Barometers trade with tiny gains; media shares advance

The frontline equity benchmarks traded with small gains in mid-morning trade. The Nifty traded above the 17,850 level after hitting day's low of 17,779.80 in the morning trade. Media shares advanced for the second consecutive day.

At 11:30 IST, the barometer index, the S&P BSE Sensex, was up 86.72 points or 0.14% to 60,750.51. The Nifty 50 index added 11.70 points or 0.06% to 17,883.40.

In the broader market, the S&P BSE Mid-Cap index rose 0.09% while the S&P BSE Small-Cap index advanced 0.02%.

The market breadth was positive. On the BSE, 1,659 shares rose and 1,611 shares fell. A total of 139 shares were unchanged.

 

Buzzing Index:

The Nifty Media index rose 0.59% to 1,874.65. The index advanced 1.05% in two trading sessions.

TV18 Broadcast (up 5.59%), Dish TV India (up 4.55%), Network 18 Media & Investments (up 2.86%), Hathway Cable & Datacom (up 0.96%) and Sun TV Network (up 0.04%) edged higher.

On the other hand, Navneet Education (down 0.99%), PVR (down 0.73%) and Nazara Technologies (down 0.52%) declined.

Stocks in Spotlight:

Navin Flourine International rose 0.13% after the company announced commercialization of multi-purpose plant and plant for manufacturing a key agro-chemical intermediate.

Oberoi Realty gained 1.53% after the real estate developer's consolidated net profit surged 50.3% to Rs 702.57 crore in Q3 FY23 from Rs 467.53 crore reported in Q3 FY22. Revenue from operations soared 95.8% to Rs 1,629.46 in Q3 FY23 as against Rs 832.01 crore recorded in the corresponding quarter previous year.

Trent jumped 6.32% after the company's consolidated net profit rose 19.6% to Rs 167 crore on 53.7% increase in net sales to Rs 2303.38 crore in Q3 December 2022 over Q3 December 2021.

Global markets:

Asian stocks were trading mixed on Thursday, as investors assessed further risks of more rate hikes to come.

Rating agency Fitch has revised its forecast for China's economic growth in 2023 to 5.0% from 4.1% previously as consumption and broader activity are recovering faster than initially anticipated after the end of the zero-COVID regime.

US stocks fell on Wednesday on corporate profit worries including Chipotle and Lumen Technologies' disappointing results. A number of Federal Reserve speakers reiterated the central bank is yet to be finished with its hiking cycle, including Fed Governor Christopher Waller.

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