Nifty above 17,600 level, ZEEL tumbles over 8%

The benchmark indices pared all the early losses and traded with minor gains in morning trade. Trading was volatile on account of monthly options expiry. The Nifty traded a tad above the 17,600 level after hitting the day's low of 17,455.40 in morning trade. Media stocks extended losses for the fifth consecutive trading session.

Meanwhile, Reserve Bank of India and U.S. Federal Reserve minutes revealed that they are willing to keep increasing the interest rates as inflation remains a concern.

At 10:28 IST, the barometer index, the S&P BSE Sensex, was up 129.77 points or 0.22% to 59,874.75. The Nifty 50 index gained 48.05 points or 0.27% to 17,602.35.

In the broader market, the S&P BSE Mid-Cap index fell 0.19% while the S&P BSE Small-Cap index rose 0.28%

The market breadth turned positive. On the BSE, 1,676 shares rose and 1,396 shares fell. A total of 153 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 579.82 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 371.56 crore in the Indian equity market on 22 February, provisional data showed.

Buzzing Index:

The Nifty Media index slipped 2.21% to 1,729.55, extending losses for the fifth straight day. The index slumped 6.22% in the five trading sessions.

Zee Entertainment Enterprises (ZEEL) (down 8.63%), New Delhi Television (down 0.99%), Dish TV India (down 0.73%), Sun TV Network (down 0.58%), Navneet Education (down 0.39%), PVR (down 0.09%) slipped.

On the other hand, Network 18 Media & Investments (up 0.59%) ,TV18 Broadcast (up 0.31%) and Nazara Technologies (up 0.08%) edged higher.

Stocks in Spotlight:

Hero MotoCorp shed 0.02%. The two-wheeler maker said that the company's mobility brand VIDA has initiated operations of its public charging infrastructure in Bengaluru, Delhi and Jaipur. The brand has set up nearly 300 charging points at 50 locations across the three cities for public use. The charging network is spread across key locations, ensuring customer convenience.

Mahindra CIE Automotive rose 0.97%. The company reported a consolidated net loss of Rs 657.81 crore in Q4 CY2022 as against a consolidated net profit of Rs 80.23 crore in Q4 CY2021. However, revenue from operations rose 34.6% year on year to Rs 2,246.84 crore in Q4 CY2022.

Lemon Tree Hotels added 0.95% after the company said that it has signed a license agreement for a 47-room property in Bhopal, Madhya Pradesh under the company's brand 'Lemon Tree Hotel'. The property is expected to be operational by December 2023 and shall be managed by Carnation Hotels Private Limited, a wholly-owned subsidiary and the management arm of Lemon Tree Hotels, the company said.

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