The domestic equity benchmarks traded with decent gains in mid-morning trade. The Nifty, however, failed to hold above the 18,600 mark. Media shares witnessed some bit of value buying after declining in the past two sessions.
At 11:26 IST, the barometer index, the S&P BSE Sensex, was up 96.46 points or 0.15% to 62,507.14. The Nifty 50 index added 25.10 points or 0.14% to 18,585.60.
In the broader market, the S&P BSE Mid-Cap index gained 0.12% while the S&P BSE Small-Cap index advanced 0.25%.
The market breadth was positive. On the BSE, 1864 shares rose and 1400 shares fell. A total of 155 shares were unchanged.
Politics:
The votes polled in assembly elections in Himachal Pradesh and Gujarat are being counted by the Election Commission of India (ECI) today, 08 December 2022.
The ruling Bharatiya Janata Party (BJP) is leading in 31 seats, while the Congress is leading in 32 seats and the independent candidates are ahead on four seats in Himachal Pradesh, according to ECI.
Early trends point to a sweeping victory for the ruling BJP in Gujarat that has not lost an election in the state since 1995. The BJP was leading in 150 seats, while Congress was ahead in 18 and the Aam Aadmi Party (AAP) was winning six seats, according to early trends reported by ECI. Others were leading on four seats.
The assembly elections in Himachal Pradesh were held in a single phase on 12 November 2022. The assembly elections in Gujarat were held in two phases - on 1st and 5th of December 2022.
Buzzing Index:
The Nifty Media advanced 1.14% to 2,162.10. The index had lost 2.47% in the past two sessions.
Network 18 Media & Investments (up 5.2%), TV18 Broadcast (up 2.39%), Hathway Cable & Datacom (up 2.06%), PVR (up 1.08%) and Zee Entertainment Enterprises (up 0.8%) were the top gainers.
Among the other gainers were Inox Leisure (up 0.77%), Sun TV Network (up 0.73%) and Saregama India (up 0.55%).
Stocks in Spotlight:
Sun Pharmaceutical Industries slipped 2.61%. The US FDA placed the Halol, Gujarat facility under import alert following the inspection conducted in May 2022.
VA Tech Wabag rose 1.19%. The company said that its board has approved the appointment of Pankaj Malhan as deputy managing director and Group chief executive officer of the company, with immediate effect from 7 December 2022.
Global Markets:
Asian stocks are trading lower, with recession fears weighing on continued negative sentiment.
Hong Kong's Hang Seng index popped on Thursday, bucking the trend in the region as a local news outlet reported the city is considering lifting its outdoor mask rule.
Japan's economy saw an annualized quarterly contraction of 0.8% in the third quarter. The government's first preliminary estimate released in November was a 1.2% decline.
In US, the S&P 500 and Nasdaq closed down on Wednesday after a choppy session on Wall Street, as investors struggled to grasp a clear direction as they weighed how the Federal Reserve's monetary policy tightening might feed through into corporate America.
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