Broader mkt underperforms; media shares under pressure

The equity benchmarks traded with tiny cuts in morning trade. The Nifty traded below the 24,400 level. Media shares declined after the advancing in the past three consecutive trading sessions.

At 10:30 ST, the barometer index, the S&P BSE Sensex was down 47.44 points or 0.06% to 82,941.34. The Nifty 50 index shed 4.10 points or 0.02% to 25,379.65.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.32% and the S&P BSE Small-Cap index fell 0.53%.

The market breadth was weak. On the BSE, 1,487 shares rose and 2,094 shares fell. A total of 183 shares were unchanged.

New Listing :

Shares of P N Gadgil Jewellers were currently trading at Rs 806.65 at 10:11 IST on the BSE, representing a premium of 68.05% as compared with the issue price of Rs 480.

The scrip was listed at Rs 834, exhibiting a premium of 73.75% to the issue price.

So far, the stock has hit a high of 843.80 and a low of 785.25. On the BSE, over 8.41 lakh shares of the company were traded in the counter so far.

Buzzing Index:

The Nifty Media index fell 0.84% to 2,121.45. The index advanced 1.82% in past three consecutive trading sessions.

Tips Industries (down 1.51%), Network 18 Media & Investments (down 1.2%), Nazara Technologies (down 1.15%), TV18 Broadcast (down 1.15%), Sun TV Network (down 0.84%), Hathway Cable & Datacom (down 0.83%), PVR Inox (down 0.59%), Saregama India (down 0.57%), Dish TV India (down 0.5%) and Zee Entertainment Enterprises (down 0.16%) edged lower.

Stocks in Spotlight:

Droneacharya Aerial Innovations fell 2.19%. The company said that it has secured an export order for the supply of Drone components for heavy payload logistic drones, valued at USD 240,000.

Allcargo Terminals slipped 1.98%. The company's volumes stood at 53.6'000 TEUs in August 2024, depicting a marginal decline of 1% over last month as well as previous year.

Carborundum Universal (CUMI) rallied 4.03% after the company entered into share purchase agreement (SPA) to acquire 100% stake in Silicon Carbide Products (SCP), Inc. USA for total consideration of Rs 56 crore.