Market turn rangebound, media shares rally for 4th day

The key equity indices traded in a narrow range with minor losses in morning trade. The Nifty traded below 21,750 level. Media shares extended gains for the fourth consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 122.55 points or 0.17% to 71,819.02. The Nifty 50 index lost 4.85 points or 0.02% to 21,732.75.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.38% and the S&P BSE Small-Cap index rose 0.79%.

The market breadth was strong. On the BSE, 2,189 shares rose and 1,335 shares fell. A total of 157 shares were unchanged.

New lisitng:

Shares of EPACK Durable were currently trading at Rs 216.80 at 10:50 IST on the BSE, representing a discount of 5.74% as compared with the issue price of Rs 230.

The scrip was listed at Rs 225, exhibiting a discount of 2.17% to the issue price.

So far, the stock has hit a high of 225 and a low of 211.20. On the BSE, over 8.74 lakh shares of the company were traded in the counter so far.

Results Today :

Larsen & Toubro (up 0.12%), Dr Reddy`s Laboratories (up 0.83%), Bajaj Finserv (down 1.33%), PB Fintech (up 1.08%), Arvind (down 0.05%), Astral (up 0.69%), Adani Total Gas (down 0.91%), Blue Star (up 0.54%), Cochin Shipyard (up 1.03%), Coromandel International (down 0.57%), Gillette India (up 0.78%), JBM Auto (down 0.40%), J Kumar Infraprojects (down 0.94%), KEC International (up 2.18%), KPIT Technologies (down 0.82%), Mahindra & Mahindra Financial Services (up 0.23%), Piramal Pharma (up 0.11%), Keystone Realtors (up 1.61%), Shyam Metalics and Energy (up 2.24%), SRF (down 0.26%), Strides Pharma Science (down 0.26%), Star Health and Allied Insurance Company (up 0.47%), Symphony (up 0.41%), Triveni Engineering & Industries (up 0.15%), VIP Industries (up 0.26%), and Voltas (up 0.87%) will announce their quarterly earnings later in the day.

Buzzing Index:

The Nifty Media index advanced 2.71% to 2,192.50. The index rallied 6.06% in the four trading sessions.

Zee Entertainment Enterprises (up 5.72%), Dish TV India (up 4.37%), TV18 Broadcast (up 3.04%), D B Corp (up 2.71%), Hathway Cable & Datacom (up 1.89%), Network 18 Media & Investments (up 1.62%), Sun TV Network (up 0.82%), Saregama India (up 0.22%), PVR Inox (up 0.04%).

Stocks in Spotlight:

Adani Energy Solutions slipped 2.13% after the company`s consolidated net profit declined 31.56% to Rs 324.90 crore in Q3 FY24 as compared with Rs 474.72 crore in Q3 FY23. Revenue from operations rose 16.7% to Rs 3,824.43 crore in Q3 FY24 as compared with Rs 3,277.03 crore in Q3 FY23, on account of the newly commissioned transmission projects and higher energy consumption in the distribution business.

Vodafone Idea shed 0.48%. The company reported consolidated net loss of Rs 6,989 crore in Q3 FY24 as compared to net loss of Rs 7988 crore in Q3 FY23. Revenue stood at Rs 10673.1 crore in Q3 FY24 as compared to Rs 10620.6 crore in Q3 FY23.

KEC International advanced 2.26% after the company announced that it has secured new orders worth Rs 1,304 crore across its various businesses.

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