Sensex rises 123 pts, media stocks in demand

The frontline indices continued to trade with minor gains in mid-afternoon trade. The Nifty hovered around the 21,000 level. Media stocks advanced for the fourth day in a row.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was up 123.45 points or 0.18% to 69,949.05. The Nifty 50 index added 29.15 points or 0.14% to 20,998.55.

The Nifty and the Sensex hit all-time highs in morning trade at 21,026.10 and 70,057.83, respectively.

In the broader market, the S&P BSE Mid-Cap index rose 0.82% and the S&P BSE Small-Cap index gained 0.68%.

The market breadth was strong. On the BSE, 2,363 shares rose and 1,455 shares fell. A total of 174 shares were unchanged.

Buzzing Index:

The Nifty Media index fell 1.43% to 2,430.35. The index rallied 4.59% in four trading sessions.

Hathway Cable & Datacom (up 4.33%), Saregama India (up 3.54%), D B Corp (up 2.47%), Dish TV India (up 2.33%), Zee Entertainment Enterprises (up 1.94%), PVR Inox (up 1.53%), Sun TV Network (up 0.4%) advanced.

On the other hand, Network 18 Media & Investments (down 2.91%), Nazara Technologies (down 1.83%) and TV18 Broadcast (down 1.52%) edged lower.

Numbers to track:

The yield on India`s 10-year benchmark federal paper rose 0.18% to 7.279 as compared with previous close 7.266.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 83.3875, compared with its close of 83.4000 during the previous trading session.

MCX Gold futures for 5 February 2024 settlement shed 0.19% to Rs 61,600.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies, was up 0.06% to 104.07.

The United States 10-year bond yield gained 0.24% to 4.257.

In the commodities market, Brent crude for February 2024 settlement rose 29 cents or 0.38% to $76.13 a barrel.

Stocks in Spotlight:

Affordable Robotic and Automation advanced 2.80%, following the company`s announcement of diving into machine shop automation with the launch of two power train robots.

SpiceJet jumped 7.29% after the low-cost air carrier announced its plan to list on the National Stock Exchange of India. The company said, "in order to reach wider investor base, the Company shall soon be listing its securities on National Stock Exchange of India."

3M India added 0.85%. The company informed that its board has approved the re-appointment of Ramesh Ramadurai as the managing director of the company for a further period from 13 February 2024 to 12 February 2027.

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