Nifty trade near 22,400 level; media shares witness bargain buying

The key domestic indices ended with decent gains in the first trading session. The Nifty settled near 22,400 levels. Media shares gained after witnessing selling pressure for the past five consecutive trading sessions.

At 10:00 IST, the barometer index, the S&P BSE Sensex, was up 114.91 points or 0.16% to 73,860.26. The Nifty 50 index added 56.25 points or 0.25% to 22,395.

In the broader market, The S&P BSE Mid-Cap index rose 0.61% and the S&P BSE Small-Cap index added 0.64%.

The market breadth was strong. On the BSE, 2,324 shares rose and 912 shares fell. A total of 121 shares were unchanged.

The National Stock Exchange and Bombay Stock Exchange will hold a special live trading session today, 2 March 2024 in the equity and F&O segments with an intra-day switchover from the Primary site to the Disaster Recovery site. There will be two sessions the first from 9:15 am to 10 am and the second from 11:30 am to 12:30 pm.

Economy:

India's Gross Goods and Services Tax (GST) revenue collected for February 2024 is Rs 1,68,337 crore, marking a robust 12.5% increase compared to that in the same month in 2023. This growth was driven by a 13.9% rise in GST from domestic transactions and 8.5% increase in GST from import of goods. GST revenue net of refunds for February 2024 is Rs 1.51 lakh crore which is a growth of 13.6% over that for the same period last year.

As of February 2024, the total gross GST collection for the current fiscal year stands at Rs 18.40 lakh crore, which is 11.7% higher than the collection for the same period in FY 2022-23. The average monthly gross collection for FY 2023-24 is Rs 1.67 lakh crore, exceeding the Rs 1.5 lakh crore collected in the previous year's corresponding period. GST revenue net of refunds as of February 2024 for the current fiscal year is Rs 16.36 lakh crore which is a growth of 13.0% over that for the same period last year.

Buzzing Index:

The Nifty Media index jumped 1.43% to 2,048.75. The index tumbled 6.67% in the past five trading sessions.

Sun TV Network (up 2.3%), Nazara Technologies (up 1.98%), Zee Entertainment Enterprises (up 1.93%), TV18 Broadcast (up 1.58%) and Dish TV India (up 1.43%) advanced.

Among the other gainers were D B Corp (up 0.78%), PVR Inox (up 0.75%), Hathway Cable & Datacom (up 0.44%), Saregama India (up 0.3%) and Network 18 Media & Investments (up 0.05%).

Stocks in Spotlight:

Asian Paints added 0.78%. The company has received the letter allotting the land admeasuring 166 acres (approximately) situated at Pithampur, Madhya Pradesh, for setting up the paint manufacturing facility, subject to such other approvals and clearances, as may be required.

Maruti Suzuki India rose 0.07%. The company's total production rose to 1,78,261 units in February 2024, as compared to 1,59,873 units in February 2023.

Lemon Tree Hotels gains 0.81%. The company said that it has signed franchise agreement for hotel in Udaipur, Rajasthan Under the companys brand name, Keys Lite.

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