Benchmarks trade near flat line; Media shares decline for 4th day

The key equity indices traded near flat line in mid-morning trade. The Nifty traded below 21,950 mark after hitting days high of 22,022.40 in early trade. Media shares extended losses for the fourth consecutive trading session. Trading could be volatile due to February F&O series expiry today.

At 11:29 IST, the barometer index, the S&P BSE Sensex, was up 38.27 points or 0.05% to 72,343.15. The Nifty 50 index lost 10 points or 0.05% to 21,941.15.

The broader market underperformed the frontline indices. S&P BSE Mid-Cap index shed 0.31% and the S&P BSE Small-Cap index fell 0.66%.

The market breadth was weak. On the BSE, 1,306 shares rose and 2,330 shares fell. A total of 137 shares were unchanged.

Economy:

The National Statistical Office (NSO) is scheduled to release the official third quarter GDP data today. Indias economic growth is likely to moderate in the range of 6 to 6.8% in the third quarter of the current financial year, sharply lower than 7.6% expansion recorded in the previous quarter, as per reports.

IPO Update:

The initial public offer (IPO) of Mukka Proteins received 2,19,03,970 bids for shares as against 5,60,00,435 shares on offer, according to stock exchange data at 11:15 IST on Thursday (29 February 2024). The issue was subscribed 0.39 times.

The issue opened for bidding on Thursday (29 February 2024) and it will close on Monday (04 March 2024). The price band of the IPO is fixed at Rs 26 to 28 per share. An investor can bid for a minimum of 535 equity shares and in multiples thereof.

The initial public offer (IPO) of Exicom Telesystems received 64,19,75,500 bids for shares as against 1,82,23,540 shares on offer, according to stock exchange data at 11:15 IST on Thursday (29 February 2024). The issue was subscribed 35.23 times.

The issue opened for bidding on Tuesday (27 February 2024) and it will close on Thursday (29 February 2024). The price band of the IPO is fixed at Rs 135 to 142 per share. An investor can bid for a minimum of 100 equity shares and in multiples thereof.

The initial public offer (IPO) of Platinum Industries received 28,91,66,946 bids for shares as against 96,32,988 shares on offer, according to stock exchange data at 11:15 IST on Thursday (29 February 2024). The issue was subscribed 30.02 times.

The issue opened for bidding on Tuesday (27 February 2024) and it will close on Thursday (29 February 2024). The price band of the IPO is fixed at Rs 162 to 171 per share. An investor can bid for a minimum of 87 equity shares and in multiples thereof.

Buzzing Index:

The Nifty Media index declined 2.53% to 2,016.40. The index dropped 6.83% in the four trading sessions.

Network 18 Media & Investments (down 4.97%), TV18 Broadcast (down 4.95%), Zee Entertainment Enterprises (down 4.07%), Saregama India (down 4.07%) and Dish TV India (down 2.82%), Hathway Cable & Datacom (down 2%), Nazara Technologies (down 1.24%), Sun TV Network (down 0.81%), D B Corp (down 0.74%) and PVR Inox (down 0.69%) declined.

Global Markets:

Asian stocks traded mixed on Thursday as investors awaited U.S. personal consumption expenditures price index data for clues on the Federal Reserves interest rate path. The U.S. personal consumption expenditures price index is due later in the day, while Chinas manufacturing purchasing managers index reading is scheduled to be released Friday.

US stocks closed lower on Wednesday as investors awaited the Feds preferred inflation report. The US economy grew at a solid clip in the fourth quarter amid strong consumer spending, the government confirmed on Wednesday. Gross domestic product increased at a 3.2% annualised rate last quarter, revised slightly down from the previously reported 3.3% pace, the Commerce Department's Bureau of Economic Analysis said in its second estimate of fourth-quarter GDP growth.

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