Indices trim losses, media stocks under pressure

The benchmark indices pared some losses in mid-afternoon trade. The Nifty traded above the 18,300 level after hitting the day's low of 18,202.65 in early afternoon trade. Negative global cues, persistent recession worries and fears of interest rates hikes dampened the investor sentiments. Barring the Nifty IT index, all the sectoral indices on the NSE were in the red.

At 14:30 IST, the barometer index, the S&P BSE Sensex, was down 253.28 points or 0.41% to 61,552.91. The Nifty 50 index lost 84.55 points or 0.46% to 18,335.90.

In the broader market, the S&P BSE Mid-Cap index declined 0.47% while the S&P BSE Small-Cap index shed 0.08%.

The market breadth was negative. On the BSE, 1,488 shares rose and 2,004 shares fell. A total of 130 shares were unchanged.

Meanwhile, the NSE's India VIX, a gauge of the market's expectation of volatility over the near term, jumped 5.14% to 14.25.

Numbers to Track:

The yield on India's 10-year benchmark federal paper rose to 7.319 as compared with 7.297 at close in the previous trading session.

In the foreign exchange market, the rupee edged lower against the dollar. The partially convertible rupee was hovering at 82.7450, compared with its close of 82.6250 during the previous trading session.

MCX Gold futures for 3 February 2023 settlement gained 0.83% to Rs 54,710.

The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, was down 0.62% to 104.07.

The United States 10-year bond yield jumped 2.10% to 3.658.

In the commodities market, Brent crude for February 2023 settlement declined 40 cents or 0.50% to $79.40 a barrel.

Buzzing Index:

The Nifty Media index fell 1.04% to 2,077.20. The index added 0.32% in the past trading session.

Dish TV India (down 3.5%), TV18 Broadcast (down 2.41%), PVR (down 2.15%), Inox Leisure (down 2%), Hathway Cable & Datacom (down 1.57%), Zee Entertainment Enterprises (down 0.77%), Sun TV Network (down 0.33%), Nazara Technologies (down 0.03%) edged lower.

Powered by Capital Market - Live News