Benchmarks turn rangebound; media shares tumble

The domestic equity indices continued to trade with minor gains in the early afternoon trade. Market participants will monitor upcoming earnings season, India-US trade deal and tariffs situation. Nifty traded above at 25,450 mark.

Media shares witnessed selling pressure for second consecutive trading session.

At 12:26 IST, the barometer index, the S&P BSE Sensex advanced 71.27 points or 0.08% to 83,514.13. The Nifty 50 index rose 7.10 points or 0.03% to 25,468.40.

The broader market underperformed the frontline indices. The S&P BSE Mid-Cap index shed 0.57% and the S&P BSE Small-Cap index fell 0.76%.

The market breadth was negative. On the BSE, 1,544 shares rose and 2,293 shares fell. A total of 185 shares were unchanged.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, declined 2.46% to 12.25. The Nifty 31 July 2025 futures were trading at 25,548.70 at a premium of 80.3 points as compared with the spot at 25,468.40.

The Nifty option chain for the 31 July 2025 expiry showed a maximum call OI of 52.2 lakh contracts at the 26,000 strike price. Maximum put OI of 66 lakh contracts was seen at 25,000 strike price.

Buzzing Index:

The Nifty Media index declined 1.40% to 1,719.20. The index fell 2.42% in two consecutive trading sessions.

Tips Music (down 4.39%), D B Corp (down 3.53%), Zee Entertainment Enterprises (down 2.33%), Network 18 Media & Investments (down 1.21%), PVR Inox (down 0.9%), Sun TV Network (down 0.84%), Hathway Cable & Datacom (down 0.75%) and Saregama India (down 0.46%) declined.

Stocks in Spotlight:

Ceinsys Tech rose 1.85% after the company received a letter of award (LoA) worth Rs 114.99 crore from the Mumbai Metropolitan Region Development Authority (MMRDA).

NLC India declined 1.11%. The company said that its board granted in-principle approval to invest upto Rs 1,630.89 crore in one or more tranches in its wholly owned subsidiary, NLC India Renewables (NIRL), through the subscription of equity shares to fund green energy projects.

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