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Sensex gains 154 pts; media shares rally for 5th day

Published on May 22, 2024 12:31

The headline equity indices traded with minor gains in early afternoon trade. The Nifty traded above the 22,550 mark after hitting the day`s low of 22,483.15 in morning trade. Media shares extended gains for the fifth consecutive trading session.

At 12:29 IST, the barometer index, the S&P BSE Sensex, was up 153.67 points or 0.21% to 74,108.77. The Nifty 50 index added 37.85 points or 0.17% to 22,566.90.

In the broader market, the S&P BSE Mid-Cap index shed 0.16% and the S&P BSE Small-Cap index rose 0.15%.

The market breadth was negative. On the BSE, 1,803 shares rose and 1,876 shares fell. A total of 143 shares were unchanged.


The NSE`s India VIX, a gauge of the market`s expectation of volatility over the near term, fell 0.96% to 21.60. The Nifty 30 May 2024 futures were trading at 22,640, at a premium of 73.1 points as compared with the spot at 22,566.90.

The Nifty option chain for the 30 May 2024 expiry showed maximum Call OI of 35 lakh contracts at the 23,000 strike price. Maximum Put OI of 34.3 lakh contracts were seen at 22,000 strike price.

Buzzing Index:

The Nifty Media index added 0.89% to 1,873.90. The index jumped 5.72% in the five consecutive trading sessions.

Network 18 Media & Investments (up 2.48%), TV18 Broadcast (up 1.17%), Hathway Cable & Datacom (up 0.95%), Zee Entertainment Enterprises (up 0.75%) and Sun TV Network (up 0.68%) and Dish TV India (up 0.3%) edged higher.

On the other hand, Tips Industries (down 1.51%), Nazara Technologies (down 0.56%) and Saregama India (down 0.53%) slipped.

Stocks in Spotlight :

One 97 Communications (Paytm) shed 0.67%. The company�s consolidated net loss widened to Rs 549.6 crore in Q4 FY24 as compared with Rs 168.4 crore posted in Q4 FY23. Revenue from operations was at Rs 2267.1 crore in March quarter, down 2.89% from Rs 2334.5 crore recorded in the corresponding quarter last year.

H.G. Infra Engineering surged 9.31% after the company announced that they emerged as the L-1 (lowest) bidder for two tenders floated by the Maharashtra State Road Development Corporation (MSRPC).

Reliance Industries added 1.75% after the company entered into licensing agreement with Nel ASA for manufacturing Nel�s alkaline electrolysers in India and for captive purposes globally.

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