to 12.68. The Nifty 25 May 2023 futures were trading at 18,144.60, at a premium of 25.4 points as compared with the spot at 18,119.20.
The Nifty option chain for the 25 May 2023 expiry showed maximum Call OI of 121.8 lakh contracts at the 18,200 strike price. Maximum Put OI of 97.4 lakh contracts were seen at 18,000 strike price.
The Nifty Media index rose 0.42% to 1,669.95. The index dropped 4.24% in three trading sessions.
Nazara Technologies (up 5.63%), Navneet Education (up 1.26%), Zee Entertainment Enterprises (up 1.13%), Network 18 Media & Investments (up 0.78%), Sun TV Network (up 0.76%), New Delhi Television (up 0.06%) advanced.
On the other hand, Dish TV India (down 2.33%), Hathway Cable & Datacom (down 1.86%) and TV18 Broadcast (down 0.64%) declined.
United Spirits added 2.55% after the spirits maker`s standalone net profit increased 7.3% to Rs 204 crore in Q4 FY23 as against Rs 190.10 crore posted in Q4 FY22. Net sales fell marginally on a year on year basis to Rs 2,493.80 crore in the quarter ended 31 March 2023.
Sumitomo Chemical India fell 0.81% after the company`s consolidated net profit declined 3.4% to Rs 72.13 crore on a 2% fall in net sales to Rs 651.57 crore in Q4 FY23 as compared with Q4 FY22.
G R Infraprojects rallied 4.91% after the company`s consolidated net profit jumped 40.9% to Rs 389.68 crore on 2.7% rise in revenue from operations to Rs 2,461.96 crore in Q4 FY23 over Q4 FY22.
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