Sensex, Nifty at the high point of the day; media shares rise for 2nd day
Published on Jul 27, 2022 14:27
The key equity indices extended gains and hit fresh intraday high in mid-afternoon trade. The Nifty traded above the 16,600 mark. Media shares extended gains for second consecutive session.
At 14:27 IST, the barometer index, the S&P BSE Sensex, was up 423.95 points or 0.77% to 55,692.44. The Nifty 50 index gained 120 points or 0.73% to 16,603.85.
In the broader market, the S&P BSE Mid-Cap index gained 0.58% while the S&P BSE Small-Cap index rose 0.31%.
The market breadth was positive. On the BSE, 1,650 shares rose and 1,556 shares fell. A total of 165 shares were unchanged.
The International Monetary Fund (IMF) on Tuesday cut the global growth outlook and warned that the world may soon be on the brink of a recession. Global economic expansion will likely slow to 3.2% this year, slower than the 3.6% forecast by the fund in April, the IMF said.
The outlook for India has been revised down by 0.8% point, to 7.4%. For India, the revision reflects mainly less favourable external conditions and more rapid policy tightening, IMF stated. For emerging market and developing economies, the negative revisions to growth in 2022-23 reflect mainly the sharp slowdown of China`s economy and the moderation in India`s economic growth.
Numbers to Track:
The yield on India`s 10-year benchmark federal paper fell to 7.345% as compared with 7.367% at close in the previous trading session.
In the foreign exchange market, the rupee was higher against the dollar. The partially convertible rupee was hovering at 79.8925, compared with its close of 79.7800 during the previous trading session.
MCX Gold futures for 5 August 2022 settlement rose 0.19% to Rs 50,680.
The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was down 0.18% to 106.99.
In the commodities market, Brent crude for September 2022 settlement added $1.05 or 1.60% to $100.51 a barrel.
The Nifty Media index rose 1.90% to 2,017.40. The index has added 2.78% in two sessions.
PVR (up 3.25%), Inox Leisure (up 2.07%), Network 18 Media & Investments (up 1.91%), Dish TV India (up 1.36%), Zee Entertainment Enterprises (up 1.36%) and Sun TV Network (up 1.33%) advanced while Nazara Technologies (down 1.65%) declined.
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