Nifty above 17,000 level; media stocks advance
Published on Mar 29, 2023 14:34
The key equity indices traded with modest gains in mid-afternoon trade. The Nifty reclaimed the 17,000 level after hitting the day`s low of 16,940.60 in early afternoon trade. Media index witnessed bargain buying after declining for past five trading sessions.
At 14:25 IST, the barometer index, the S&P BSE Sensex, was up 164.73 points or 0.29% to 57,778.45. The Nifty 50 index gained 72.50 points or 0.43% to 17,024.20.
The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 1.15% while the S&P BSE Small-Cap index gained 1.24%.
The market breadth was strong. On the BSE, 2,093 shares rose and 1,356 shares fell. A total of 128 shares were unchanged.
Trading could be volatile today as traders roll over positions in the F&O segment from the near month March series to April series. The March 2023 F&O contracts will expire today, 29 March 2023.
The domestic stock market will remain shut on Thursday, 30 March 2023 on account of Ram Navami.
Numbers to track:
The yield on India`s 10-year benchmark federal paper rose to 7.327 from 7.321 previous trading session.
In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.3325, compared with its close of 82.16 during the previous trading session.
MCX Gold futures for 5 April 2023 settlement slipped 0.29% to Rs 58,871.
The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, advanced 0.24% to 102.68.
The United States 10-year bond yield fell 0.06% to 3.566.
In the commodities market, Brent crude for May 2023 settlement gained 27 cents or 0.34% to $78.92 a barrel.
The Nifty media index rose 2.57% to 1,691.50. The index slipped 5.44% in past five trading sessions.
Dish TV India (up 6.37%), New Delhi Television (up 4.97%), Zee Entertainment Enterprises (up 4.24%), TV18 Broadcast (up 2.9%) and Navneet Education (up 2.21%), Network 18 Media & Investments (up 1.91%), Sun TV Network (up 1.37%), PVR (up 0.97%), Hathway Cable & Datacom (up 0.4%) advanced while Nazara Technologies (down 0.69%) declined.
Stocks in Spotlight:
NTPC rose 0.15% after the company said that its wholly owned subsidiary NTPC Renewable Energy has signed term sheet with Greenko ZeroC to supply 1300 MW round the clock RE power for powering Greenko`s upcoming Green Ammonia Plant at Kakinada, India.
Mphasis advanced 1.21% after the company announced that it has no exposure to Silicon Valley Bank, Signature Bank or Silvergate Capital, either as a client or as a banker.
RHI Magnesita India rallied 3.98% to Rs 603.15 after the company announced that its board will meet on Saturday, 1 April 2023, to consider raising upto Rs 200 crore via preferential allotment.
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