Benchmarks trade with minor gains; media shares advance

The domestic equity barometers bounced back from day's low and traded with small gains in morning trade. The Nifty traded above the 17,400 level. Media shares snapped its seven day's declining streak. Investors look ahead to the gross domestic product data of the fourth quarter of 2022, to be released later today.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 38.96 points or 0.07% to 59,327.31. The Nifty 50 index added 11.10 points or 0.06% to 17,403.80.

In the broader market, the S&P BSE Mid-Cap index rose 0.40% while the S&P BSE Small-Cap index advanced 0.29%.

The market breadth was positive. On the BSE, 1,747 shares rose and 1,307 shares fell. A total of 155 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,022.52 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 2,231.66 crore in the Indian equity market on 27 February 2023, provisional data showed.

Buzzing Index:

The Nifty Media index rose 1.70% to 1,692.15. The index slipped 9.8% in past seven trading sessions.

Zee Entertainment Enterprises (up 6.12%), Hathway Cable & Datacom (up 1.67%), TV18 Broadcast (up 1.47%), Nazara Technologies (up 0.97%), Sun TV Network (up 0.87%) and Network 18 Media & Investments (up 0.78%) gained.

On the other hand, New Delhi Television (down 4.11%), Navneet Education (down 1.28%) and PVR (down 0.94%) edged lower.

Stocks in Spotlight:

Mahindra Logistics fell 1.34%. Yogesh Patel, chief financial officer and key managerial personnel of Mahindra Logistics, tendered his resignation to pursue his professional interests outside the Mahindra group. Patel will be relieved of his duties with effect from close of business hours of Friday, 10 March 2023.

Satin Creditcare Network rose 0.31% after the company said that its board will meet on 2 March 2023 to consider a fund raising proposal via issue of privately placed non-convertible debentures (NCDs).

Godrej Industries declined 0.34%. The company has announced the appointment of Vishal Sharma as the chief executive officer- designate (CEO-Designate) of GIL-Chemicals business with effect from 1 March 2023. Vishal Sharma will report to Nitin Nabar, executive director and president (chemicals), Godrej Industries.

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