Nifty below 18,500 level, broader mkt outperforms, media shares advance

The headline equity indices continued to trade with minor cuts in the early afternoon trade. The Nifty traded below the 18,500 level. Media shares extended rally for the fifth consecutive trading sessions.

At 12:29 IST, the barometer index, the S&P BSE Sensex, was down 98.1 points or 0.16% to 62,174.58. The Nifty 50 index lost 8.90 points or 0.05% to 18,475.20.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index gained 0.72% while the S&P BSE Small-Cap index rose 0.70%.

The market breadth was strong. On the BSE, 2,061 shares rose, and 1,317 shares fell. A total of 132 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, fell 2.20% to 13.18. The Nifty 29 December 2022 futures were trading at 18,604.95, at a premium of 129.75 points as compared with the spot at 18,475.20.

The Nifty option chain for the 29 December 2022 expiry showed maximum Call OI of 33.3 lakh contracts at the 19,000 strike price. Maximum Put OI of 36 lakh contracts were seen at 18,000 strike price.

Buzzing Index:

The Nifty Media index rose 1.78% to 2,083.95, extending gains for the fifth session.The index advanced 4.66% in five trading sessions.

TV18 Broadcast (up 4.1%), Network 18 Media & Investments (up 2.98%), Dish TV India (up 2.8%), PVR (up 2.31%), Inox Leisure (up 1.59%), Hathway Cable & Datacom (up 1.56%), Zee Entertainment Enterprises (up 1.33%), Sun TV Network (up 0.44%), Saregama India Ltd (up 0.2%) edged higher.

PVR gained 2.31%. The cinema chain operator announced the opening of 12 screen superlex in city of Kerala at Lulu Mall, Thiruvananthapuram. With this launch, PVR Cinemas has augmented its presence in the city of Thiruvananthapuram with 14 screens across 2 properties and consolidated its foothold in Kerala with 27 screens in 4 properties and 311 screens across 50 properties in South

Stocks in Spotlight:

Engineers India advanced 2.02% after the company secured an order from Mangalore Refinery & Petrochemicals (MRPL) for preparation of basic engineering design package (BDEP), detailed feasibility report (DFR) and pre-project activities for bio-ATF plant at MRPL.

Va Tech Wabag shed 0.19%. The company announced that its board approved the proposal for fund raising by way of issuance of non-convertible debentures upto Rs 200 crore to Asian Development Bank (ADB) on a private placement basis. The issue could be done in one or more tranches/series, subject to necessary approvals, permissions, consents and sanctions as may be required. The tenure of the debentures is 5 years and 3 months.

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