Nifty near 17,300 mark; media shares rise for 3rd day

The key equity indices further pared losses and traded with minor cost in mid-afternoon trade. Negative global cues impacted the sentiment. The Nifty hovered near the 17,300 level. Media stocks advanced for third consecutive session.

At 14:26 IST, the barometer index, the S&P BSE Sensex, was down 106.37 points or 0.18% to 58,115.73. The Nifty 50 index lost 37.95 points or 0.22% to 17,293.85.

In the broader market, the S&P BSE Mid-Cap index declined 0.38% while the S&P BSE Small-Cap index added 0.18%.

The market breadth was positive. On the BSE, 1,761 shares rose, and 1,617 shares fell. A total of 122 shares were unchanged.

Primary Market:

The initial public offer (IPO) of Electronics Mart India received bids for 249.41 crore shares as against 6.25 crore shares on offer, according to stock exchange data 14:21 IST on Friday (07 October 2022). The issue was subscribed 39.91 times.

The issue opened for bidding on Tuesday (04 October 2022) and it will close on Friday (07 October 2022). The price band of the IPO is fixed at Rs 56-59 per share. An investor can bid for a minimum of 254 equity shares and in multiples thereof.

The issue comprises only fresh issue of equity shares aggregating to Rs 500 crore. Of the net proceeds about Rs 111.441 crore towards funding of capital expenditure (largely opening of stores and warehouses); Rs 220 crore towards funding incremental working capital requirements and Rs 55 crore towards repayment / prepayment of certain borrowings in part or full.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper rose to 7.465 as compared with 7.454 at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.3550, compared with its close of 82.1700 during the previous trading session.

MCX Gold futures for 5 December 2022 settlement rose 0.12% to Rs 52,036.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.27% to 111.95.

The United States 10-year bond yield increased to 3.843 as compared with 3.824 at close in the previous trading session.

In the commodities market, Brent crude for December 2022 settlement gained 23 cents or 0.24% at $94.65 a barrel.

Buzzing Index:

The Nifty Media index added 0.33% to 2,159.80. The index has gained 5.92% in three sessions.

Dish TV India (up 5.4%), Sun TV Network (up 1.92%), Zee Entertainment Enterprises (up 0.75%), Saregama India (up 0.57%), Hathway Cable & Datacom (up 0.3%) and Network 18 Media & Investments (up 0.22%) advanced.

Meanwhile, Nazara Technologies (down 1.62%) and Inox Leisure (down 0.66%) edged lower.

PVR slipped 1.89%. CRISIL Ratings has assigned `CRISIL A1+` ratings to the commercial paper programme of the company (PVR). The ratings on the long-term bank facilities and debt instruments continues to be on `rating watch with positive implications`. CRISIL said that the ratings continue to consider strong market position and established brand of PVR, improving operating efficiency, and healthy financial risk profile and liquidity. These strengths are partially offset by exposure to risks inherent in the film exhibition business.

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