Nifty above 24,900 level; media shares rally for 7th day

The headline equity benchmarks traded with modest gains in morning trade. The Nifty traded above the 24,900 level. Media shares witnessed buying demand for the seventh consecutive trading session.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 251.10 points or 0.30% to 81,706.50. The Nifty 50 index rose 73.90 points or 0.30% to 24,931.20.

In the broader market, the S&P BSE Mid-Cap index added 0.58% and the S&P BSE Small-Cap index added 0.24%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 48,537.56 and 55,685.07, respectively.

The market breadth was strong. On the BSE, 2,180 shares rose and 1,413 shares fell. A total of 162 shares were unchanged.

Result today:

Adani Power (up 1.41%), Ambuja Cement (up 0.73%), Asahi India Glass (down 0.73%), Aster DM Healthcare (down 0.83%), Bank of Baroda (down 1.19%), BHEL (down 0.16%), Birlasoft (up 0.08%), Coal India (up 0.40%), Crompton Greaves Consumer Electricals (up 0.26%), Electrosteel Castings (up 0.83%), Elgi Equipments (down 0.47%), Five-star Business Finance (down 0.92%), GE T&D India (down 2.36%), Godrej Properties (up 0.16%), Greenply Industries (up 0.29%), HeidelbergCement (down 0.25%), JBM Auto (up 2.27%), JK Lakshmi Cement (down 0.35%), KPR Mill (down 0.80%), Lakshmi Machine Works (down 0.16%), Mahindra & Mahindra (up 0.19%), Mankind Pharma (down 1.02%), Maruti Suzuki India (up 0.66) will announced their quarterly earnings later today.

Buzzing Index:

The Nifty Media index gained 1.02% to 2,148.60. The index surged 9.97% in seven consecutive trading sessions.

Network 18 Media & Investments (up 5.23%), TV18 Broadcast (up 3.57%), Sun TV Network (up 1.22%), Hathway Cable & Datacom (up 1.12%), Zee Entertainment Enterprises (up 0.54%), Saregama India (up 0.44%), PVR Inox (up 0.43%), Dish TV India (up 0.37%) and Nazara Technologies (up 0.25%) advanced.

Stocks in Spotlight:

GAIL (India) rallied 4.62% after the companys consolidated net profit jumped 77.54% to Rs 3,183.35 crore in Q1 FY25 as comapred with Rs 1,792.99 crore in Q1 FY24. Revenue from operations (excluding excise duty) increased 5.94% YoY to Rs 34,737.77 crore during the quarter.

Zaggle Prepaid Ocean Services advanced 1.79% after the companys consolidated net profit surged to Rs 17 crore in Q1 FY25 from Rs 2 crore recorded in Q1 FY24. Revenue stood at Rs 252 crore, steeply higher than Rs 118 crore in Q1 FY24.

RR Kabel slipped 1.43% after the consolidated net profit declined 13.4% to Rs 64 crore in Q1 FY25 as compared with Rs 74 crore posted in corresponding quarter last year. Revenue jumped 13.2% YoY to Rs 1,808 crore in Q1 FY25.

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