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Nifty holds 24,150 mark; media shares rally for 2nd day

Published on Jul 02, 2024 11:36

The key equity benchmarks traded with moderate gains in mid-morning trade. The Nifty traded above the 24,150 mark after hitting day�s low of 24,073.65 in morning trade. Media shares extended gains for the second consecutive trading session.

At 11:30 IST, the barometer index, the S&P BSE Sensex was up 115.41 points or 0.15% to 79,591.60. The Nifty 50 index added 35.80 points or 0.15% to 24,177.75.

The Sensex and Nifty clocked an all-time high of 79,855.87 and 24,236.35, respectively in early trade.

In the broader market, the S&P BSE Mid-Cap index shed 0.02% and the S&P BSE Small-Cap index rose 0.49%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 46,869.53 and 53,297.26, respectively.

The market breadth was strong. On the BSE, 2,226 shares rose and 1,484 shares fell. A total of 140 shares were unchanged.

Buzzing Index:

The Nifty Media Index gained 1.45% to 2,070.15. The index rallied 3.90% in two consecutive trading sessions.

Hathway Cable & Datacom (up 7.55%), TV18 Broadcast (up 6.91%), Network 18 Media & Investments (up 5.34%), Tips Industries (up 3.33%), Nazara Technologies (up 3.27%), Zee Entertainment Enterprises (up 1.71%), Sun TV Network (up 1%) and Dish TV India (up 0.31%) advanced.

Stocks in Spotlight :

South Indian Bank rose 0.63%. The gross advances jumped 11.4% YoY at Rs 82,510 crore. Deposits increased 8.4% at Rs 1.03 lakh YoY, and CASA ratio stood at 31.87% as against 32.64% for Q1 FY25.

Gandhar Oil Refinery (India) rallied 4.44% after the compnay�s unit received a three year contract worth Rs 375 crore from ADNOC distribution. The contract quantity is estimated to be 30 million litres per year.

Global Markets:

Most Asian stocks traded higher as investors assessed the South Korea�s inflation came in at 2.4% for June.

Megacap growth stocks, like Apple and Tesla, propelled the tech-heavy Nasdaq to a strong start for the new quarter. The broader market also participated in the gains, with the Dow and S&P 500 edging higher in pre-holiday trading.

Investors are awaiting key U.S. labor market data later this week, hoping for insights into the Federal Reserve`s interest rate plans. The Dow Jones Industrial Average rose 0.13%, the S&P 500 gained 0.27%, and the Nasdaq Composite surged 0.83%. Notably, the tech sector jumped 1.3% in the first trading session of July.

While the US manufacturing PMI data for June indicated continued contraction, a bright spot emerged: prices paid dropped to a six-month low. This could be a welcome sign for the Fed`s fight against inflation. Despite this, market expectations remain for around two interest rate cuts later this year, beginning in September, according to LSEG FedWatch.

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