Benchmarks trades with small gains; media shares in demand

The domestic equity benchmarks traded with decent gains in morning trade. The Nifty traded above the 24,550 mark. Media shares advanced for the second consecutive trading session.

At 10:30 IST, the barometer index, the S&P BSE Sensex, rose 20.55 points or 0.03% to 80,460.37. The Nifty 50 index added 18 points or 0.07% to 24,559.15.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.52% and the S&P BSE Small-Cap index gained 1.19%.

The market breadth was strong. On the BSE, 2,643 shares rose and 1,031 shares fell. A total of 160 shares were unchanged.

Economy:

India's forex reserves declined $4.8 billion to $670.119 billion for the week ended August 9, according to the latest RBI data.

In the previous reporting week, the country's foreign exchange reserves had increased $7.533 billion to an all-time high of $674.919 billion.

For the week ended August 9, foreign currency assets, a major component of the reserves, decreased by $4.079 billion to $587.96 billion.

Gold reserves declined by $860 million to $59.239 billion during the week. The special drawing rights (SDRs) were up by $121 million to $18.282 billion.

India's reserve position with the IMF increased by $18 million to $4.638 billion in the reporting week, the central bank data showed.

Buzzing Index:

The Nifty Media index added 2.17% to 2,104.35. The index advanced 4.31% in the two trading sessions.

V18 Broadcast (up 4.21%), Network 18 Media & Investments (up 3.05%), Saregama India (up 2.64%), PVR Inox (up 2.6%), Hathway Cable & Datacom (up 1.78%), Tips Industries (up 1.75%), Dish TV India (up 1.24%), Zee Entertainment Enterprises (up 1.15%), Nazara Technologies (up 0.55%) and Sun TV Network (up 0.21%) edged higher.

Stocks in Spotlight:

Caplin Point Laboratories soared 8.40% after the Brazilian Health Regulatory Agency (ANVISA) conducted inspection at its Chennai facility between 12 and 16 August 2024 and concluded with zero observations.

Techno Electric & Engineering Company (Techno Electric) hits upper circuit of 5% after the company partnered with IndiGrid to develop two IndiGrid's Greenfield interstate transmission Systems (ISTS) projects.

Glenmark Pharmaceuticals added 2.89% after the company's subsidiary Glenmark Therapeutics Inc., USA, announced the launch of OTC product Olopatadine Hydrochloride Ophthalmic Solution.