Indices trade with modest losses; Nifty below 17,350

The domestic equity barometers traded with moderate losses in morning trade amid negative global cues. The Nifty slipped below the 17,350 mark. Media shares declined for seventh straight day.

At 10:30 IST, the barometer index, the S&P BSE Sensex, was down 440.33 points or 0.74% to 59,023.60. The Nifty 50 index shed 139.80 points or 0.80% to 17,326.

In the broader market, the S&P BSE Mid-Cap index fell 1.22% while the S&P BSE Small-Cap index slipped 1.27%.

The market breadth was weak. On the BSE, 821 shares rose and 2,362 shares fell. A total of 195 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 1,470.34 crore, while domestic institutional investors (DIIs) were net buyers to the tune of Rs 1,400.98 crore in the Indian equity market on 24 February 2023, provisional data showed.

Buzzing Index:

The Nifty Media index declined 3.36% to 1,673.10. The index slipped 9.3% in seven trading sessions.

Zee Entertainment Enterprises Ltd (down 7.16%), PVR Ltd (down 4.49%), New Delhi Television Ltd (down 4.43%), Dish TV India Ltd (down 2.76%), Nazara Technologies Ltd (down 1.52%), Hathway Cable & Datacom Ltd (down 1.32%), Sun TV Network Ltd (down 1.22%), Navneet Education Ltd (down 1.15%), TV18 Broadcast Ltd (down 0.96%) and Network 18 Media & Investments Ltd (down 0.94%) declined.

Stocks in Spotlight:

Bharat Electronics (BEL) declined 2.05%. The new software development centre (SDC) in Visakhapatnam will offer "Software as a Service" (SaaS) for various applications in the domains of both defence and non-defence. The SDC will be an extension of BEL's Software Strategic Business Unit (SBU) at Bengaluru Complex.

Adani Ports and Special Economic Zone rose 0.89% to Rs 563.90 after the company said that its handled cargo volumes had crossed the 300 million metric tonne (MMT) mark on Thursday (23 February 2023). The company registered the said the cargo volumes within a span of 329 days this year. Last year, APSEZ had recorded the aforementioned cargo volume after a period of 354 days.

IRB Infrastructure Developers rose 2.50% to Rs 28.75 after the company announced that it has received letter of award (LoA) from National Highways Authority of India (NHAI) for a project worth Rs 2,132 crore in Gujarat.

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