Nifty below 24,300 level; Media shares buck trend

The key equity indices traded in negative territory with minor losses in morning trade. The Nifty traded below the 24,300 level. Media shares declined after rallying for four consecutive trading session.

At 10:25 IST, the barometer index, the S&P BSE Sensex, was down 328.59 points or 0.41% to 79,377.32 The Nifty 50 index declined 73.60 points or 0.30% to 24,293.90.

In the broader market, the S&P BSE Mid-Cap index fell 0.60% and the S&P BSE Small-Cap index declined 0.26%.

The market breadth was negative. On the BSE, 1,531 shares rose and 2,164 shares fell. A total of 169 shares were unchanged.

Result today:

Ami Organics(down 1.42%), Campus Activewear(down 0.65%), Cera Sanitarywear(up 2.33%), DCX Systems(up 2.13%), Dollar Industries(down 1.06%), Happiest Minds Technologies(down 0.15%), Hindustan Copper(down 0.3%), Natco Pharma(up 1.73%), Vodafone Idea(up 0.12%), NMDC(up 0.75%), Olectra Greentech(down 1.01%), Orchid Pharma(down 1.89%), Rate Gain Travel Technologies(up 0.38%), Rashtriya Chemicals & Fertilizers (RCF)(down 0.69%).

Buzzing Index:

The Nifty Media index declined 1.77% to 2,064.55. The index rallied 4.86% in past four trading session.

Sun TV Network (down 9.3%), Network 18 Media & Investments (down 3.97%), Hathway Cable & Datacom (down 2.62%), TV18 Broadcast (down 1.75%), Dish TV India (down 1.73%), Nazara Technologies (down 1.23%), PVR Inox (down 1.15%) and Zee Entertainment Enterprises (down 0.9%) declined.

Stocks in Spotlight:

Godrej Properties declined 1.41%. The Mumbai-based real estate developer said that it has acquired a 90-acre land parcel in Khalapur taluka, Raigad district, Maharashtra. The said land parcel is estimated to have a development potential of approximately 1.7 million square feet of saleable area comprising primarily of residential plotted development.

Siemens rose 0.69%. The company’s standalone net profit jumped 25.23% to Rs 530.60 crore in June 2024 quarter as against Rs 423.70 crore reported in the same period last year. Total revenue from operations increased 6.97% year on year (YoY) to Rs 4,714.20 crore during the quarter ended 30 June 2024.

C.E. Info Systems (MapMyIndia) shed 0.76%. The company reported 11.17% rise in consolidated net profit to Rs 35.82 crore in Q1 FY25 as against Rs 32.22 crore posted in Q1 FY24. Revenue from operations jumped 13.51% year on year (YoY) to Rs 101.49 crore in Q1 FY25.