Sensex adds 340 pts; media shares advance

The domestic equity benchmarks traded with modest gains in morning trade. The Nifty traded above the 17,050 level. Media shares gained for the second straight day.

At 10:29 IST, the barometer index, the S&P BSE Sensex, was up 340.21 points or 0.59% to 57,969.16. The Nifty 50 index added 87.35 points or 0.51% to 17,075.75.

In the broader market, the S&P BSE Mid-Cap index rose 0.38% while the S&P BSE Small-Cap index gained 0.60%.

The market breadth was strong. On the BSE, 2,028 shares rose and 1,032 shares fell. A total of 143 shares were unchanged.

Foreign portfolio investors (FPIs) sold shares worth Rs 2,545.87 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 2,876.64 crore in the Indian equity market on 20 March, provisional data showed.

Investors look ahead to the outcome of US Federal Reserve's meeting scheduled tomorrow, to see how the central bank will proceed in its fight against inflation in light of the shakeup in the banking sector.

Buzzing Index:

The Nifty Media index added 1.26% to 1,744.50. The index advanced 1.39% in the two trading sessions.

Zee Entertainment Enterprises Ltd (up 1.91%), PVR Ltd (up 1.43%), Network 18 Media & Investments Ltd (up 1.27%), New Delhi Television Ltd (up 0.98%), TV18 Broadcast Ltd (up 0.81%), Hathway Cable & Datacom Ltd (up 0.73%), Navneet Education Ltd (up 0.71%), Nazara Technologies Ltd (up 0.61%), Dish TV India Ltd (up 0.35%) gained.

Stocks in Spotlight:

UTI Asset Management Company (UTI AMC) surged 4.57% after PPFAS Mutual Fund on Monday bought 0.88% stake in the company through a block deal. As per the bulk deal data on the NSE, PPFAS Mutual Fund bought 11,22,643 equity shares, or 0.88% equity, at Rs 636 per share in UTI AMC, aggregating to Rs 71,40,00,948.

Rail Vikas Nigam (RVNL) gained 1.08% after the company announced the formation of a joint venture with Jakson Green for global clean energy engineering, procurement, and construction (EPC) projects.

J Kumar Infraprojects jumped 3.31% after the company's joint venture, J Kumar-AICPL received a letter of acceptance from Bangalore Metro Rail Corporation for construction of airport depot for Bangalore Metro Rail Project - Phase - 2B. The total contract cost is Rs 182.33 crore and the share of J Kumar Infraprojects is 55% (Rs 100.28 crore).

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