Home Tax News Broader mkt outperforms; media shares advance | Capital Market News – Business Standard

Broader mkt outperforms; media shares advance | Capital Market News – Business Standard

Broader mkt outperforms; media shares advance | Capital Market News – Business Standard

The domestic equity indices traded with moderate losses in early afternoon trade. The Nifty traded below the 22,000 level. Media shares rose after declining in the past trading session.

At 12:30 IST, the barometer index, the S&P BSE Sensex, was down 318.33 points or 0.44% to 72,304.76. The Nifty 50 index lost 100.45 points or 0.46% to 21,954.60.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index rose 0.22% and the S&P BSE Small-Cap index added 0.18%.

The market breadth was negative. On the BSE, 1,732 shares rose and 1,995 shares fell. A total of 122 shares were unchanged.


Indias Manufacturing Purchasing Managers Index (PMI) for the month of February came in at 56.7 as compared to 56.5 in the previous month, up from Decembers 18-month low of 54.9. According to the HSBC India Manufacturing Purchasing Managers Index, compiled by S&P Global, Indias Services PMI rose to 62 from 61.8 on a month on month (MoM) basis and composite PMI was at 61.5 as against 61.2 (MoM).

Growth improved in both the manufacturing (five-month high) and services (seven-month high) economies, with survey participants attributing the upturn to buoyant demand conditions, investment in technology, efficiency gains, expanded clientele and favourable sales developments, the PMI release stated.


The NSE’s India VIX, a gauge of the market’s expectation of volatility over the near term, declined 1.80% to 15.64. The Nifty 29 February 2024 futures were trading at 22,017, at a premium of 62.4 points as compared with the spot at 21,954.60.

The Nifty option chain for the 29 February 2024 expiry showed maximum Call OI of 84.5 lakh contracts at the 23,000 strike price. Maximum Put OI of 56.5 lakh contracts were seen at 22,000 strike price.

Buzzing Index:

The Nifty Media index advanced 1.04% to 2,135.95. The index fell 4.91% in the previous trading session.

Dish TV India (up 3.46%), Sun TV Network (up 2.39%), Zee Entertainment Enterprises (up 2.04%), D B Corp (up 1.91%), TV18 Broadcast (up 1.11%), Network 18 Media & Investments (up 0.74%) and Saregama India (up 0.43%).

On the other hand, Nazara Technologies (down 3.26%), PVR Inox (down 0.45%) and Hathway Cable & Datacom (down 0.21%) edged lower.

Stocks in Spotlight:

J Kumar Infraprojects shed 0.47%. The company has informed that its chief financial officer (CFO), Madan Biyani has resigned from his position with effect from 21 February 2024 due to other personal commitments.

Axis Bank rose 0.42%. The bank said that Moody’s Investors Service has affirmed the banks ‘Baa3 long-term deposit ratings and the bank’s ‘baa3 baseline credit assessment (BCA) and adjusted BCA. At the same time, Moody’s has maintained the stable outlook on the ratings, where applicable.

Home First Finance Company India advanced 2.82% after the company informed that the Insurance Regulatory and Development Authority of India (IRDAI) has approved and granted the corporate agent (composite) license.

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First Published: Feb 22 2024 | 12:36 PM IST


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