Barometers turn rangebound; media shares slide

The headline equity indices traded in a narrow range with substantial losses in mid-afternoon trade. The Nifty hovered below the 23,350 mark. Media shares declined after advancing in the past trading session. Trading was volatile due to the weekly F&O series expiry today.

At 14:26 IST, the barometer index, the S&P BSE Sensex, declined 455.86 points or 0.59% to 77,122.89. The Nifty 50 index lost 178.35 points or 0.76% to 23,340.15.

In the broader market, the S&P BSE Mid-Cap index shed 0.19% and the S&P BSE Small-Cap index fell 0.57%.

The market breadth was weak. On the BSE, 1,180 shares rose and 2,750 shares fell. A total of 112 shares were unchanged.

 

Buzzing Index:

The Nifty Media index dropped 2.03% to 1,905.95. The index advanced 2.45% in the previous trading session.

Tips Music (down 3.99%), Saregama India (down 3.65%), Dish TV India (down 2.24%), Zee Entertainment Enterprises (down 1.96%), PVR Inox (down 1.89%), Sun TV Network (down 1.78%), Nazara Technologies (down 1.21%), Den Networks (down 1.17%) and Hathway Cable & Datacom (down 1.04%) declined.

Numbers to Track:

The yield on India's 10-year benchmark federal paper gained 1.91% to 6.940 as compared with the previous close of 6.810.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 84.4825, compared with its close of 84.4275 during the previous trading session.

MCX Gold futures for the 5 December 2024 settlement rose 0.70% to Rs 76,569.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.01% to 106.67.

The United States 10-year bond yield fell 0.11% to 4.401.

In the commodities market, Brent crude for November 2024 settlement gained 80 cents or 1.10% to $73.61 a barrel.

Stocks in Spotlight:

NLC India (NLCIL) jumped 4.11% after the companys board approved to invest Rs 3,720 crore in its wholly owned subsidiary, NLC India Renewables (NIRL) in one or more tranches for the various renewable projects.

Tata Technologies slipped 1.13%. The company has signed a memorandum of agreement (MoA) with Department of Industries & Commerce, Government of Tripura, Secretariat, Agartala, for ITI Upgrade project for upgrading 19 ITI across Tripura for Rs 95.65 crore.

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