Nifty below 21,700; Media shares under pressure

The key equity benchmarks continued to trade in negative terrain with moderate losses in early-afternoon trade. The Nifty traded below 21,700 level. Media shares declined for the second consecutive trading session.

At 12:26 IST, the barometer index, the S&P BSE Sensex, tumbled 387.33 points or 0.54% to 71,208.16. The Nifty 50 index declined 127.95 points or 0.59% to 21,654.55.

The broader market underperformed the frontline indices, the S&P BSE Mid-Cap index declined 1.90% and the S&P BSE Small-Cap index slipped 2.32%.

The market breadth was weak. On the BSE, 1,004 shares rose and 2,863 shares fell. A total of 122 shares were unchanged.

Derivatives:

The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, advanced 3.46% to 15.98. The Nifty 29 February 2024 futures were trading at 21,744.50, at a premium of 78.7 points as compared with the spot at 21,665.80.

The Nifty option chain for the 29 February 2024 expiry showed maximum Call OI of 49.8 lakh contracts at the 23,000 strike price. Maximum Put OI of 34.4 lakh contracts were seen at 21,000 strike price.

Buzzing Index:

The Nifty Media index declined 3.25% to 2,120.55. The index slipped 3.50% in the past trading sessions.

Dish TV India (down 6.61%), Hathway Cable & Datacom (down 4.77%), D B Corp (down 3.98%), Saregama India (down 3.26%), Zee Entertainment Enterprises (down 3.25%), TV18 Broadcast (down 2.33%), Sun TV Network (down 2.02%), PVR Inox (down 1.7%), Nazara Technologies (down 1.24%) and Network 18 Media & Investments (down 1.15%) declined.

Stocks in Spotlight:

Amber Enterprises tumbled 13.07% after the household appliance maker reported consolidated net loss of Rs 0.48 crore in Q3 FY24 as against net profit of Rs 14.15 crore posted in Q3 FY23. Revenue from operations fell 3.97% year on year (YoY) to Rs 1,294.76 crore in the quarter ended 31 December 2023.

Oil and Natural Gas Corporation`s (ONGC) declined 2.21% after the company�s standalone net profit dropped 13.66% to Rs 9,535.67 crore in Q3 FY24 as compared with Rs 11,044.73 crore posted in Q3 FY23. Revenue from operations declined 9.83% year on year (YoY) to Rs 34,788.07 crore in the quarter ended 31 December 2023.

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