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Nifty hovers below 22,150; media shares in demand

Published on Feb 20, 2024 11:34

The benchmark indices continued to trade sideways in mid-morning trade. The Nifty traded below the 22,150 mark. Media shares extended gains for the third consecutive trading session.

At 11:28 IST, the barometer index, the S&P BSE Sensex, was up 102.62 points or 0.14% to 72,810.78. The Nifty 50 index shed 6.25 points or 0.02% to 22,116.

In the broader market, the S&P BSE Mid-Cap index declined 0.35% and the S&P BSE Small-Cap index shed 0.04%.

The market breadth was positive. On the BSE, 1,954 shares rose and 1,704 shares fell. A total of 128 shares were unchanged.

Buzzing Index:

The Nifty Media index advanced 1.76% to 2,211.80. The index jumped 3.18% in the three trading sessions.

Dish TV India (up 6.53%), Zee Entertainment Enterprises (up 4.12%), TV18 Broadcast (up 3.26%), Hathway Cable & Datacom (up 2.02%) and D B Corp (up 0.6%) were the top gainers.

Stocks in Spotlight:

Balrampur Chini Mills declined 1.30%. The company is set to venture into Polylactic Acid (PLA) manufacturing with new fully integrated facility.

Piramal Enterprises shed 0.17%. The NBFC`s board will meet on Thursday, 22 February 2024 to consider issuing non-convertible debentures aggregating up to Rs 600 crore on private placement basis.

Tasty Bite Eatables declined 1.52%. The company announced that Milin Bande has resigned from the position of chief financial officer.

Orient Green Power slipped 2.24%. The company said that Edelweiss (plaintiff) has withdrawn from the suit filed against promoter SVL and the company before the High Court of Bombay.

Global Markets:

The US Dow Jones index futures were currently down by 110 points, signaling a negative opening for US stocks today. This decline is attributed to ongoing uncertainty regarding the trajectory of interest rates. Traders remain cautious and on edge due to the anticipation of key earnings reports, notably from NVIDIA Corporation, adding to the market`s overall sense of unpredictability. The absence of trading cues on Monday, owing to a US market holiday, is expected to give way to increased trading activity in the upcoming days, particularly as the earnings season progresses.

Asian markets exhibit a mixed opening, influenced by the closure of US markets in the preceding session.

The People`s Bank of China took an unexpected step by reducing its five-year benchmark loan prime rate on Tuesday, aiming to further ease monetary conditions and support the decelerating economic recovery. The cut in the five-year LPR, instrumental in determining mortgage rates, lowered it from 4.10% to 3.95%, while the one-year LPR remained unchanged at 3.45%.

The US 10-year bond yield is recorded at 4.31%. In the commodities market, Brent crude for April 2024 settlement lost 5 cents or 0.06% to $83.42 a barrel.

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