Nifty hovers below 17,300; media stocks buck trend

The main indices traded in a narrow range with modest losses in early afternoon trade. Barring media stocks, all sectoral indices on the NSE traded in red. The Nifty hovered below the 17,300 level.

At 12:29 IST, the barometer index, S&P BSE Sensex declined 322.49 points or 0.56% at 57,589.97. The Nifty 50 index shed 106.35 points or 0.61% at 17,286.25.

In broader market, the S&P BSE Mid-Cap index slipped 0.07% while the S&P BSE Small-Cap index rose 0.38%.

The market breadth was almost even. On the BSE, 1,642 shares rose while 1,627 shares fell. A total of 135 shares were unchanged.

 

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.44% to 18.11. The Nifty 28 April 2022 futures were trading at 17,295, at a premium of 2 point as compared with the spot at 17,293.

The Nifty option chain for 28 April 2022 expiry showed maximum Call OI of 97.9 lakh contracts at the 18,000 strike price. Maximum Put OI of 70.1 lakh contracts was seen at 17,200 strike price.

Buzzing Index:

The Nifty Media index rose 0.9% to 2,317.1. The index saw bargain hunting after declining 6% in the past six days.

Inox Leisure (up 2.63%), Zee Entertainment Enterprises (up 1.85%), PVR (up 1.34%), Saregama India (up 1.1%) and Dish TV India (up 0.9%) were the top gainers.

Stocks in Spotlight:

JSW Energy gained 1.66%. The company, through its wholly-owned subsidiary JSW Neo Energy, entered into a memorandum of understanding (MoU) with the Government of Telangana for setting up a 1,500 megawatt (MW) capacity hydro pumped storage project viz. Komoram Bheem pump storage project in the State of Telangana.

Adani Ports and Special Economic Zone rose 3.76% to Rs 882 after the company announced the acquisition of Ocean Sparkle, India's largest third-party marine services provider. The company through its subsidiary, The Adani Harbour Services (TAHSL), has entered into a definitive agreement for the acquisition of 100% stake in Ocean Sparkle (OSL). Ocean Sparkle is engaged in the business of port operations and marine services. Key activities carried by OSL include towage, pilotage, and dredging services. It has an asset base of 94 owned vessels and 13 third-party-owned vessels. The company's consolidated revenue for FY 2020-21 was Rs 622.10 crore.

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