Market turns rangebound; media stocks slide

Domestic equity benchmarks traded in a narrow range with small losses in mid-afternoon trade. The Nifty traded near the 19,700 level after hitting the day`s low of 19,670.50 in early afternoon trade. Media shares slipped after advancing in the past three trading sessions.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 86.07 points or 0.13% to 65,708.66. The Nifty 50 index declined 26.30 points or 0.13% to 19,705.50.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.10% while the S&P BSE Small-Cap index gained 0.28%.

The market breadth was negative. On the BSE, 1,870 shares rose and 1,901 shares fell. A total of 177 shares were unchanged.

Buzzing Index:

The Nifty Media index fell 0.73% to 2,259.20. The index has advanced 1.70% in the past three trading sessions.

Dish TV India (down 2.58%), Network 18 Media & Investments (down 2.35%), TV18 Broadcast (down 1.91%), Saregama India (down 1.6%), Nazara Technologies (down 0.94%), Hathway Cable & Datacom (down 0.75%), Zee Entertainment Enterprises (down 0.65%) and D B Corp (down 0.02%) slipped.

Numbers to Watch:

The yield on India`s 10-year benchmark federal paper rose 0.42% to 7.242 as compared with previous close 7.212.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 83.3375, compared with its close of 83.2650 during the previous trading session.

MCX Gold futures for 5 December 2023 settlement declined 0.12% to Rs 60,643.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.22% to 103.68.

The United States 10-year bond yield advanced 0.67% to 4.473.

In the commodities market, Brent crude for January 2024 settlement gained 34 cents or 0.42% to $80.95 a barrel.

Stocks in Spotlight:

Wonderla Holidays rose 1.84% to Rs 958.05 after the company�s board appointed Saji K Louiz as the chief financial officer (CFO) and key managerial person (KMP) with effect from 20 November 2023.

Bank of Baroda added 0.61%. The bank said that its capital raising committee has approved to raise Rs 15,000 crore through infra bonds and Tier II/sub debt bond.

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