Benchmarks trade with significant gains; media shares rally for 4th day

The key equity benchmarks continued to trade with major gains in mid-morning trade. The Nifty traded near the 23,350 mark. Media shares witnessed buying demand for fourth consecutive trading session.

At 11:25 IST, the barometer index, the S&P BSE Sensex, advanced 507.25 points or 0.66% to 76,854.73. The Nifty 50 index rallied 152.45 points or 0.66% to 23,343.10.

The broader market outperformed the frontline indices. The S&P BSE Mid-Cap index added 0.97% and the S&P BSE Small-Cap index jumped 1.55%.

The market breadth was strong. On the BSE, 2,827 shares rose and 920 shares fell. A total of 173 shares were unchanged.

Buzzing Index:

The Nifty Media index rose 2.29% to 1,549.20. The index jumped 8.45% in the four consecutive trading sessions.

Network 18 Media & Investments (up 5.93%), Zee Entertainment Enterprises (up 3.98%), Dish TV India (up 3.22%), Hathway Cable & Datacom (up 2.44%), Den Networks (up 2.23%), Sun TV Network (up 2.19%), Saregama India (up 1.72%), PVR Inox (up 1.04%), Tips Music (up 0.82%) and Nazara Technologies (up 0.19%) advanced.

Stocks in Spotlight:

Texmaco Rail & Engineering jumped 4.17% after the company announced that it has invested into a wholly-owned subsidiary, Texmaco Middle East DMCC (Texmaco MED).

Container Corporation of India (CONCOR) rose 1.61% after the company said that it has placed an Rs 192 crore order with GATX India for the supply of 10 rakes of BLSS wagons (spine cars) on an operating lease for a period of 10 years.

Hindustan Construction Company (HCC) surged 11.95% after the company announced that its 50:50 joint venture with Tata Projects Limited (TPL) has been awarded a Rs 2,470 crore contract by Tata Power Company.

Global Markets:

Most Asian stocks declined on Friday as investors remained cautious about prolonged high-interest rates and the potential for increased trade tariffs under President Donald Trump.

Earlier this week, Trump announced that broad reciprocal tariffs, along with sector-specific duties, would take effect on April 2, fueling uncertainty in global markets.

Japanese consumer price index inflation grew slightly more than expected in February, with a rise in underlying inflation fueling bets that the Bank of Japan will keep raising interest rates this year. National CPI rose 3.7% year-on-year, slightly cooling from Januarys 4.0%. Core CPI, which excludes fresh food prices, increased 3.0%, compared to 3.2% in January. A more refined core measure, excluding both fresh food and energy, climbed 2.6%, up from 2.5% the previous month. Inflation is still well above the BOJs 2% target.

The Bank of England kept interest rates unchanged on Thursday, maintaining the benchmark rate at 4.5%. This decision comes as the U.K. economy grapples with global trade uncertainties and the potential for stagnation domestically.

U.S. stock indices reversed early gains to close lower on Thursday, hovering near six-month lows as investor sentiment remained fragile. The S&P 500 fell 0.2% on Friday. The NASDAQ Composite fell 0.3%, while the Dow Jones Industrial Average closed flat.

Microchip Technology Inc. tumbled 6.5% after announcing plans to raise $1.35 billion through convertible stock to repay debt and enter a capped call transaction. Darden Restaurants surged 5% after reporting strong Q3 fiscal 2025 earnings.

Trumps tariff strategy remains a major market concern, especially as he wavers on measures against Canada and Mexico. Meanwhile, China, the eurozone, and other affected regions have outlined retaliatory tariffs, heightening fears of a full-blown trade war.

The US Labor Department data showed that first-time unemployment claims inched up last week. Initial jobless claims rose to 223,000 for the week ending March 15, up from a revised 221,000 in the previous week.

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