Nifty hits record high above 23,400 level; media shares in demand

The key equity indices traded with significant gains in morning trade. The Nifty traded above the 23,400 level. Media shares extended gained for the six consecutive trading sessions.

At 10:29 ST, the barometer index, the S&P BSE Sensex, was up 474.29 points or 0.62% to 76,926.13. The Nifty 50 index gained 139.35 points or 0.60% to 23,404.20.

The Nifty 50 hit all-time high at 23,420.35 in morning trade.

In the broader market, the S&P BSE Mid-Cap index added 0.92 % and the S&P BSE Small-Cap index gained 0.88%.

The market breadth was strong. On the BSE, 2,581 shares rose and 995 shares fell. A total of 140 shares were unchanged.

Economy:

India will remain the fastest-growing of the worlds largest economies, although its pace of expansion is expected to moderate, the World Bank said in its latest biannual Global Economic Prospects. After a high growth rate in FY2023/24, steady growth of 6.7% per year, on average, is projected for the three fiscal years beginning in FY2024/25. Growth is estimated to have picked up to 8.2% in fiscal year (FY) 2023/24 (April 2023 to March 2024)1.9% points higher than estimated in January.

Growth in industrial activity, including manufacturing and construction, was stronger than expected, alongside resilient services activity, which helped offset a slowdown in agricultural production partly caused by monsoons. Growth of domestic demand remained robust, with a surge in investment, including in infrastructure, offsetting a moderation of consumption growth as postpandemic pent-up demand eased.

Meanwhile, the moderation is mainly due to a slowdown in investment from a high base, the Bank stated. However, investment growth is still expected to be stronger than previously envisaged and remain robust over the forecast period, with strong public investment accompanied by private investment. Private consumption growth is expected to benefit from a recovery of agricultural production and declining inflation. Government consumption is projected to grow only slowly, in line with the governments aim of reducing current expenditure relative to GDP.

Buzzing Index:

The Nifty Media index gained 1.97% to 2,082.70. The index soared 15.57% in the six consecutive trading sessions.

Network 18 Media & Investments (up 5.27%), TV18 Broadcast (up 4.77%), Sun TV Network (up 4.16%), Dish TV India (up 3.16%), Nazara Technologies (up 1.74%), Hathway Cable & Datacom (up 1.66%), PVR Inox (up 1.38%), Zee Entertainment Enterprises (up 1.04%), Saregama India (up 0.32%) and Tips Industries (up 0.3%) advanced.

Stocks in Spotlight:

TVS Supply Chain Solutions jumped 5.73% after the company announced that it has secured a new 5-year strategic contract with Daimler Truck South East Asia for providing integrated supply chain solutions (ISCS) service in Singapore.

Inox Wind rose 0.10%. The company upgraded its long-term rating on the bank facilities of the company to 'CRISIL A from 'CRISIL A- with 'stable outlook.

HCL Technologies added 1.16% after the company signed a $278 million deal with Germanys largest cooperative primary bank, apoBank for 7.5 years.

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